| Toronto, Ontario, June 28, 2024 – Bold Ventures Inc. (BOL: TSX.V) (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 boldventuresinc.com or contact us at 416-864-1456 or email us at info@boldventuresinc.com.
“David B Graham”
David Graham
President and CEO |
