Bold Ventures Inc. and KWG Resources Inc.: Drill Program Successfully Extends Black Horse Chromite Deposit and Discovers Gold...
07 Maggio 2014 - 4:00PM
Marketwired Canada
Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold") and KWG Resources Inc. (TSX
VENTURE:KWG) ("KWG") are pleased to jointly announce the following drilling
results from the second diamond drill program on their Koper Lake Joint Venture
in the Ring of Fire Northeastern Ontario, which is under option by Bold from
Fancamp Exploration Ltd. (see Bold's press release dated January 7, 2013). In
turn KWG has optioned the property from Bold on terms that are described in a
Bold press release dated March 4, 2013. If KWG fulfills all of the optional
commitments to earn the 100% working interest in the Koper Lake Property under
the agreement with Fancamp, then, in the case of chromite resources, KWG would
hold an 80% working interest and Bold would hold a 20% working interest in the
development of the chromite resources in accordance with the Chromite Interest
feasibility study required to be produced to earn the interest in the property.
Furthermore, at the completion of the earn in requirements Bold would have an
80% working interest in any and all metals other than chromite and KWG would
have a 20% working interest in any and all metals other than chromite.
Preparations of the camp and drills began January 1, 2014 and the first hole was
collared on January 18th, and the second on January 22nd. First Nations people
were employed on site, with Haveman Bros. from Kakabeka Falls near Thunder Bay
providing procurement and camp services and Orbit Garant Drilling Inc. of
Val-d'Or, Quebec providing the contract drills.
During the program, 6 holes were completed (FN-14-038 to 043) totaling 4,645
metres. (see Table below for drill-hole statistics and the maps below for
location)
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HOLE EASTING NORTHING ELEVATION AZIMUTH PLUNGE LENGTH
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FN-14-038 549180.0 5843635.0 169 m 0 -55 223 m
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FN-14-039 549179.8 5843534.4 169 m 0 -55 312 m
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FN-14-040 547550.0 5843225.0 169 m 148 -82 1233 m
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FN-14-041 549285.0 5843545.0 169 m 0 -45 363 m
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FN-14-042 547436.3 5843279.2 169 m 172 -71 1131 m
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FN-14-043 547550.0 5843225.0 169 m 170 -67.5 828 m
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Program Objectives:
The primary objective of the program was to increase the size of the inferred
resource contained by the Black Horse chromite deposit. The drilling plan was
designed such that the chromite intercepts were optimally spaced with respect to
existing intercepts to permit the designation of the delineated chromite
mineralization as an inferred resource. As such, drill holes were laid out to
intercept the downward projection of the previously defined chromitite.
The secondary objective was to test an east-west trending gravity anomaly
delineated by a detailed ground gravity survey conducted during the 2013
drilling program. The anomaly is located 1 kilometer northeast of the Black
Horse chromite deposit, a location previously designated as the C-6 target on
the basis of a prominent north-south trending magnetic anomaly that resembles
the anomaly associated with the Eagles Nest nickel-copper-PGE deposit on the
neighbouring Noront Resources mining claims.
Maps and a cross-section can be viewed on the Bold and KWG websites:
www.boldventuresinc.com, www.kwgresources.com
Drill results - Black Horse:
Three holes, FN-14-040, 042 and 043, intercepted chromite mineralization
confirming the continuity of the Black Horse chromite deposit. Also reported
here is the assay results of drill-hole FNCB-13-031, a hole drilled during the
2013 program. This hole, drilled sub-parallel to the north-south boundary with
the neighbouring Noront Resources property, crossed the boundary due to an
unusually high degree of curvature. Noront took possession of all drill-core
from that portion of the hole that was within their property. Noront proceeded
to document the core and submit it for assay. These assay results were
subsequently released to Bold and KWG.
Assay Highlights:
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From To Interval
HOLE (metres) (metres) (metres (feet)) Cr203 %
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FNCB-13-031 795.28 925.5 130.22 (427.23) 25.31
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including 795.28 840.09 44.81 (147) 32.08
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including 869.2 895.07 25.87 (84.87) 35.6
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FN-14-040 1053 1182 129 (423.23) 37.63
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including 1111.5 1182 70.5 (231.3) 42.02
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including 1111.5 1131 19.5 (63.98) 45.78
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FN-14-042 901.07 1055.14 154.07 (505.48) 25.04
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including 918.99 954.77 35.78 (117.39) 31.92
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FN-14-043 712 800.52 88.04 (288.84) 24.71
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including 756.26 792.69 36.43 (119.52) 36.43
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The interval reported is not true width. True width will be determined
during resource modeling.
Hole FNCB-13-031 intersected 130.22 metres (427 ft.) of chromite mineralization,
from 795.28 to 925.5 metres, in a well layered sequence of heavily disseminated,
semi-massive and massive chromitite. This 130.22 metre interval has a weighted
average grade of 25.31% Cr2O3. It includes higher grade intervals, 44.81 metres,
from 795.28 to 840.09 metres, grading 32.08% Cr2O3; and 25.87 metres, from 869.2
to 895.07 metres grading 35.60% Cr2O3. This intercept is 25 to 50 metres west of
the claim boundary at a depth ranging from 710 to 830 metres from surface.
Hole FN-14-040 intersected 129 metres (423 ft.) of massive chromite
mineralization containing silicate clast, from 1053 to 1182 metres with an
average grade of 37.63% Cr2O3. This includes higher grade intervals of 70.5
metres (231 ft.), from 1111.5 to 1182 metres grading 42.02% Cr2O3, and 19.5
metres (63 ft.), from 1111.5 to 1131 metres grading 45.78% Cr2O3. This intercept
is located at the midpoint of the known strike extent of the deposit in the
vicinity of hole FN-10-26, at a depth of 1040 to 1185 metres (3,412 to 3,887
ft.) from surface. This hole confirms that chromite distribution transitions
from being well layered in the southwest to consolidating as thick massive beds
to the northeast.
Hole FN-14-42 intersected 174.96 metres (574 ft.) of chromite mineralization,
from 896.55 to 1071 metres, in a well layered sequence of heavily disseminated,
semi-massive and massive chromitite. A 154.07 metre (505 ft.) interval from
901.07 to 1055.14 metres has an average grade of 25.04% Cr2O3, including a 35.78
metre (117 ft.) interval from 918.99 to 954.77 metres with an average grade of
31.92% Cr2O3. This intercept is 50 metres (164 ft.) east of the claim boundary
at 845 to 995 metres (2,772 to 3,264 ft.) from surface.
Hole FN-14-43 intersected 88.04 metres (288 ft.) of chromite mineralization,
from 712 to 800.52 metres with an average grade of 24.71% Cr2O3, in a layered
sequence of heavily disseminated, semi-massive and massive chromitite. A 36.43
metre (119 ft.) interval, from 756.26 to 792.69, has an average grade of 36.43%
Cr2O3.
In summation, the 2014 drilling campaign has not only demonstrated the
continuity of the chromite mineralization, it found that it is substantially
thicker than anticipated.
Drill results; C-6 target, gold discovery:
Three holes, FN-14-038, 039 and 041 tested the east-west gravity anomaly at the
C-6 target area, one kilometer northeast of the Black Horse chromite deposit,
for potential chromite mineralization.
Hole FN-14-038 was collared south of the anomaly and drilled northwards where it
intersected chromite bearing pyroxenites and peridotites from 40.62 to 214.22
metres. The chromite is irregularly dispersed as fine and heavy disseminations
and short intervals of semi-massive chromite. Assays ranged up to 19.29% Cr2O3
over 0.67 metres.
Hole FN-14-039 was collared 100 metres (328 ft.) south of hole 038, and drilled
northwards underneath hole 038. Chromite bearing pyroxenite was intersected from
170.9 to 302.05 metres with assays ranging up to 7.92% Cr2O3 over one meter. The
pyroxenite from 170.9 to 302.05 was subjected to shearing, alteration and
veining resulting in a quartz-magnesite-talc breccia with occasional
disseminated sulphides and fuchsite. From 223.97 to 224.47 metres, a 0.5 meter
quartz vein containing 15% chalcopyrite, 1% pyrrhotite assayed 8.85 grams per
tonne gold. A re-assay of this sample was 12.20 grams per tonne gold.
A one meter sample from 198 to 199 metres was assayed in duplicate as a result
of the QA/QC protocol. These two assays were 2.2 and 2.45 grams per ton gold. A
re-assay of this sample was 3.25 grams per ton gold. This sample was of a
sulphide poor quartz-magnesite-talc breccia.
Hole FN-14-041 was collared 105 metres east of hole 039. It intersected the
quartz-magnesite-talc breccia from 71.5 to 177.5 metres, all of which was
assayed, the highest gold assay being 143 ppb. The remainder of the hole, to 363
metres, consisted of altered pyroxenite without chromite.
The quartz-magnesite-talc breccia intersected in holes FN-14-039 and 041 is
interpreted to be the extension of the same breccia zone intersected 15 times in
the vicinity of the Black Horse chromite deposit and which is interpreted to be
the extension of the gold bearing JJJ zone on the adjacent Noront property.
Future Work:
A revised 43-101 compliant resource calculation will benefit from the three
significant new chromite intercepts produced during this program. The better
understanding of chromite distribution in the Black Horse deposit will focus
future drilling towards the higher grade northeastern portion of the deposit
which remains open at depth and on strike to the northeast. An evaluation of
previous geophysical surveys will be undertaken in context of potential sulphide
rich gold mineralization.
Sample Preparation, Analyses and Security:
The assay and sample information as well as geological descriptions are taken
from drill logs as prepared by the project geologists for the drill program. All
drill core was NQ in size and assays are completed on split or sawed half-cores,
with the second half of the core kept for future reference. The samples are put
into rice bags which are sealed with security locks for shipping directly to
Activation Labs ("Actlabs"), an accredited assay laboratory, in Thunder Bay,
Ontario.
Stringent QAQC procedures are followed. Samples are shipped to the laboratory in
batches of 35 samples. Each sample batch includes 2 standards, 1 blank, and 1
duplicate that are inserted on site, plus a duplicate coarse reject and 1
duplicate pulp that are prepared at the laboratory and inserted. In addition,
Actlabs also employs a rigorous in-house QAQC regime which includes standards,
blanks and duplicates.
Once the final assays are received from Actlabs and prior to any data being
released to the public, a review of all QAQC data is conducted by an independent
qualified person to ensure that the data released are within predetermined
norms.
All samples are analyzed by Actlabs at either their main laboratory in Ancaster,
Ontario or at their Thunder Bay, Ontario facility. Both laboratories are ISO
accredited. All samples are assayed for:
-- Au, Pd & Pt by fire assay with an ICP/OES finish (Actlabs code 1C-OES).
-- 15 major element oxides, including Cr2O3 by fusion-XRF (Actlabs code
4C).
M.J. (Moe) Lavigne, P.Geo., is the Qualified Person (QP) with respect to this
project and has reviewed and approved the related information within this press
release.
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.
Cautionary Note Regarding 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
KWG Resources Inc.
Bruce Hodgman
Vice-President
416-642-3575
info@kwgresources.com
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Bold Ventures Inc.
416-864-1456
www.boldventuresinc.com
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