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Bold Ventures Signs Formal Option Agreement to Acquire Traxxin Gold Project and Extends and Increases Non-Brokered Private Placement
TORONTO, ON / ACCESSWIRE / July 31, 2020 / Bold Ventures Inc. (TSXV:BOL) (the "Company" or "...
About this update from Bold Ventures Inc.
[{"type":"text","content":"Bold Ventures Signs Formal Option Agreement to Acquire Traxxin Gold Project and Extends and Increases Non-Brokered Private PlacementTORONTO, ON / ACCESSWIRE / July 31, 2020 / Bold Ventures Inc. (TSXV:BOL) (the \"Company\" or \"Bold\") is pleased to report that it has signed the formal Option Agreement to acquire the Traxxin Gold Project, subject to regulatory approval. As previously announced on June 18, 2020, Bold will have the option to earn a 100% interest in the claims over a three-year period by paying an aggregate of $150,000 cash, issuing an aggregate of 1,000,000 common shares of Bold and completing a total of $250,000 of exploration work on the claims. The Optionors shall be entitled to a Net Smelter Royalty (NSR) in the amount of 2% of which Bold will have the right to buy back (1%) of the 2% NSR for $1,000,000 leaving a 1% NSR in favour of the Optionors.The Traxxin Gold Project is located 130 km west of Thunder Bay, Ontario. The claims are road accessible via Trans-Canada Highway 11. Local infrastructure includes rail, power and an experienced mineral exploration workforce and mining supply, all located within hours of the property. Combined with the Traxxin Extension claims held by Bold and Lac des Mille Lacs First Nation, the claim group is comprised of 151 claim and boundary cells with a total area of approximately 2,224 hectares or 5,496 acres.Bold's technical team has completed its due diligence review and has commenced planning the summer-fall field program. Immediate work will include re-logging and sampling of the 2017-2018 diamond drill program, formal interpretation of the two airborne geophysical surveys and a ground Induced Polarization survey. The three surveys were completed between 2017-2019. Geological interpretation and modeling will generate drill targets for further exploration of the main zone as well as to prioritize potential drill targets located outside of the main zone. Drill testing of the various locations will follow.The Non-Brokered Private PlacementThe Company also wishes to announce that it is extending the previously announced private placement (see Bold news release dated June 18, 2020) of working capital units (\"WC Units\"), increasing the WC Units offering to $250,000 with the offering of up to 5,000,000 WC Units at a price of $0.05 per WC Unit (the \"WC Offering\") and changing the...