TORONTO, ONTARIO--(Marketwired - May 3, 2016) - Bold Ventures Inc. (TSX VENTURE:BOL) (the "Company" or "Bold") and Northern Superior Resources Inc. (TSX VENTURE:SUP) ("Northern Superior") are pleased to announce that a diamond drill has been mobilized to the first hole location at the Lac Surprise Property, Amber Grid area and has commenced drilling.
The Amber and Black Phoenix Showings were discovered as a result of a prospecting and trench sampling program operated by Bold in 2014/2015. Additionally, the historically anomalous Fox gold occurrence was expanded and upgraded to the Fox and Fox North gold showings. Personnel of option to joint venture partner Northern Superior Resources Inc. participated in those programs and continue to provide input to the technical programs. A summary of the property wide prospecting and trench sampling program at all of these showings can be found on the Bold and Northern Superior websites by going to www.boldventuresinc.com or www.nsuperior.com.
In the spring of 2015 the Company chose to explore in detail, the newly discovered Amber Zone showing. A cut grid was established, and Magnetic and Induced Polarization (I.P.) geophysical surveys and soil sampling were carried out to further understand the potential for gold mineralization. The I.P. survey outlined three zones of anomalous "I.P. Effect" that trend east south-east and have been identified as the Amber South, Central and North trends. These three trends are all coincident with anomalous gold values in grab, trench and soil samples.
The goal of the approximately 1,500 m diamond drilling program is to test the Amber Zone area showings within the I.P. trends that are interpreted to have the highest potential to host gold mineralization. The Amber Zone grid area has yielded numerous anomalous gold samples. As previously announced in Bold news release dated February 17, 2015, the highest-grade samples from within the Amber Zone grid include:
Amber Showing: 28.6 g/t Au (grab sample) and 10 g/t Au over 1.0 m, including 26.1g/t Au over 0.5 m (channel sample).
Till-39 Showing: 2.89 g/t Au over 1.0 m (channel sample).
Till-68 Showing: 2.44 g/t Au over 0.85 m (channel sample).
The drilling program is being carried out by Chibougamau Diamond Drilling of Chibougamau, Québec under the supervision of Bold Ventures Inc. Please visit www.boldventuresinc.com or www.nsuperior.com to access the full property information for the Lac Surprise Property.
About The Lac Surprise Project
The property is situated in an active exploration area where a number of other mining companies are currently exploring important new gold deposits. Notable projects include the ongoing Monster Lake Project currently being explored by TomaGold and Iamgold Corporation located approximately 10 km north-northeast of the Lac Surprise property. On September 17, 2015 TomaGold Corporation announced a 4,000 metre drill program to commence at Monster Lake. The results of that program were announced in a TomaGold Corporation news release dated February 22, 2016.
Immediately adjacent to the Lac Surprise property, on the northeast boundary is the Nelligan Project, operated by Iamgold Corp. under option from Vanstar Resources Inc. that has had recent success discovering gold in diamond drilling programs (see Vanstar Mining Resources Inc. news releases dated November 26, 2013, May 28, 2014, February 23, 2015 and April 5, 2016)(1).
Geomega Resources' Anik Property, located adjacent to the Lac Surprise Property on the north has reported gold discoveries in several locations on surface and in diamond drilling (see news releases dated February 23 and September 28, 2015 at ressourcesgeomega.ca)(1).
The Lac Surprise Property is under option from Northern Superior whereby Bold has the option to earn up to a 60% interest in the Property. For terms of the agreement visit www.boldventuresinc.com in Lac Surprise Project details.
The technical information in this news release was reviewed and approved by Tracy Armstrong P. Geo., OGQ, APGO, a qualified person (QP) for the purposes of NI 43-101.
(1) All of the information regarding exploration on adjacent properties has been obtained directly from the various companies' websites. Mineralization as described for each project is not necessarily indicative of the mineralization on the Lac Surprise Property and it is not Bolds' intention to suggest otherwise.
Bold Ventures Inc.
Richard E. Nemis,
President and Chief Executive Officer
David B. Graham,
Executive Vice President
Northern Superior Resources Inc.
Thomas F. Morris,
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.
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.