Bold Ventures strengthens presence in Canada with lithium claims

13 February 2018 (Last Updated February 13th, 2018 11:46)

Bold Ventures has gained access to lithium claims in Ontario, Canada, through the acquisition of two separate groups within the Georgia Lake Area Pegmatite field. 

Bold Ventures has gained access to lithium claims in Ontario, Canada, through the acquisition of two separate groups within the Georgia Lake Area Pegmatite field.

The acquisition includes the Jean Claim Group and the Barbara Claim Group, which contain eight and two claims respectively.

Claims held by the first property comprise 94 units cover an area of around 1,504ha, with the second containing 32 units over 512ha.

Under the deal, the seller retained a 1% gross metal royalty.

Bold Ventures has the option to repurchase half of the royalty for $500,000, in addition to a right of first refusal on the royalty’s remainder.

The acquired assets are in the northern portion of Quetico Subprovince near the south-west contact of Beardmore-Geraldton Greenstone Belt.

“Bold Ventures has the option to repurchase half of the royalty for $500,000.”

The company noted that work carried out by the Ontario Department of Mines identified multiple lithium-bearing pegmatites in the Georgia Lake area from 1956 to 1959.

In addition, several pegmatite dikes and sills were identified within the two claim groups.

Based on a systematic review of the geology and the historical work conducted in the area, it was determined that there is potential to locate additional lithium-bearing pegmatite dikes on Bold’s claim groups.

A prospecting, mapping and sampling programme is expected to unlock the claims’ potential.

In November last year, Bold Ventures signed an option agreement to acquire a 100% interest in the Stover Gold Property covering approximately 20km from the Goudreau-Missanabie Shear Zone in Ontario.