Business
Bold Ventures and Lac des Mille Lacs First Nation Stake Claims at Traxxin Extension Gold Project; Form Joint Venture
TORONTO, ONTARIO--(Marketwired - June 20, 2017) - Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold") and Lac des Mille Lac First Nation ("LDMLFN) or ("the partners")
About this update from Bold Ventures Inc.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - June 20, 2017) - Bold Ventures Inc. (TSX VENTURE:BOL) (\"Bold\") and Lac des Mille Lac First Nation (\"LDMLFN) or (\"the partners\") are pleased to announce the staking of 7 claims totaling 100 units comprising 1600 hectares or 3953 acres in the Bedivere Lake area of Northwestern Ontario. The property is located approximately 55 km northeast of the town of Atikokan and 130 Km west of the city of Thunder Bay (see the Traxxin Extension maps and project details at www.boldventuresinc.com). The partners have shared the costs related to the claim staking equally and each party owns 50% of the Traxxin Extension Joint Venture gold property. Bold is the operator of the claims. The claims were staked contiguous to and northeast of the Traxxin Resources Inc. claims that host a gold discovery made in June of 2016 and subsequently was optioned by Benton Resources Inc. (\"Benton\") in December of 2016 (see Benton news releases dated November 1, 2016 and December 7, 2016). Located within the Marmion Batholith, the claims straddle a northeast trending geological structure interpreted to be a splay off the main Quetico Fault zone (Ministry of Northern development and Mines (MNDM) interpreted geology, Pye and Fenwick, 1965). Northeast trending structures within the Marmion Batholith have been located proximal to gold deposits such as the Hammond Reef deposit that hosts a 43-101 qualified resource of 5.4 million ounces gold at an average grade of 0.86 grams per tonne (g/t) in the measured and indicated category and 1.8 million ounces of gold at a an average grade of 0.72 g/t in the inferred category at a lower cut-off grade of 0.50 g/t. (See projects details at http://www.boldventuresinc.com/exploration-projects/traxxin-extension-ontario/). \"The Traxxin occurrence was visited in June 2016 by D. Campbell and G. Paju of the Ontario Geological Survey-Resident Geologist Program (RGP), who confirmed the presence of visible gold and collected a number of grab samples for assay. Samples of quartz vein material collected from 2 hand-dug pits returned 3.727 ounces of gold per ton, 0.695 ounces of gold per ton and 0.22 ounces of gold per ton.\" (Puumala, M.A., Campbell, D.A., Tuomi, R.D., Tims, A. and Brunelle, M.R. 2017. Report of Activities 2016, Resident Geologist Program, Thunder Bay South Regional Resident Geologist R...