Welcome!

News Feed Item

Bold Ventures Inc. and KWG Resources Inc.: Drill Program Successfully Extends Black Horse Chromite Deposit and Discovers Gold on Koper Lake Project in Ring of Fire

TORONTO, ONTARIO -- (Marketwired) -- 05/07/14 -- Bold Ventures Inc. (TSX VENTURE: BOL) ("Bold") and KWG Resources Inc. (TSX VENTURE: KWG) ("KWG") are pleased to jointly announce the following drilling results from the second diamond drill program on their Koper Lake Joint Venture in the Ring of Fire Northeastern Ontario, which is under option by Bold from Fancamp Exploration Ltd. (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. If KWG fulfills all of the optional commitments to earn the 100% working interest in the Koper Lake Property under the agreement with Fancamp, then, in the case of chromite resources, KWG would hold an 80% working interest and Bold would hold a 20% working interest in the development of the chromite resources in accordance with the Chromite Interest feasibility study required to be produced to earn the interest in the property. Furthermore, at the completion of the earn in requirements Bold would have an 80% working interest in any and all metals other than chromite and KWG would have a 20% working interest in any and all metals other than chromite.

Preparations of the camp and drills began January 1, 2014 and the first hole was collared on January 18th, and the second on January 22nd. First Nations people were employed on site, with Haveman Bros. from Kakabeka Falls near Thunder Bay providing procurement and camp services and Orbit Garant Drilling Inc. of Val-d'Or, Quebec providing the contract drills.

During the program, 6 holes were completed (FN-14-038 to 043) totaling 4,645 metres. (see Table below for drill-hole statistics and the maps below for location)


--------------------------------------------------------------------------
HOLE           EASTING    NORTHING   ELEVATION   AZIMUTH   PLUNGE   LENGTH
--------------------------------------------------------------------------
FN-14-038     549180.0   5843635.0       169 m         0      -55    223 m
--------------------------------------------------------------------------
FN-14-039     549179.8   5843534.4       169 m         0      -55    312 m
--------------------------------------------------------------------------
FN-14-040     547550.0   5843225.0       169 m       148      -82   1233 m
--------------------------------------------------------------------------
FN-14-041     549285.0   5843545.0       169 m         0      -45    363 m
--------------------------------------------------------------------------
FN-14-042     547436.3   5843279.2       169 m       172      -71   1131 m
--------------------------------------------------------------------------
FN-14-043     547550.0   5843225.0       169 m       170    -67.5    828 m
--------------------------------------------------------------------------

Program Objectives:

The primary objective of the program was to increase the size of the inferred resource contained by the Black Horse chromite deposit. The drilling plan was designed such that the chromite intercepts were optimally spaced with respect to existing intercepts to permit the designation of the delineated chromite mineralization as an inferred resource. As such, drill holes were laid out to intercept the downward projection of the previously defined chromitite.

The secondary objective was to test an east-west trending gravity anomaly delineated by a detailed ground gravity survey conducted during the 2013 drilling program. The anomaly is located 1 kilometer northeast of the Black Horse chromite deposit, a location previously designated as the C-6 target on the basis of a prominent north-south trending magnetic anomaly that resembles the anomaly associated with the Eagles Nest nickel-copper-PGE deposit on the neighbouring Noront Resources mining claims.

Maps and a cross-section can be viewed on the Bold and KWG websites: www.boldventuresinc.com, www.kwgresources.com

Drill results - Black Horse:

Three holes, FN-14-040, 042 and 043, intercepted chromite mineralization confirming the continuity of the Black Horse chromite deposit. Also reported here is the assay results of drill-hole FNCB-13-031, a hole drilled during the 2013 program. This hole, drilled sub-parallel to the north-south boundary with the neighbouring Noront Resources property, crossed the boundary due to an unusually high degree of curvature. Noront took possession of all drill-core from that portion of the hole that was within their property. Noront proceeded to document the core and submit it for assay. These assay results were subsequently released to Bold and KWG.

Assay Highlights:


--------------------------------------------------------------------------
                      From            To             Interval
HOLE              (metres)      (metres)      (metres (feet))      Cr203 %
--------------------------------------------------------------------------
FNCB-13-031         795.28         925.5      130.22 (427.23)        25.31
--------------------------------------------------------------------------
including           795.28        840.09          44.81 (147)        32.08
--------------------------------------------------------------------------
including            869.2        895.07        25.87 (84.87)         35.6
--------------------------------------------------------------------------
FN-14-040             1053          1182         129 (423.23)        37.63
--------------------------------------------------------------------------
including           1111.5          1182         70.5 (231.3)        42.02
--------------------------------------------------------------------------
including           1111.5          1131         19.5 (63.98)        45.78
--------------------------------------------------------------------------
FN-14-042           901.07       1055.14      154.07 (505.48)        25.04
--------------------------------------------------------------------------
including           918.99        954.77       35.78 (117.39)        31.92
--------------------------------------------------------------------------
FN-14-043              712        800.52       88.04 (288.84)        24.71
--------------------------------------------------------------------------
including           756.26        792.69       36.43 (119.52)        36.43
--------------------------------------------------------------------------
The interval reported is not true width. True width will be determined
during resource modeling.

Hole FNCB-13-031 intersected 130.22 metres (427 ft.) of chromite mineralization, from 795.28 to 925.5 metres, in a well layered sequence of heavily disseminated, semi-massive and massive chromitite. This 130.22 metre interval has a weighted average grade of 25.31% Cr2O3. It includes higher grade intervals, 44.81 metres, from 795.28 to 840.09 metres, grading 32.08% Cr2O3; and 25.87 metres, from 869.2 to 895.07 metres grading 35.60% Cr2O3. This intercept is 25 to 50 metres west of the claim boundary at a depth ranging from 710 to 830 metres from surface.

Hole FN-14-040 intersected 129 metres (423 ft.) of massive chromite mineralization containing silicate clast, from 1053 to 1182 metres with an average grade of 37.63% Cr2O3. This includes higher grade intervals of 70.5 metres (231 ft.), from 1111.5 to 1182 metres grading 42.02% Cr2O3, and 19.5 metres (63 ft.), from 1111.5 to 1131 metres grading 45.78% Cr2O3. This intercept is located at the midpoint of the known strike extent of the deposit in the vicinity of hole FN-10-26, at a depth of 1040 to 1185 metres (3,412 to 3,887 ft.) from surface. This hole confirms that chromite distribution transitions from being well layered in the southwest to consolidating as thick massive beds to the northeast.

Hole FN-14-42 intersected 174.96 metres (574 ft.) of chromite mineralization, from 896.55 to 1071 metres, in a well layered sequence of heavily disseminated, semi-massive and massive chromitite. A 154.07 metre (505 ft.) interval from 901.07 to 1055.14 metres has an average grade of 25.04% Cr2O3, including a 35.78 metre (117 ft.) interval from 918.99 to 954.77 metres with an average grade of 31.92% Cr2O3. This intercept is 50 metres (164 ft.) east of the claim boundary at 845 to 995 metres (2,772 to 3,264 ft.) from surface.

Hole FN-14-43 intersected 88.04 metres (288 ft.) of chromite mineralization, from 712 to 800.52 metres with an average grade of 24.71% Cr2O3, in a layered sequence of heavily disseminated, semi-massive and massive chromitite. A 36.43 metre (119 ft.) interval, from 756.26 to 792.69, has an average grade of 36.43% Cr2O3.

In summation, the 2014 drilling campaign has not only demonstrated the continuity of the chromite mineralization, it found that it is substantially thicker than anticipated.

Drill results; C-6 target, gold discovery:

Three holes, FN-14-038, 039 and 041 tested the east-west gravity anomaly at the C-6 target area, one kilometer northeast of the Black Horse chromite deposit, for potential chromite mineralization.

Hole FN-14-038 was collared south of the anomaly and drilled northwards where it intersected chromite bearing pyroxenites and peridotites from 40.62 to 214.22 metres. The chromite is irregularly dispersed as fine and heavy disseminations and short intervals of semi-massive chromite. Assays ranged up to 19.29% Cr2O3 over 0.67 metres.

Hole FN-14-039 was collared 100 metres (328 ft.) south of hole 038, and drilled northwards underneath hole 038. Chromite bearing pyroxenite was intersected from 170.9 to 302.05 metres with assays ranging up to 7.92% Cr2O3 over one meter. The pyroxenite from 170.9 to 302.05 was subjected to shearing, alteration and veining resulting in a quartz-magnesite-talc breccia with occasional disseminated sulphides and fuchsite. From 223.97 to 224.47 metres, a 0.5 meter quartz vein containing 15% chalcopyrite, 1% pyrrhotite assayed 8.85 grams per tonne gold. A re-assay of this sample was 12.20 grams per tonne gold.

A one meter sample from 198 to 199 metres was assayed in duplicate as a result of the QA/QC protocol. These two assays were 2.2 and 2.45 grams per ton gold. A re-assay of this sample was 3.25 grams per ton gold. This sample was of a sulphide poor quartz-magnesite-talc breccia.

Hole FN-14-041 was collared 105 metres east of hole 039. It intersected the quartz-magnesite-talc breccia from 71.5 to 177.5 metres, all of which was assayed, the highest gold assay being 143 ppb. The remainder of the hole, to 363 metres, consisted of altered pyroxenite without chromite.

The quartz-magnesite-talc breccia intersected in holes FN-14-039 and 041 is interpreted to be the extension of the same breccia zone intersected 15 times in the vicinity of the Black Horse chromite deposit and which is interpreted to be the extension of the gold bearing JJJ zone on the adjacent Noront property.

Future Work:

A revised 43-101 compliant resource calculation will benefit from the three significant new chromite intercepts produced during this program. The better understanding of chromite distribution in the Black Horse deposit will focus future drilling towards the higher grade northeastern portion of the deposit which remains open at depth and on strike to the northeast. An evaluation of previous geophysical surveys will be undertaken in context of potential sulphide rich gold mineralization.

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 analyzed 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).
--  15 major element oxides, including Cr2O3 by fusion-XRF (Actlabs code
    4C).

M.J. (Moe) Lavigne, P.Geo., is the Qualified Person (QP) with respect to this project and has reviewed and approved the related information within this press release.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection. In his session at 18th Cloud Expo, Bradley Holt, a Developer Advocate with IBM Cloud Data Services, discussed...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.