Update – Koper Lake Project
02 May 2013Toronto, Canada, May 2nd, 2013 – Bold Ventures Inc. (TSX-V: BOL) (“Bold”) and KWG Resources Inc. (TSX-V: KWG) (“KWG”) announce jointly the following update of drilling results from their Koper Lake Joint Venture in the Ring of Fire (ROF) Northeastern Ontario, under option from Fancamp Resources Inc. (FNC). (See Bold’s press release dated March 4, 2013).
Drilling with three drill machines commenced early in March, 2013 and was halted from April 01 to April 21, 2013 when an Exploration Permit was issued by the Ontario Ministry of Natural Resources pursuant to the revised Ontario Mining Act. Drilling continued with two holes completed to date, a third almost completed and 2 further holes planned to further outline the Black Horse zone along strike and up-dip.
The two holes completed, 300 metres apart at the collars, to further explore the Black Horse chrome mineralization previously discovered by FNC (see Fancamp’s press release dated May 24th, 2011) were successful at intersecting chromite. Hole FNCB-13-30 intersected chromite from 658.2 to 701.3 metres (43.1 metres) consisting of massive and heavily disseminated chromite. Hole FNCB-13-31 intersected chromite from 795.3 to 914.6 metres (119.3 metres) consisting of massive, semi massive and heavily disseminated chromite. True widths of these intersections are not discernible at the present time. The core is being prepared for assay. These holes will also be subjected to down-hole electromagnetic surveys as follow-up to numerous geologically interesting intercepts of copper-nickel mineralization at depth.
A third drill is completing a steep hole to approximately 1200 meters in the northwest corner of Fancamp’s western most claim to provide a platform for down hole geophysical surveying in a northerly orientated ultrabasic conduit feeding the Ring of Fire (ROF) ultrabasic complex. A similar north-south striking conduit further west hosts the Eagle’s Nest copper-metal deposit previously discovered by Noront Resources Ltd. in 2008. Thus far this third drill has advanced to 1019 metres paralleling a steeply dipping granodiorite-ultrabasic contact similar to one hosting the Eagle’s Nest deposit. Minor amounts of sulphide mineralization have been encountered thus far and any anomalies outlined from the eventual bore hole surveys will be tested from this master hole by wedging or with a new hole from surface as recommended.
Bold Ventures is the project operator leading a technical team consisting of several geologists and geophysicists, from Bold and KWG. First Nations people are being employed on site, with Haveman Bros. from Kakabeka Falls near Thunder Bay providing procurement and camp services and Cyr Drilling of Winnipeg, Manitoba and Orbit Drilling of Val d’Or, Quebec providing the contracted drills.
The Qualified Person, Bruce Mackie P.Geo, has reviewed and approved this press release.
About KWG: KWG has a 30% interest in the Big Daddy chromite deposit and the right to earn 80% of the Black Horse chromite where resources are being defined in a drilling program this winter. KWG also owns 100% of Canada Chrome Corporation which has staked claims and conducted a $15 million surveying and soil testing program for the engineering and construction of a railroad to the Ring of Fire from Exton, Ontario.
For more information, please visit www.boldventuresinc.com or contact Bold Ventures Inc. at 416-864-1456.
For further information, please contact:
Bruce Hodgman, Vice-President
416-642-3575 • info@kwgresources.com
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.
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