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Bold Ventures Signs Letter of Intent With Northern Superior to Option the Lac Surprise Project in Northern Quebec
|By Marketwired .
|February 27, 2014 03:15 PM EST
TORONTO, ONTARIO -- (Marketwired) -- 02/27/14 -- Bold Ventures Inc. (TSX VENTURE:BOL) (the "Company" or "Bold") and Northern Superior Resources Inc. (TSX VENTURE:SUP) (Northern Superior) are pleased to announce the signing of a Letter of Intent whereby Bold will have the option to earn up to a 60% interest in Northern Superior's 100% owned Lac Surprise property.
This large property is located approximately 50 Km south of Chapais and within the historic Chibougamau - Chapais gold camp in west central Quebec and is comprised of 365 claims totaling 20,352 hectares or 50,269 acres.
Bold can earn a 50% working interest in the property by spending an aggregate of $2,000,000 of exploration work on the property and paying to Northern Superior a total of 350,000 common shares of Bold all over a three year period. 50,000 common shares are due on signing. The first year optional commitment is $500,000 in exploration expenditures and 50,000 common shares of Bold. The second year optional commitment is 100,000 common shares of Bold and $500,000 in exploration work. The third year optional commitment calls for $1,000,000 in exploration work on the property and a payment of 150,000 common shares of Bold.
Bold will also hold the option to earn an additional 10% in the project by delivering a positive feasibility study within five years from the date of execution of the formal option agreement. If Bold takes up all parts of the option it will have earned a 60% interest in the property.
Recently, renewed exploration activity in the area has yielded several new gold discoveries made by Toma Gold/Iamgold (at Monster Lake); Vanstar (at Nelligan) and Soquem (at MOP II). All three of these companies have announced plans for major, multimillion dollar drilling programs.
Dr. T. F. Morris, President and CEO of Northern Superior, was quoted in a January 27, 2014 Marketwired news release that "the potential value of the Company's Lac Surprise gold property has only been exemplified by the recent discoveries and exploration activity directly to the east of the Lac Surprise property. Four of the six gold exploration targets are clearly defined by anomalous and robust overburden gold grain and geochemical-in-till anomalies extending down-ice from the Opawica-Guercheville Deformation Zone (OGDZ) representing high priority targets areas. There is excellent potential for the definition of additional targets along the OGDZ structure which extends 11 km across the Lac Surprise property and is largely unexplored."
The OGDZ is associated with several gold occurrences such as Philbert, Meston Lake and Fenton as well as the past producing Joe Mann mine, the Lac Shortt mine and the producing Bachelor Lake mine.
Vanstar Mining Resources Inc. has recently announced the results of three diamond drill holes from its flagship Nelligan project (see Vanstar Resources Inc. news release dated December 18, 2013 at www.vanstarmining.com). This new gold discovery is situated directly east of the Lac Surprise property.
Recent work by Northern Superior has identified a number of high priority, drill ready, gold targets that have been identified by till sampling, geochemical programs as well as airborne and ground geophysical surveys (maps and technical descriptions may be viewed now at www.nsuperior.com).
This option agreement is subject to regulatory approval and a thirty day due diligence period. Upon execution of the formal option agreement a finder's fee will be paid to an arm's length, third party.
Bold Ventures Inc. President and CEO Richard Nemis states: "I believe that this area will increasingly become the focus of intense exploration as a re-emerging gold camp. We are happy to team up with Northern Superior and Tom Morris on such a worthwhile and exciting project."
New maps and descriptions describing this project will be posted on our website at www.boldventuresinc.com in the coming days.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Quebec.
Richard E. Nemis, President and Chief Executive Officer
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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