Bold Ventures Inc.: Initial Drill Program Successfully Extends Blackbird and Black Horse Chromite Zones on the Koper Lake Pro...
23 7월 2013 - 9:00PM
Marketwired Canada
Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold") and KWG Resources Inc. (TSX
VENTURE:KWG) ("KWG") are pleased to announce jointly the following drilling
results from the initial diamond drill program on their Koper Lake Joint Venture
in the Ring of Fire (ROF) Northeastern Ontario, which is under option from
Fancamp Exploration Ltd. (FNC) (see Bold's press release dated January 7 2013).
In turn KWG has optioned the property from Bold on terms that are described in a
Bold press release dated March 4, 2013.
Drilling with three drills commenced early in March 2013. The drilling was
briefly halted in early April 2013 pending the issuance of an Exploration Permit
by the Ontario Ministry of Northern Development and Mines pursuant to the
revised Ontario Mining Act.
In late May while drilling the last two holes of the program a forest fire, in
close proximity, threatened the drill camp which housed the project personnel.
All personnel were evacuated from the area until the fire was brought under
control. As a result, the program budget was exhausted and the last two holes
were stopped short of the target depth. Casing for holes FNCB-13-35 and
FNCB-13-37 was left in place and capped for access at a later date.
While Bold was the operator of the program, its technical crews were ably
assisted with on-site support from KWG's geologists. First Nations people were
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 Garant Drilling Inc. of Val-d'Or, Quebec providing the contract
drills.
During the program a total of ten holes (FNCA-13-29 and 29W1, and FNCB-13-30 to
37) totaling 6040.8 metres were drilled. (see Table below for drill hole
statistics).
DEPTH
HOLE NUMBER EASTING NORTHING ELEVATION AZIMUTH DIP (METRES)
----------------------------------------------------------------------------
FNCA-13-29 547456.0 5843253.0 172.2 135 -87.63 1041.8
----------------------------------------------------------------------------
FNCA-13-29W1 547456.0 5843253.0 172.2 135 -87.63 36.0(i)
----------------------------------------------------------------------------
FNCB-13-30 547758.6 5843278.1 177.1 180 -70.44 774.0
----------------------------------------------------------------------------
FNCB-13-31 547449.0 5843171.0 172.2 177.97 -69.78 640.0
----------------------------------------------------------------------------
FNCB-13-32 547762.1 5843272.8 179.0 151.9 -73.08 861.0
----------------------------------------------------------------------------
FNCB-13-33 547449.7 5843172.3 172.2 160.15 -63.95 861.0
----------------------------------------------------------------------------
FNCB-13-34 547741.0 5842831.0 172.0 151.31 -67.82 363.0
----------------------------------------------------------------------------
FNCB-13-35 547925.0 5843275.0 172.0 154.2 -76.14 738.0(ii)
----------------------------------------------------------------------------
FNCB-13-36 547741.0 5842831.0 172.0 151.31 -46.0 201.0
----------------------------------------------------------------------------
FNCB-13-37 548075.0 5843275.0 172.0 164.8 -69.67 525.0(ii)
----------------------------------------------------------------------------
6040.8
TOTAL METRES
(i) hole was wedged at 1015 metres and was drilled to 1051 metres
(ii) not completed
Drill Results Nickel/Copper Massive Sulphide Potential
Hole FNCA1329 was collared in the northwest corner of the Fancamp property to
provide a platform for down hole geophysical surveying in a northerly oriented
ultramafic conduit feeding the northeast-southwest striking Ring of Fire (ROF)
ultramafic complex. A similar north-south striking conduit further west hosts
the Eagle's Nest copper-nickel base metal deposit previously discovered by
Noront Resources Ltd. in 2007. The hole encountered poor ground conditions and
had to be halted before reaching its target depth and was wedged off at 1015
metres. This wedge hole, FNCA-13-29W1, was advanced as far as 1051 metres when
the hole was stopped and surveyed with a down-hole electro-magnetic system.
Results did not warrant any further drilling from this platform.
Drill Results Chromite
Holes FNCB-13-30 to 37 were drilled to further explore the Black Horse chromite
mineralization previously discovered by FNC (see Fancamp's press release dated
May 24th, 2011) as well as to test for the eastern extension of the Blackbird
chromite mineralization located on the adjoining Noront Resources Ltd. claims
(see Noront's press release dated March 20th, 2012). The holes were drilled to
test an approximate 800 metre strike length of the Blackbird - Black Horse
horizon on the western most claim of the four-claim Koper Lake Property. The
program was successful in confirming that chromite mineralization does exist
within the Koper Lake property directly to the east of the adjoining Blackbird
deposit owned by Noront Resources and also in extending the Black Horse
mineralization outwards from previously drilled (2010) holes FN1025 and FN1026.
Further drilling is required in order to understand the spatial relationship of
the Blackbird and Black Horse horizons and the continuity and orientation of
those mineralized zones.
Highlights
Holes FNCB1330, 32 and 33 were drilled to test the downplunge continuity of
chromite mineralization delineated on the adjacent Noront Resources property.
Hole FNCB1330 intersected 45.76 metres of chromite mineralization from 655.5 to
701.26 metres consisting of disseminated, heavily disseminated, semi-massive and
massive chromite. This intercept contains two intervals dominated by massive
chromite: from 664.67 to 677.65 metres (12.98 metres) and from 685.67 to 696.32
metres (10.65 metres). The weighted average percentage of Cr2O3 of these two
intervals is 26.44% and 31.89% respectively.
Hole FNCB1332 encountered a thin band of massive chromite between 656.13 and
659.0 metres. The intercept assayed 34.48% Cr2O3 over 2.87 metres.
Hole FNCB1333 intercepted two intervals dominated by massive chromite, from
695.48 to 721.07 metres (25.59 metres) and from 753.0 to 813.26 metres (60.26
metres). The weighted average percentage of Cr2O3 of these two intervals was
27.98% and 28.31% respectively. These zones were encountered within a broader
low-grade horizon of chromite mineralization.
Diamond drill holes FNCB1334 and 36 from the same collar location were drilled
to test a shallow gravity anomaly which was interpreted to possibly represent
the updip extension of the Black Horse mineralization.
Hole FNCB1334 drilled at -68 degrees encountered disseminated to layered
chromite between 127.44 and 144.14. Assay results included 5.66 metres grading
18.51% Cr2O3 (from 137.58 metres to 143.24 metres).
Hole FNCB1336 drilled at -45 degrees intersected massive to heavily disseminated
chromite between 126.44 and 132.84 metres. Assay results included 4.01 metres
grading 18.56% Cr2O3 (from 126.44 metres to 1304.5 metres)
Holes FNC1335 and 37 were stopped short of target depth. Future plans will
include continuing those holes to their completion.
See Table below for summary of assay highlights. Also see attached sketch map of
drill hole locations.
ASSAY HIGHLIGHTS
HOLE NUMBER FROM TO INTERVAL Cr2O3
FNCA-13-29 nickel target
FNCA-13-29W1 nickel target
FNCB-13-30 658.40 659.92 1.52 24.42
and 664.67 677.65 12.98 26.44
and 685.67 696.32 10.65 31.89
FNCB-13-31 hole deviated off claim group before targeted depth
FNCB-13-32 656.13 659.00 2.87 34.48
FNCB-13-33 695.48 721.07 25.59 27.98
incl 704.28 720.07 15.79 31.23
and 753.00 813.26 60.26 28.31
incl 761.07 780.03 18.96 35.37
FNCB-13-34 137.58 143.24 5.66 18.51
FNCB-13-35 hole in progress when program was suspended
FNCB-13-36 126.44 130.45 4.01 18.56
FNCB-13-37 hole in progress when program was suspended
Widths reported are drilled widths, true widths of intersections are not
discernible to present time
A map is available at the following address:
http://media3.marketwire.com/docs/n72kwg2.pdf.
Geophysical Results
The detailed ground magnetometer and gravity surveys have better defined a
number of untested targets on the property. The additional geophysical data
enhance the possibility of better defining known chromite mineralization as well
as testing additional targets.
Future Work
Upon further review and the compilation of relevant data, a follow up program
will be developed to further define the chromite horizon as a definable resource
as qualified by National Instrument 43101.
Additional drilling and down hole geophysics is recommended to test the C6
anomaly area for additional NickelCopper massive sulphide and chromite deposits.
Additional maps and project details are available on the websites for Bold and
KWG at www.boldventuresinc.com and www.kwgresources.com respectively.
Bruce Mackie P. Geo., a Qualified Person (QP) under National Instrument 43-101,
is the QP with respect to the nickel-copper massive sulphide and geophysical
exploration component of this project and has reviewed and approved the related
information within this press release. M.J.(Moe) Lavigne, P.Geo, is the QP with
respect to the chromite exploration component of this project and has reviewed
and approved the related information within this press release.
Sample Preparation, Analyses and Security
The assay and sample information as well as geological descriptions are taken
from drill logs as prepared by the project geologists for the drill program. All
drill core was NQ in size and assays are completed on split or sawed half-cores,
with the second half of the core kept for future reference. The samples are put
into rice bags which are sealed with security locks for shipping directly to
Activation Labs ("Actlabs"), an accredited assay laboratory, in Thunder Bay,
Ontario.
Stringent QAQC procedures are followed. Samples are shipped to the laboratory in
batches of 35 samples. Each sample batch includes 2 standards, 1 blank, and 1
duplicate that are inserted on site, plus a duplicate coarse reject and 1
duplicate pulp that are prepared at the laboratory and inserted. In addition,
Actlabs also employs a rigorous in-house QAQC regime which includes standards,
blanks and duplicates.
Once the final assays are received from Actlabs and prior to any data being
released to the public, a review of all QAQC data is conducted by an independent
qualified person to ensure that the data released are within predetermined
norms.
All samples are analysed by Actlabs at either their main laboratory in Ancaster,
Ontario or at their Thunder Bay, Ontario facility. Both laboratories are ISO
accredited. All samples are:
-- Assayed for Au, Pd & Pt by fire assay with an ICP/OES finish (Actlabs
code 1C-OES)
-- Assayed for 13 major element oxides, including Cr2O3 by fusion-XRF
(Actlabs code 4C).
For additional information on assay methodology visit the Actlabs website at
http://www.actlabsint.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 ForwardLooking Statements: This Press Release contains
forwardlooking 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 forwardlooking 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
forwardlooking statements, except as required by law.
Shareholders are cautioned not to put undue reliance on such forward-looking
statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bold Ventures
416-864-1456
www.boldventuresinc.com
KWG Resources Inc.
Bruce Hodgman
Vice President
416-642-3575
info@kwgresources.com
http://www.facebook.com/kwgresourcesinc
http://twitter.com/kwgresources
http://www.youtube.com/KWGresources
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