KWG Resources Inc. ("KWG") and Bold Ventures Inc. ("Bold") have launched their exploration programs under the option agreements between them and Fancamp Exploration Ltd.
Two drills are testing the horizon of the Black Horse chromite discovery in which KWG may earn up to an 80% joint venture interest. A third drill is focusing on exploration for magmatic massive sulphides type mineralization (copper-nickel sulphides and PGMs) similar to that discovered on the northwesterly adjacent Noront property. All three drills were initially drilling deep targets and only one was nearing the target zone of the Black Horse chromite horizon when operations were halted. It had recovered core from a 50 meter intersection of quartz veining in talc schist similar to Noront's Triple J gold discovery on their adjacent claim. Based on the strike orientation of the Triple J zone, its extension onto the Koper Lake project claims is being further investigated.
Operator Bold Ventures was required to cease drilling activities on March 31, 2012 for amendments to the Mining Act coming into force the following day. These amendments require that such activities may only be undertaken pursuant to a permit issued by a Director of Exploration from the Ministry of Northern Development and Mines ("MNDM"). To issue an exploration permit the Director must be satisfied that appropriate consultation with identified Aboriginal communities has taken place. The Director's intention to issue a permit also must be filed on the Environmental Registry and is subject to a 30 day comment period. The comment period for Bold Ventures' permit application will end on April 13, 2013. Discussions with MNDM are ongoing with respect to the issuance of the required permit at which time drilling can resume. In the meantime, geophysical data is being acquired and compiled before the spring break-up commences.