Bold Ventures Mobilizes Crew to Burchell and Provides Update

TORONTO, ON / ACCESSWIRE / September 13, 2023 / Bold Ventures Inc. (TSXV:BOL) (the "Company" or "Bold") is pleased to announce that it has mobilized a prospecting crew to the Burchell Battery and Precious Metals Project in the Shebandowan Belt west of Thunder Bay, Ontario. The goal for this phase of work is to prospect and sample various locations that have not been accessed by Bold's exploration team to date. In addition, the crew is prospecting and sampling known airborne VTEM and Aerodat anomaly locations that have been interpreted from historical surveys (see Bold press release dated March 6, 2023). The 2006 Geotech Ltd. Versatile Time-Domain Electromagnetic (VTEM) survey and the 1991 Ontario Geological Survey regional airborne Aerodat Mag-EM (Magnetic-Electromagnetic) survey both indicate the presence of significant conductors recommended for follow-up work. Conductors associated with the Hermia Lake copper showing along the western portion of the property and the area trending to the northeast were identified. For a review of this project, visit the Burchell Battery and Precious Metals Project.

The Company has reached an agreement with the Optionors of the Burchell claim group to extend the first anniversary cash payment of $60,000, the work expenditure of $200,000 and the share payment of 300,000 common shares of Bold to May 1, 2024. In exchange for this accommodation Bold will issue 300,000 common shares to the vendors, subject to regulatory approval.

Traxxin Gold Project

The Company has completed the first phase of drilling at the Traxxin claim group. The program produced what management believes is the most important drill intersection to date from over thirty drill holes. Hole BV-21-04 encountered 3.6 g/t Au over 12.3 m below the previous drilling at the Main Zone. A 10 km geophysical survey to track the Main Zone structure to the north is planned for early 2024. Based on these results a phase 2 drilling program will be developed to extend the Main Zone to the northeast and at depth.

Bold has satisfied the share payments and exploration expenditures called for in the Traxxin Gold Project option agreement (see Bold press release dated August 24, 2020. In order to complete the acquisition of a 100% interest in the claims, a final cash payment of $60,000 has been reduced to $40,000 cash and the payment date is extended to August 23, 2024. In return for this extension and reduction of the cash payment due, Bold will make a one-time payment of 700,000 common shares of Bold to the vendor, subject to regulatory approval.