Bold Ventures has executed an earn-in option agreement with Fancamp Exploration for its chromite project located in the James Bay Lowlands, northern Ontario, Canada.
Pursuant to the agreement, Bold Ventures can earn-in 60% of the Fancamp Ring of Fire property by making option payments totalling $1.5 million.
The agreement also calls for Bold Ventures to invest $8,000,000 in exploration expenditures over a three year period.
Upon fulfilling these optional terms, Bold Ventures will earn a 50% interest in the BVO property and a joint venture will be formed.
A further 10% interest may be earned by Bold at any time by delivery of a positive feasibility study and by making a payment of $700,000 in cash and/or stock.
The property is located in the ultramafic Ring of Fire complex ensconced between the Noront Resources' Blackbird chromite deposits, Big Daddy and Black Thor chromite deposits and Eagle's Nest Ni-Cu-PGE.
The property has a set of targets for magmatic Ni-Cu-PGE, chromite, vanadium, and hydrothermal Au-Cu mineralisation.