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Bold Ventures Closes Private Placement and Provides Project Update

Friday, 18 June 2021 08:00 AM

Bold Ventures Inc.

TORONTO, ON / ACCESSWIRE / June 18, 2021 / Bold Ventures Inc. (TSXV:BOL) (the "Company" or "Bold") wishes to announce that it has closed its non-brokered private placement offering referred to in its press release dated May 31, 2021. The Company raised gross proceeds of $204,000.

Traxxin Gold Project

In January of this year the Company completed 4 diamond drill holes (BV-21-01 to 04) totalling 745 m (see Bold press release dated April 12, 2021).

Highlights included:

The targeted gold bearing structure was intersected in all four holes.

Hole BV-21-04 intersected a prominent 12 m long shear zone (Traxxin Shear Zone) hosting brecciated quartz vein material, intense chlorite-sericite alteration and silicification. Assay results within this zone ranged from 0.61 g/t Au to 15.0 g/t Au.

Hole BV-21-01 intersected multiple shear zones with intervals ranging from <0.5 m up to 10 m consisting of intense chlorite-sericite alteration and quartz-carbonate breccia. Assay values from this hole ranged from <0.002 g/t Au to 9.87 g/t Au.

The Traxxin Shear Zone was intersected in holes BV-21-02 and BV-21-03, with intervals ranging from 3 m to 8.7 m, respectively. The zone is characterized by strongly to intensely sheared and boudined diorite and quartz veining, exhibiting moderate to strong chlorite-sericite alteration. Gold assay results for these two holes varied from <0.002 g/t Au to 0.92 g/t Au.

The Company has concluded its review of the January 2021 drilling results and is currently finalizing a surface exploration program to detail the 2 km long conductive trend that extends from the Main Zone south. The acquisition of additional diamond drill targets located along the 2 km long conductive trend will be combined with the next phase of drilling at the Traxxin Main Zone (see Traxxin Gold Project - Geophysical and Drill Hole Compilation Map).

Traxxin Extension Joint Venture

In April 2017, Lac des Mille Lacs First Nation (LDMLFN) and Bold entered into a joint venture to explore the northeastern extension of the Traxxin Gold discovery. Pursuant to the Traxxin Extension Joint Venture Agreement, LDMLFN has the right to earn a 50% interest in the Traxxin Gold Property from Bold by paying to Bold 50% of the cash option payments, 50% of the expenditure requirements and reimbursing Bold for 50% of the value of the shares issued pursuant to the Option. If the Option is earned and both parties maintain their interest in the Traxxin Gold Property, Bold and LDMLFN will form a joint venture for the further exploration and development of the Traxxin Gold Property.

Farwell Gold-Copper Project

Bold's technical team has compiled the historical work performed on the Farwell property and carried out prospecting and sampling in and around the three key areas of the Farwell Gold-Copper property.

Geophysical interpretation of the historical (1988) Dighem Airborne Electromagnetic and Magnetic survey that covers the known gold and copper showings was carried out in order to assist in the identification of an optimum, modern, geophysical approach to exploring the numerous showings that occur within the claims. It is evident that the gold mineralization in the Koala Gold area (Captain-Koala Gold Occurrence diamond drill intersection of 12.8 g/t Au over 1.52 m in 1986) is associated with appreciable sulphide mineralization.

The Farwell Sulphide zone (Bibis Prospect drill intersection 1.47% Cu over 5.2 m in 1966) is associated with massive sulphide mineralization.

As a result, a modern airborne electromagnetic survey has been recommended in order to penetrate well below the approximately 70 m of depth that the Dighem Electromagnetic and Magnetic survey, carried out by the Government of Ontario in 1988, could accomplish. Modern electromagnetic surveys can penetrate to depths 4 times that range. Budgeting and program proposals are being considered and a schedule will be determined for the next phase of work.

The technical information found within this news release has been reviewed and approved by Gerald D. White, B.Sc., P.Geo., a qualified person (QP) for the purposes of NI 43-101.

As a result of the current COVID-19 virus concerns, the Company's management and contractors are following public guidelines and taking recommended steps to protect the health and safety of all personnel while carrying out field operations. As a result of the Covid-19 pandemic giving rise to local and national anti-virus measures, the scheduling of activities are subject to change.

Please visit the Bold website at and see our recent news and project information.

For additional information contact 416-864-1456 or email: [email protected].

About Bold Ventures Inc.

The Company explores for Gold and Base Metals in Canada. Bold is exploring properties located within active gold camps of Northern Ontario. Bold also holds significant assets located within and around the emerging multi-metals district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario.

For additional information about Bold Ventures and our projects please visit or contact us at 416-864-1456 or email us at [email protected].

"David B Graham"
David Graham 
President and CEO

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.

SOURCE: Bold Ventures Inc.

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