TORONTO, ONTARIO–(Marketwired – Aug. 25, 2016) – Bold Ventures Inc. (TSX VENTURE:BOL)(“Bold”) and Northern Superior Resources Inc. (TSX VENTURE:SUP)(“Northern Superior”) are pleased to announce that Bold has met the second year optional commitment of spending $500,000 on exploration at the Lac Surprise Property and has made the second year payment of 100,000 shares in satisfaction of the second year earn-in requirement.
Bold and Northern Superior are also pleased to announce the initiation of a 10 line-km IP and Magnetic survey over the Black Phoenix area of the property. This area of the property is the source of three gold grain-in-till and one gold geochemical-in-till dispersal train(s). In addition, prospecting completed in the Black Phoenix area yielded a grab sample containing 19.9 g/t Au, (see news release dated October 29, 2014 ). The gold grain and geochemical trains, and grab sample, appear to be associated with structures that extend east off the Lac Surprise property onto the adjacent Vanstar Mining Resources Inc. (Vanstar) property. Vanstar reported elevated gold values in diamond drilling, including a drill intersection of 10.34m grading 4.43 g/t Au (see Vanstar news release dated June 30, 2016).
Results of this IP and Magnetic survey will be integrated into the existing database for the property, and a diamond drilling program will be planned to test the highest priority target areas at Black Phoenix.
Amber Area
Due to the success of the spring 2016 diamond drilling program at the Amber area, located in the extreme south-east corner of the Lac Surprise property, (see news release dated July 11, 2016), a diamond drilling program is being planned to follow up on these results.
Further exploration at the Fox and Fox North areas has also been recommended and is currently being planned with the intention of refining the next drilling program at these two gold showings.
The Lac Surprise property is centrally located within a highly prospective area of the Chapais- Chibougamau gold- copper camp, an area currently experiencing aggressive mineral exploration. The Lac Surprise property is strategically located over major regional structures associated with recent gold mineralization discoveries. These include the: a) Geomega Resources Inc.’s Anik Gold property, located directly north of and tied onto, the Lac Surprise property (see Geomega press release, February 23, 2015 and September 28, 2015); b) Vanstar Mining and IAMGOLD Corporation’s Nelligan property, located directly east of and tied onto, the Lac Surprise property (see Vanstar press release, February 23, 2015 and June 30, 2016); and c) Toma Gold and IAMGOLD’s Monster Lake property, located 10 km to the north- northeast of the Lac Surprise property (see Toma Gold press release, February 25, 2015 and June 15, 2016).(1)
| (1) | The information regarding adjacent properties has been sourced from the various companies websites. It is not Bold’s intention to suggest that mineralization from the adjacent properties will necessarily be found on the Lac Surprise property. |
In addition, these same structures over which the Lac Surprise property occurs host several gold mines and gold deposits which include the: a) Lac Short Mine and Fenton Deposit to the west; b) Joe Mann Mine and Philibert Deposit to the east; and c) Chevrier Deposit to the northeast.
The Lac Surprise project is under option from Northern Superior whereby Bold may earn a 50% interest in the property by expending an aggregate of $2,000,000 and issuing to Northern Superior a total of 350,000 common shares of Bold over a three year period. A further 10% interest may be earned if Bold delivers a positive feasibility study within 5 years of execution of the formal option agreement. Bold is the “Operator” of the project.
About Bold
Bold Ventures works both in Ontario and Québec. In Ontario Bold has several claim groups in and around the Ring of Fire area of the James Bay Lowlands. The company is also earning an interest in the Koper Lake Project centrally located within the Ring of Fire and directly adjacent to the Eagles Nest nickel-copper massive sulphide deposit currently in the permitting stage. Bold is earning a 100% interest in the Wilcorp gold property (subject to a 1% NSR) located approximately 14 km east of the town of Atikokan in Northwestern Ontario. In Québec, Bold’s primary focus is on two projects. The Lac Surprise Project where Bold can earn up to 60%, is located in west central Québec, approximately 50 km (30miles) south of Chapais and within the historic Chibougamau -Chapais copper-gold camp. Bold is also exploring its 100% owned Lac Grasset project that straddles the Sunday Lake Deformation Zone in the Matagami area, within the historically prolific Abitibi Greenstone belt of North-western Québec. Balmoral Resources Ltd. has seen success over the past few years in locating and expanding several gold and base metal discoveries proximal to the Sunday Lake Deformation Zone and has expanded its land position to surround Bold’s property (see Bold news release dated September 30, 2014).
About Northern Superior
Northern Superior is a junior exploration company exploring for gold in the Superior Province of the Canadian Shield. The Company is currently focused on exploring its Croteau Est property in Québec and its Ti-pa-haa-kaa-ning property in Ontario. Northern Superior also has a number of other 100% owned properties in Ontario and Québec. Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP.
The technical information in this news release was reviewed and approved by Tracy Armstrong P. Geo., a qualified person (QP) for the purposes of NI 43-101.
For more information, please visit www.nsuperior.com or www.boldventuresinc.com.
| Richard E. Nemis, | David B. Graham |
| President and Chief Executive Officer | Executive V.P. |
| Bold Ventures Inc. | Bold Ventures Inc. |
| Thomas F. Morris | |
| President and Chief Executive Officer | |
| Northern Superior Resources Inc. | |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
416-864-1456
www.boldventuresinc.com
Northern Superior Resources Inc
705-525-0992
www.nsuperior.com