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TORONTO, ONTARIO–(Marketwired – July 23, 2013) – Bold Ventures Inc. (TSX VENTURE:BOL) (“Bold”) and KWG Resources Inc. (TSX VENTURE:KWG) (“KWG”) are pleased to announce jointly the following drilling results from the initial diamond drill program on their Koper Lake Joint Venture in the Ring of Fire (ROF) Northeastern Ontario, which is under option from Fancamp Exploration Ltd. (FNC) (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.
Drilling with three drills commenced early in March 2013. The drilling was briefly halted in early April 2013 pending the issuance of an Exploration Permit by the Ontario Ministry of Northern Development and Mines pursuant to the revised Ontario Mining Act.
In late May while drilling the last two holes of the program a forest fire, in close proximity, threatened the drill camp which housed the project personnel. All personnel were evacuated from the area until the fire was brought under control. As a result, the program budget was exhausted and the last two holes were stopped short of the target depth. Casing for holes FNCB-13-35 and FNCB-13-37 was left in place and capped for access at a later date.
While Bold was the operator of the program, its technical crews were ably assisted with on-site support from KWG’s geologists. First Nations people were employed on site, with Haveman Bros. from Kakabeka Falls near Thunder Bay providing procurement and camp services and Cyr Drilling of Winnipeg, Manitoba and Orbit Garant Drilling Inc. of Val-d’Or, Québec providing the contract drills.
During the program a total of ten holes (FNCA-13-29 and 29W1, and FNCB-13-30 to 37) totaling 6040.8 metres were drilled. (see Table below for drill hole statistics).
| DEPTH | ||||||
| HOLE NUMBER | EASTING | NORTHING | ELEVATION | AZIMUTH | DIP | (METRES) |
| FNCA-13-29 | 547456.0 | 5843253.0 | 172.2 | 135 | -87.63 | 1041.8 |
| FNCA-13-29W1 | 547456.0 | 5843253.0 | 172.2 | 135 | -87.63 | 36.0* |
| FNCB-13-30 | 547758.6 | 5843278.1 | 177.1 | 180 | -70.44 | 774.0 |
| FNCB-13-31 | 547449.0 | 5843171.0 | 172.2 | 177.97 | -69.78 | 640.0 |
| FNCB-13-32 | 547762.1 | 5843272.8 | 179.0 | 151.9 | -73.08 | 861.0 |
| FNCB-13-33 | 547449.7 | 5843172.3 | 172.2 | 160.15 | -63.95 | 861.0 |
| FNCB-13-34 | 547741.0 | 5842831.0 | 172.0 | 151.31 | -67.82 | 363.0 |
| FNCB-13-35 | 547925.0 | 5843275.0 | 172.0 | 154.2 | -76.14 | 738.0** |
| FNCB-13-36 | 547741.0 | 5842831.0 | 172.0 | 151.31 | -46.0 | 201.0 |
| FNCB-13-37 | 548075.0 | 5843275.0 | 172.0 | 164.8 | -69.67 | 525.0** |
| 6040.8 | ||||||
| TOTAL | METRES | |||||
| * hole was wedged at 1015 metres and was drilled to 1051 metres | ||||||
| ** not completed | ||||||
Drill Results Nickel/Copper Massive Sulphide Potential
Hole FNCA1329 was collared in the northwest corner of the Fancamp property to provide a platform for down hole geophysical surveying in a northerly oriented ultramafic conduit feeding the northeast-southwest striking Ring of Fire (ROF) ultramafic complex. A similar north-south striking conduit further west hosts the Eagle’s Nest copper-nickel base metal deposit previously discovered by Noront Resources Ltd. in 2007. The hole encountered poor ground conditions and had to be halted before reaching its target depth and was wedged off at 1015 metres. This wedge hole, FNCA-13-29W1, was advanced as far as 1051 metres when the hole was stopped and surveyed with a down-hole electro-magnetic system. Results did not warrant any further drilling from this platform.
Drill Results Chromite
Holes FNCB-13-30 to 37 were drilled to further explore the Black Horse chromite mineralization previously discovered by FNC (see Fancamp’s press release dated May 24th, 2011) as well as to test for the eastern extension of the Blackbird chromite mineralization located on the adjoining Noront Resources Ltd. claims (see Noront’s press release dated March 20th, 2012). The holes were drilled to test an approximate 800 metre strike length of the Blackbird – Black Horse horizon on the western most claim of the four-claim Koper Lake Property. The program was successful in confirming that chromite mineralization does exist within the Koper Lake property directly to the east of the adjoining Blackbird deposit owned by Noront Resources and also in extending the Black Horse mineralization outwards from previously drilled (2010) holes FN1025 and FN1026. Further drilling is required in order to understand the spatial relationship of the Blackbird and Black Horse horizons and the continuity and orientation of those mineralized zones.
Highlights
Holes FNCB1330, 32 and 33 were drilled to test the downplunge continuity of chromite mineralization delineated on the adjacent Noront Resources property.
Hole FNCB1330 intersected 45.76 metres of chromite mineralization from 655.5 to 701.26 metres consisting of disseminated, heavily disseminated, semi-massive and massive chromite. This intercept contains two intervals dominated by massive chromite: from 664.67 to 677.65 metres (12.98 metres) and from 685.67 to 696.32 metres (10.65 metres). The weighted average percentage of Cr2O3 of these two intervals is 26.44% and 31.89% respectively.
Hole FNCB1332 encountered a thin band of massive chromite between 656.13 and 659.0 metres. The intercept assayed 34.48% Cr2O3 over 2.87 metres.
Hole FNCB1333 intercepted two intervals dominated by massive chromite, from 695.48 to 721.07 metres (25.59 metres) and from 753.0 to 813.26 metres (60.26 metres). The weighted average percentage of Cr2O3 of these two intervals was 27.98% and 28.31% respectively. These zones were encountered within a broader low-grade horizon of chromite mineralization.
Diamond drill holes FNCB1334 and 36 from the same collar location were drilled to test a shallow gravity anomaly which was interpreted to possibly represent the updip extension of the Black Horse mineralization.
Hole FNCB1334 drilled at -68 degrees encountered disseminated to layered chromite between 127.44 and 144.14. Assay results included 5.66 metres grading 18.51% Cr2O3 (from 137.58 metres to 143.24 metres).
Hole FNCB1336 drilled at -45 degrees intersected massive to heavily disseminated chromite between 126.44 and 132.84 metres. Assay results included 4.01 metres grading 18.56% Cr2O3 (from 126.44 metres to 1304.5 metres)
Holes FNC1335 and 37 were stopped short of target depth. Future plans will include continuing those holes to their completion.
See Table below for summary of assay highlights. Also see attached sketch map of drill hole locations.
| ASSAY HIGHLIGHTS | ||||
| HOLE NUMBER | FROM | TO | INTERVAL | Cr2O3 |
| FNCA-13-29 | nickel target | |||
| FNCA-13-29W1 | nickel target | |||
| FNCB-13-30 | 658.40 | 659.92 | 1.52 | 24.42 |
| and | 664.67 | 677.65 | 12.98 | 26.44 |
| and | 685.67 | 696.32 | 10.65 | 31.89 |
| FNCB-13-31 | hole deviated off claim group before targeted depth | |||
| FNCB-13-32 | 656.13 | 659.00 | 2.87 | 34.48 |
| FNCB-13-33 | 695.48 | 721.07 | 25.59 | 27.98 |
| incl | 704.28 | 720.07 | 15.79 | 31.23 |
| and | 753.00 | 813.26 | 60.26 | 28.31 |
| incl | 761.07 | 780.03 | 18.96 | 35.37 |
| FNCB-13-34 | 137.58 | 143.24 | 5.66 | 18.51 |
| FNCB-13-35 | hole in progress when program was suspended | |||
| FNCB-13-36 | 126.44 | 130.45 | 4.01 | 18.56 |
| FNCB-13-37 | hole in progress when program was suspended | |||
Widths reported are drilled widths, true widths of intersections are not discernible to present time
A map is available at the following address: http://media3.marketwire.com/docs/n72kwg2.pdf.
Geophysical Results
The detailed ground magnetometer and gravity surveys have better defined a number of untested targets on the property. The additional geophysical data enhance the possibility of better defining known chromite mineralization as well as testing additional targets.
Future Work
Upon further review and the compilation of relevant data, a follow up program will be developed to further define the chromite horizon as a definable resource as qualified by National Instrument 43101.
Additional drilling and down hole geophysics is recommended to test the C6 anomaly area for additional NickelCopper massive sulphide and chromite deposits.
Additional maps and project details are available on the websites for Bold and KWG at www.boldventuresinc.com and www.kwgresources.com respectively.
Bruce Mackie P. Geo., a Qualified Person (QP) under National Instrument 43-101, is the QP with respect to the nickel-copper massive sulphide and geophysical exploration component of this project and has reviewed and approved the related information within this press release. M.J.(Moe) Lavigne, P.Geo, is the QP with respect to the chromite exploration component of this project and has reviewed and approved the related information within this press release.
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 analysed 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:
For additional information on assay methodology visit the Actlabs website at http://www.actlabsint.com.
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 ForwardLooking Statements: This Press Release contains forwardlooking 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 forwardlooking 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 forwardlooking statements, except as required by law.
Shareholders are cautioned not to put undue reliance on such forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
OR
Contact Information:
Bold Ventures
416-864-1456
www.boldventuresinc.com
http://www.facebook.com/kwgresourcesinc
http://twitter.com/kwgresources
http://www.youtube.com/KWGresources
http://www.flickr.com/photos/kwgresources
KWG Resources Inc.
Bruce Hodgman
Vice President
416-642-3575
[email protected]
On July 10, 2013, Securities and Exchange Commission (the “SEC”) amended Rule 506 of Regulation D to implement Section 201(a) of the JOBS Act, allowing companies to openly advertise the sale of their securities in private offerings. Under the new Rule 506(c), an issuer can offer securities by way of general solicitation, or advertising provided that all purchasers of the securities are accredited investors under Rule 501 of Regulation D and the issuer takes reasonable steps to verify that the purchasers of the securities are accredited investors.
Effects of the New Rules
The final rules will be effective sixty (60) days after publication in the Federal Register, which we expect to occur in the next few days. The elimination of the prohibition against general solicitation for a subset of Rule 506 offerings will enable issuers to solicit potential investors directly, through both physical (such as mailings, newspaper advertisements and billboards) and electronic (such as the Internet, social media, email and television) means. As a result, the SEC anticipates that issuers will be able to reach a much greater number of potential investors than is currently the case, thereby increasing issuers’ access to sources of capital.
“Reasonable Steps to Verify” Accredited Investor Status
Principles-Based Approach
The Rule 506(c) “reasonable steps” due diligence requirement may require some potential investors to provide more information to issuers than they currently provide and issuers may have to apply a stricter and costlier process to verify accredited investor status than what they currently use. The term “reasonable” is an objective determination by the issuer based on the particular facts and circumstances of each purchaser and transaction. Issuers should consider factors including:
The nature of the purchaser and the type of accredited investor that the purchaser claims to be.
The amount and type of information that the issuer has about the purchaser.
The nature of the offering, such as the manner in which the purchaser was solicited to participate in the offering, and the terms of the offering, such as a minimum investment amount.
Natural Person Investors – Non-Exclusive List of Methods
To clarify what reasonable steps need to be taken, the SEC has included in Rule 506(c) a non-exclusive list of four methods for verifying if natural persons are accredited investors. These methods are:
Income Test. For accreditation on the basis of income, verification by reviewing copies of the two most recent years’ IRS tax forms that report income.
Net Worth Standard. For accreditation on the basis of assets, verification by reviewing (1) supporting asset documentation, such as bank statements, brokerage statements and other statements of securities holdings, certificates of deposit, tax assessments and appraisal reports issued by independent third parties; and (2) a written representation by the person dated within the prior three months stating that all liabilities necessary to make a determination of net worth have been disclosed.
Third-party Attestation. Obtaining a written confirmation from a registered broker-dealer, an SEC-registered investment adviser, a licensed attorney, or a certified public accountant that such person or entity has taken reasonable steps to verify that the purchaser is an accredited investor within the prior three months and has determined that such purchaser is an accredited investor.
Existing Accredited Investors. Any natural person who invested in an issuer’s Rule 506(b) offering as an accredited investor prior to the effective date of Rule 506(c) and remains an investor of the issuer, for any Rule 506(c) offering conducted by the same issuer, the issuer is deemed to satisfy the verification requirement in Rule 506(c) with respect to any such person by obtaining a certification by such person at the time of sale that he or she qualifies as an accredited investor.
Rule 506(c) does not impose any formal record-keeping requirements but issuers are expected to document the steps taken to verify that purchasers are accredited. Such record-
keeping is necessary because the issuer has the burden of demonstrating that its offering is entitled to an exemption from the registration requirements of Section 5 of the Securities Act.
If the verification of purchasers presents difficulties and issuers do not wish to engage in general solicitation, such issuers will continue to have the ability under Rule 506(b) to conduct Rule 506 offerings subject to the prohibition against general solicitation.
For Further Information
If you have any questions regarding the information in this alert, please contact Richard I. Anslow at [email protected] or Gregg E. Jaclin at [email protected] or any attorney in the firm with whom you are regularly in contact with.
Disclaimer: This Alert has been prepared and published for informational purposes only and does not constitute advertising, a solicitation, or legal advice. Transmission of the materials and information contained herein is not intended to create, and receipt thereof does not constitute formation of, an attorney-client relationship.
About Anslow + Jaclin
Anslow + Jaclin servers diverse clients domestically and worldwide on unique and sophisticated securities and corporate matters including IPO’s, PIPEs, Registered Direct Offerings, reverse mergers, corporate finance, M+A and general corporate work. Anslow + Jaclin’s clients are publicly held corporations which include well-established and other business entities across a broad range of industries. Anslow + Jaclin has consistently been ranked as one of the top law firms in the United States by SEC New Registrations Report for the number of pre-effective IPO registrations advised. In addition, Deal Flow Media, Inc.’s The Deal Flow Report ranks Anslow + Jaclin as one of the top Issuers and Investors Legal Counsel for number of placements advised.
