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Bold Ventures Signs Farwell Gold and Base Metal Option Agreement-Closes Non-Brokered Private Placement
Not for distribution to U.S. Newswire Services or fo...
About this update from Bold Ventures Inc.
[{"type":"text","content":"Bold Ventures Signs Farwell Gold and Base Metal Option Agreement-Closes Non-Brokered Private PlacementNot for distribution to U.S. Newswire Services or for dissemination in the United StatesTORONTO, ON / ACCESSWIRE / March 26, 2020 / Bold Ventures Inc. (TSXV:BOL) (the \"Company\" or \"Bold\") is pleased to announce it has signed the formal Option Agreement to acquire the Farwell Gold and Base Metal property (\"Farwell\").The Farwell claims are located approximately 55 km northwest of Wawa, Ontario. They are road accessible and consist of 103 Cell claims, 6 Multi-Cell claims and 6 Boundary claims comprising approximately 3993 ha or 9867 acres. Wesdome Gold Mines Mishi Open Pit operation, part of the larger Eagle River Complex that includes the Eagle River underground gold mine, lies 5 km south of the Farwell claim group. The Eagle River Mine is situated approximately 25 km to the south of the subject claims (see Bold news release dated January 6, 2020).The Farwell Property exhibits several desirable attributes. It is a large road-accessible property in a proven gold camp with gold-bearing quartz veins in iron formation along the western extension of a major deformation zone. The presence of deformed ‘Timiskaming' style conglomerates along the gold mineralization trend (i.e. Kirkland Lake, Geraldton) is an attractive exploration target. Volcanogenic Massive Sulphide (VMS) mineralization of anomalous copper (Cu), zinc (Zn), lead (Pb) and gold (Au) is associated with a mafic to felsic volcanic sequence.The claims are host to several gold and base metal anomalies and occurrences that have yet to be fully explored. The latest recorded exploration work on the property occurred in 2008. A report and maps describing the property, geology and historical work can be found at www.boldventuresinc.com within the Project Details section, Farwell, Ontario.Bold has the option to earn a 100% interest in the Farwell claims by paying the aggregate sum of $225,000 in cash option payments, issuing an aggregate of 1,650,000 common shares of Bold and completing a total of $1,000,000 of exploration work on the claims over a four year period. On closing, the Company will pay the vendors $20,000 cash and 200,000 shares. The first year's exploration work expenditure is $90,000. The vendors will retain a 3% net smelter royalty in the Farwell Property...