Bold Ventures (BOL-V) and Northern Superior Resources (SUP-V) June 5, '14 have signed the formal agreement granting Bold an option to earn up to a 60-per-cent interest in Northern Superior's 100-per-cent-owned Lac Surprise property.This large property is located approximately 50 Km south of Chapais and within the historic Chibougamau - Chapais gold camp in west central Quebec and is comprised of 333 claims totaling 18555 hectares 45,830 acres.
Under the agreement, Bold can earn a 50% working interest in the property by spending an aggregate of $2,000,000 on exploration of the property and issuing to Northern Superior a total of 350,000 common shares of Bold all over a three year period, 50,000 shares of which were issued upon signing the agreement. Bold is obligated to spend a minimum of $500,000 on exploration of the property in the first year, at the end of which a further 50,000 common shares of Bold are issuable. The second year optional commitment is 100,000 common shares of Bold and $500,000 in exploration work. The third year optional commitment calls for $1,000,000 in exploration work on the property and the issuance of 150,000 common shares of Bold.
Bold will also hold the option to earn an additional 10% in the project by delivering a positive feasibility study within five years from the date of execution of the formal option agreement. If Bold takes up all parts of the option it will have earned a 60% interest in the property.
Recently, renewed exploration activity in the area has yielded several new gold discoveries made by Toma Gold/Iamgold (at Monster Lake); Vanstar (at Nelligan) and Soquem (at MOP II). All three of these companies are carrying out major drilling programs.
Vanstar Mining Resources Inc. has recently announced additional results from its flagship Nelligan project (see Vanstar Resources Inc. news release dated May 28, 2014 at www.vanstarmining.com). This new gold discovery is situated directly east of the Lac Surprise property.
Iamgold Corporation and TomaGold Corporation also recently announced results from drilling at the Monster Lake Project located approximately 10 km north northeast of the Lac Surprise property (see TomaGold news release dated May 27, 2014 and visit www.tomagoldcorp.com).
A finder's fee of 150,000 common shares of Bold was issued to an arm's length, third party. The securities issued are subject to a hold period expiring on October 5, 2014. |
