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Bold Ventures Identifies Gold and Base Metal Potential on the Lac Blondel and Lac Grasset Projects in the Abitibi Greenstone Belt-Diamond Drill Program Recommended
By: Marketwired .
Nov. 27, 2012 08:50 AM
TORONTO, ONTARIO -- (Marketwire) -- 11/27/12 -- Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold" or the "Company") is pleased to report the results of the recently completed geological data compilation report relating to two of the Company's four projects located in the prolific Abitibi Greenstone Belt of Northwestern Quebec. Both of the projects were acquired by staking in areas that Bold management deemed to be prospective for base and precious metals due to the geological environment and location with respect to recent and historical discoveries. Bold Ventures employs new technology over areas that have seen little recent exploration work in hopes of locating previously unrecognized mineral deposits. The compilation work was carried out by Mr. Robert J. Tremblay, P.Geo., a member of the Quebec Order of Geologists and a Fellow of the Geological Association of Canada.
Bold management views the Quebec mineral exploration sector to be an advantageous locale for carrying out mineral exploration for base and precious metals. The investment incentives and industry infrastructure provide a favourable work environment.
Lac Blondel Project
The Lac Blondel property that straddles Orvilliers and Montgolfier Townships is located in the northern part of the Abitibi Greenstone Belt of north-western Quebec. The property comprises 3,793 hectares (9,368 acres) that make up a property that is almost 14 km in length and between 2 and 4 km in width. The mining town of Matagami lies 60 km due east of the property.
The compilation of historical diamond drilling, geological data and structural interpretation of local and regional geology has led to the identification of 20 areas of interest for gold and six areas of interest for base metals all located within the property. The most prominent regional tectonic feature found within the property is the Turgeon regional deformation zone that traverses the property and splits into two shear zones which have been designated as the Lac Longpre and the Lac Blondel shear zones. The Turgeon deformation zone lies sub-parallel to the Casa-Berardi regional deformation zone which passes within 1.0 km of the property's southern boundary.
The Turgeon and Casa-Berardi deformation zones share many common characteristics including similar rock types, strong shearing, alteration, and formational graphitic and/or sulphide rich conductors that also occur within the Lac Blondel property. The Casa Berardi Deformation Zone is host to numerous gold showings and the Casa Berardi Gold Mine as well as the Estrades Copper-Zinc-gold-silver Mine.
There has been very limited work on the property itself over the last 25 years.
As a result of this study and additional claim acquisitions an airborne VTEM electromagnetic and magnetic geophysical survey was carried out to finalize and detail the property coverage and refine the proposed drill targets. A first pass, 17 hole, 3500 metre diamond drilling program is recommended to test the various base and precious metal targets identified within the property.
Lac Grasset Project
The Lac Grasset property spans six townships including Daniel, Grasset, La Gauchetiere, La Perouse, Ste-Helene and Subercase. This property that is made up of 246 mining claims comprising 13,641 hectares (33,709 acres) is well located within the northern part of the Abitibi Greenstone Belt of Northwestern Quebec. Varying in width up to 9 km and approximately 20 km in length, the claim group is located approximately 30 km west-northwest of the mining town of Mattagami Quebec.
The results of studying historical drilling, geological data bases, structural interpretations and airborne geophysical reports indicate that the property has a number of areas of focus for both base and precious metal mineralization. Four areas with potential for gold mineralization, one area with base metal potential and three areas with Platinum Group Element potential have been identified. The Grasset Deformation Zone, which hosts numerous gold occurrences to the west of the property, traverses the northeast part of the property for a strike length of approximately 5 km and presents a prime exploration target. The Grasset Deformation zone is host to many of the gold occurrences on the neighbouring Balmoral Resources Ltd. property.
As a result of this compilation work and as an extension to the 2011 VTEM survey a recently completed VTEM airborne electromagnetic and magnetic geophysical survey was carried out to extend and detail the 2011 survey and Mr. Tremblay's findings. An initial program of seven diamond drill holes for over 2,000 metres of drilling has been recommended. Additional follow up work will depend on the results of the first phase drilling program.
Mr. Robert J. Tremblay, P. Geo., a professional geologist, has reviewed and approved the technical content of the information contained in this release and qualifies under the definition of "Qualified Person" set out in National Instrument 43-101.
Richard E. Nemis, President and Chief Executive Officer
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.
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.
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