Bold Ventures Inc. has recently marked an amendment to the Burchell Lake Gold and Copper Property Option Agreement. This strategic move is a significant development for both the company and its investors as it demonstrates Bold Ventures’ commitment towards growth and prosperity in its operations within the mining industry.
In January of 2021, Bold Ventures alongside 2672403 Ontario Inc. entered into a property option deed. These two prominent firms agreed to an option on a group of patented mining claims located in the Thunder Bay Mining Division of Ontario. The property, consisting of 4 patented mining claims, covering around 85 hectares, is situated just about 35 kilometres west of the prolific Shebandowan Greenstone Belt. With a rich history of past mining activities, this region is widely recognized for having promising gold and copper deposits.
Now, Bold Ventures has made an alteration to the agreement with an amendment, signed on September 22, 2021. The reason for such an amendment is to allow Bold Ventures to adequately adjust its operations due to the current metal prices and the COVID-19 impacts.
Under the amended agreement, Bold Ventures has been given an extension of 12 months to complete its first anniversary obligations under the initial agreement. Additionally, the first and second-anniversary cash obligations have been reduced from $15,000 and $25,000 to $10,000 and $15,000 respectively. Similarly, Bold has been provided with extra time equivalent to twelve months for satisfying the first-anniversary exploration expenditure commitment of a minimum of $50,000.
The Optionor has also given Bold Ventures the right to acquire a 100% undivided interest in the Burchell Lake Property, an indisputably valuable asset. To obtain this, Bold will provide staged cash payments amounting to $85,000, share issuances equivalent to $85,000, and an exploration expenditure of not less than $200,000. These arrangements are to be carried out over a period of 48 months from the date of the agreement, giving Bold ample time to fulfill these obligations.
In return for this acquisition opportunity, the Optionor will retain a 1.5% Net Smelter Return (NSR) Royalty on production from the property.
Through this amendment, Bold ventures not only acquires a highly prospective area within the secure boundaries of Ontario for gold and copper exploration but also proves a clever maneuvering strategy to overcome the economic challenges posed by uncertain metal prices and the COVID-19 pandemic.
Although the conditions are carefully managed, Bold still undertakes the risk of exploration. Yet, this procedure is a fundamental part of discovering new valuable resources and furthering industry growth.
Bold Ventures’ approach gives the company a promising path to follow. With the amended agreement, it can efficiently execute its exploration plans and continue contributing significantly to the mining industry while providing value to its stakeholders.