Bold Ventures options Ring of Fire region claims, Ontario
Bold Ventures Inc. [TSXV-BOL] reported that it has signed an option agreement to option a 100% interest in two claim groups to an arms-length party. The claims are located in the Ring of Fire Region, northern Ontario. 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 02,595 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 by the six-month anniversary of the agreement; C$25,000 on or before the second anniversary of the agreement; and C$200,000 by the fourth anniversary of the agreement.
A subsidiary of Dundee Corp., 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).
Bold Ventures management believes their suite of battery, critical and precious metals exploration projects are an ideal combination of exploration potential meeting future demand. Their target commodities are comprised of: Copper (Cu), Nickel (Ni), Lead (Pb), Zinc (Zn), Gold (Au), Silver (Ag), Platinum (Pt), Palladium (Pd) and Chromium (Cr).