TORONTO, ON / ACCESSWIRE / June 28, 2024 / Bold Ventures Inc. (TSXV:BOL) (the "Company" or "Bold") is pleased to announce that it has signed an option agreement (the "Agreement") to option a 100% interest in two claim groups (the "Optioned Claims") to an arms-length party (the "Optionee"). The claims are located in the Ring of Fire Region. The Optioned Claims were staked during a regional airborne Electromagnetic and Magnetic survey flown in 2013 for Bold Ventures and its co-Venturer, a subsidiary of Dundee Resources. The survey resulted in over 14 claim groups being staked at various times over two campaigns. The Optioned Claims have a combined area of approximately 2,595 acres (1,050 hectares) and comprise approximately 90 claim units. The Optioned Claims have seen very little exploration work in the past.
The terms of the Agreement include aggregate cash payments totaling C$135,000 and aggregate exploration expenditures of C$250,000 over a four-year period. Upon the Optionee earning a 100% interest by fulfilling the terms of the Agreement, a 3% Net Smelter Royalty (NSR) will be granted to Bold. The Optionee retains the right to buy back one half of the NSR (1.5%) for C$1.5 million leaving Bold with a 1.5% NSR. The schedule of cash payments is:
C$25,000 upon execution of the Agreement;
C$50,000 payable six months following the execution of the Agreement;
C$30,000 payable on the third anniversary of the execution of the Agreement; and
C$30,000 payable on the fourth anniversary of the execution of the Agreement.
Exploration expenditures include:
C$25,000 on or before the six-month anniversary of the Agreement;
C$25,000 on or before the second anniversary of the Agreement; and
C$200,000 on or before the fourth anniversary of the Agreement.
A subsidiary of Dundee Corporation, Bold's co-Venturer in its Ring of Fire regional exploration project, retains a one-third interest in Bold's holdings within an area of interest that includes the Ring of Fire and is part of an option agreement signed in 2011 (see Bold news release dated April 12, 2011).
A recent article, posted on the Bold website, describes how the U.S. Military takes an interest in critical mineral development in Canada U.S. Military Finances Canadian Miners.
Additional articles relating to critical minerals and the "Ring of Fire" news can be accessed at Bold's Critical and Battery Minerals page.
Bold Ventures management believes our suite of Battery, Critical and Precious Metals exploration projects are an ideal combination of exploration potential meeting future demand. Our target commodities are comprised of: Copper (Cu), Nickel (Ni), Lead (Pb), Zinc (Zn), Gold (Au), Silver (Ag), Platinum (Pt), Palladium (Pd) and Chromium (Cr). The Critical Metals list and a description of the Provincial and Federal electrification plans are posted on the Bold Critical and Battery Minerals page.
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 www.boldventuresinc.com 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.