Bold Ventures Inc. ("Bold") and Northern Superior Resources Inc. ("Northern Superior") are pleased to announce the initiation of the 2015 exploration program on the Lac Surprise gold property, west-central Québec.
The exploration program is focussed on the recently discovered Amber showing where encouraging gold assay values from grab samples (ranging from 0.81 to 28.6 g/t Au) and channel samples (0.02 up to 10 g/t Au over 1 m, including 26.1 g/t Au over 0.5 m) were reported (see press release, February 17, 2015). The Amber showing is one of seven new showings discovered on the Lac Surprise property during the successful 2014 prospecting and trenching programs. Bold and Northern Superior agrees that all seven new showings have significant gold potential. However, due to relatively easy access, thin overburden cover and a more comprehensive understanding of the geology from the 2014 summer program, the Amber showing was chosen for this exploration program.
The purpose of this exploration program is to: a) advance the understanding of structural controls for gold mineralization on the property; and b) to define specific core-drill targets at the Amber showing. This exploration program will be initiated and completed during June, 2015, and consists of four components:
- Establishing a cut and chained grid totalling approximately 30 km (28.85 km), consisting of 22.7 km of cross lines and 6.1 km of tie lines, cut perpendicular to the cross lines, station spacing of 25m;
- Completion of a "B" horizon, soil sampling program (approximately 918 samples, 25m stations);
- Prospecting and outcrop sampling (approximately 50 samples); and
- Completion of a "Frequency Domain" Induced Polarization (I.P.) survey along all of the cross lines and tie lines within the cut and chained grid.
Bold President and CEO Richard Nemis commented that: "We are very pleased with the results we have achieved to date and we are focusing our efforts in order to optimize our drill targets. It appears to be progressing well."
Dr. T.F. Morris, President and CEO of Northern Superior commented: "Northern Superior looks forward to the results of this program which we anticipate will advance our understanding of the controls associated with gold mineralization on the property, obviously an important component towards effectively directing future core-drill programs."
The Lac Surprise property is centrally located within a highly prospective area of the Chapais-Chibougamau gold-copper camp, an area currently experiencing aggressive mineral exploration. The Lac Surprise property is strategically located over major regional structures associated with recent gold mineralization discoveries. These include the: a) Geomega Resources Inc.'s Anik Gold property, located directly west of and tied onto, the Lac Surprise property (see Geomega press release, February 23, 2015); b) Vanstar Mining and IAMGOLD Corporation's Nelligan property, located directly east of and tied onto, the Lac Surprise property (see Vanstar press release, February 23, 2015); and c) Toma Gold and IAMGOLD's Monster Lake property, located 10 km to the north-northeast of the Lac Surprise property (see Toma Gold press release, February 25, 2015).
In addition, these same structures over which the Lac Surprise property occurs host several gold mines and gold deposits which include the: a) Lac Short Mine and Fenton Deposit to the east; b) Joe Mann Mine and Philibert Deposit to the west; and c) Chevrier Deposit to the northeast.
The Lac Surprise project is under option from Northern Superior whereby Bold may earn a 50% interest in the property by expending an aggregate of $2,000,000 and issuing to Northern Superior a total of 350,000 common shares of Bold over a three year period. A further 10% interest may be earned if Bold delivers a positive feasibility study within 5 years of execution of the formal option agreement.
About Northern Superior
Northern Superior is a junior exploration company exploring for gold in the Superior Province of the Canadian Shield. The company is currently focused on exploring its Croteau Est, Lac Surprise and Grizzly properties in Québec. Northern Superior is currently looking to option out its 100% owned Ti-pa-haa-kaa-ning gold, silver and copper property in Ontario and its 100% owned Ville Marie diamond property in Québec. Northern Superior has developed a number of early stage exploration properties in both Ontario and Québec from its proprietary geoscientific data base. Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP.
Bold Venture's works in both Ontario and Québec. In Ontario Bold has several claim groups in and around the Ring of Fire area of the James Bay Lowlands. The company is also earning an interest in the Koper Lake Project located directly adjacent to the Eagles Nest nickel-copper massive sulphide deposit currently in the permitting stage. In Québec Bold's primary focus is on two projects. The Lac Surprise Project is located in west central Québec, approximately 50 km (30 miles) south of Chapais and within the historic Chibougamau-Chapais copper-gold camp. Bold is also exploring its 100% owned Lac Grasset project that straddles the Sunday Lake Deformation Zone within the historically prolific Abitibi Greenstone belt of North-western Québec. Balmoral Resources Ltd. has seen success over the past few years in locating and expanding several gold and base metal discoveries proximal to the Sunday Lake Deformation Zone and has expanded its land position to surround Bold's property (see Bold news release dated September 30, 2014).
For more information, please visit www.nsuperior.com or www.boldventuresinc.com.
Richard E. Nemis, President and Chief Executive Officer, Bold Ventures Inc.
Thomas F. Morris, President and Chief Executive Officer, Northern Superior Resources Inc.