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Bold Ventures Signs Letter Agreement to Acquire the Traxxin Gold Property-Engages Investing News Network and Launches Non-Brokered Private Placement
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About this update from Bold Ventures Inc.
[{"type":"text","content":"Bold Ventures Signs Letter Agreement to Acquire the Traxxin Gold Property-Engages Investing News Network and Launches Non-Brokered Private PlacementNot for distribution to U.S. Newswire Services or for dissemination in the United StatesTORONTO, ON / ACCESSWIRE / June 18, 2020 / Bold Ventures Inc. (TSXV:BOL) (the \"Company\" or \"Bold\") is pleased to announce that it has signed a letter agreement to option the Traxxin Gold Property. The Traxxin Gold Project is located to the south and contiguous with the Traxxin Extension Gold Project claims, held 50% by Bold and 50% by Lac des Milles Lacs First Nation (\"LdMLFN\"). Bold is the Operator of the Joint Venture.LdMLFN and Bold (\"the Optionee\") have the option to earn a 100% interest over a three-year period by paying the aggregate sum 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 over a three year period. On signing of the formal Option Agreement a payment of $20,000 cash and 200,000 common shares will be paid to the vendor. The vendor will retain a 2% Net Smelter Royalty (NSR) of which the Optionee has the right to purchase a 1% NSR for $1 million leaving a 1% NSR in favour of the vendor. The transaction is subject to TSX Venture Exchange (\"TSXV\") approval and the execution of the formal Option Agreement and financing.The Traxxin Gold ProjectThe Traxxin claim group 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 LdMLFN, the claim group is comprised of 151 claim cells and boundary cells that have an area of approximately 2,224 hectares or 5,496 acres.Traxxin Gold Project HighlightsThe claims host a well-defined gold-bearing structure along a northeast splay of the Quetico Fault.Recent trenching and diamond drilling (2018) have identified a gold-bearing zone of at least 300 m in strike length associated with a well-defined sheared quartz vein surface exposure from 15 to 30 m wide.Diamond drilling results include 4.76 g/t Au over 3.8 m (Hole BED-17-016) and 1.06 g/t Au over 22.2 M (Hole BED-17-005) and 37.3 g/t Au over...