Bold Ventures and Gold X2 Sign Letter of Intent for 38 Claim Units at Burchell
Bold Ventures agrees to sell 38 Burchell claims to Gold X2 for cash, shares and a retained NSR while advancing exploration on remaining ground.
Rhea-AI Summary
Bold Ventures (BVLDF) signed a binding LOI for Gold X2 Mining to acquire 38 mining claim units on the west boundary of Bold’s Burchell Property.
The consideration includes C$500,000 in cash, 150,000 Gold X2 shares with a nominal value of about C$1.25 million, and a 2% net smelter return (NSR) royalty on Canadian Critical Minerals (excluding copper) from the 38 claims. Gold X2 may buy back 1% of this NSR for C$1,000,000. The 38 claims, covering roughly 6.5 km², already carry a separate 3% NSR, half of which can be purchased for C$2.5 million. After the sale, the Burchell Project will comprise 204 claim units over about 39.4 km². The transaction remains subject to definitive agreements and TSX Venture Exchange approval.
Bold plans follow-up work at the 111 Zone and Hermia Pluton, where grab samples returned up to 3,060 ppm (0.3%) TREO.
Positive
- C$500,000 cash and shares nominally worth C$1.25 million for 38 claims
- Retained 2% NSR royalty on Canadian Critical Minerals (excluding copper) from the sold claims
- Gold X2 buyback option values 1% of NSR at C$1,000,000
- Burchell Project still spans about 39.4 km² across 204 claim units post-transaction
- Hermia Pluton grab samples show up to 3,060 ppm (0.3%) TREO
Negative
- None.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - September 21, 2026) - Bold Ventures Inc. (TSXV: BOL) (OTCQB: BVLDF) (the "Company" or "Bold") is pleased to announce that it has signed a binding Letter of Intent ("LOI") with Gold X2 Mining Inc. ("Gold X2") whereby Gold X2 will acquire 38 mining claim units (the "38 Claims") along the west boundary of Bold's 242 claim Burchell Property (the "Property") adjoining Gold X2's Moss Project, see Figure 1 (below). The LOI outlines a transaction (the "Transaction") whereby Gold X2 will purchase the 38 Claims in exchange for consideration of:
C
$500,000 cash.150,000 common shares of Gold X2 with a nominal value of approximately C
$1.25 million reflecting the closing price of the common shares on September 18, 2026.A
2% NSR royalty on all Canadian Critical Minerals (excluding copper) mined from within the subject claims. Gold X2 maintains the right to buy back one half of the NSR (1% ) for C$1,000,000 cash.
The 38 Claims cover approximately 6.5 km2 and are host to historical gold and critical mineral occurrences as well as anomalous gold and rare earth elements that were located during Bold's recent drilling campaign (see Bold news releases dated June 3, 2026 and July 23, 2026). The 38 Claims are subject to an existing
The transaction is subject to the execution of definitive agreements including conditions, representations and warranties that are customary for a transaction of this nature. The transaction is subject to approval of the TSX Venture Exchange.
Burchell Project Plans
Bold's immediate focus at Burchell will be to follow up the anomalous copper, zinc and gold values encountered at the "111 Zone" and along trend in both directions (see Bold news release dated March 19, 2026). Additionally, geophysical surveys and follow-up prospecting across approximately 4 km of the Hermia Pluton and its southern contact zone will aid in determining drill targets for the next phase of drilling. Recent grab samples within this area of the pluton returned values ranging from 32 ppm up to 3,060 ppm (
Bruce MacLachlan, President and COO of Bold commented that "This agreement will strengthen Bold's cash position in a non-dilutive manner while maintaining significant upside for our shareholders through the royalty and continued exploration of the vast majority of our Burchell claim group. We have only scratched the surface at our "111 Zone" and the Hermia Pluton while the majority of the claim group remains under explored."
Figure 1
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5762/315110_08fc0804941ef8fe_001full.jpg
The technical information in this news release was reviewed and approved by Coleman Robertson, B.Sc., P. Geo., the Company's V.P. Exploration and a qualified person (QP) for the purposes of NI 43-101.
Bold Ventures management believes our suite of Battery, Critical and Precious Metals exploration projects are an ideal combination of exploration potential meeting future demand. Our target commodities are comprised of: Copper (Cu), Nickel (Ni), Lead (Pb), Zinc (Zn), Gold (Au), Silver (Ag), Platinum (Pt), Palladium (Pd) and Chromium (Cr). The Critical Metals list and a description of the Provincial and Federal electrification plans are posted on the Bold website here.
About Bold Ventures Inc.
The Company explores for Precious, Battery and Critical Metals in Canada. Bold is exploring properties located in active gold and battery metals camps in the Thunder Bay and Wawa regions of Ontario. Bold also holds significant assets located within and around the emerging multi-metals district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario.
For additional information about Bold Ventures and our projects please visit boldventuresinc.com or contact us at 416-864-1456 or email us at info@boldventuresinc.com.
| "Bruce A MacLachlan" Bruce MacLachlan President and COO | "David B Graham" David Graham CEO |
| Direct line: (705) 266-0847 | |
| Email: bruce@boldventuresinc.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 Forward-Looking Statements: This Press Release contains forward-looking 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 forward-looking 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 forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315110
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What conditions must be met before the Bold–Gold X2 transaction can close?
The transaction requires execution of definitive agreements that include customary conditions, representations and warranties for this type of deal, and it is subject to approval by the TSX Venture Exchange.
What are Bold Ventures’ exploration plans at the Burchell Project after selling the 38 claims?
Bold plans to follow up anomalous copper, zinc and gold values at the 111 Zone and along its trend. The company will also conduct geophysical surveys and prospecting over about 4 km of the Hermia Pluton and its southern contact zone to refine drill targets for the next phase of drilling.
What mineralization has been identified recently at the Hermia Pluton area?
Recent grab samples from the Hermia Pluton area returned Total Rare Earth Oxides (TREO) values ranging from 32 ppm up to 3,060 ppm (0.3%), in addition to previously noted anomalous gold and rare earth elements.
What existing royalty burdens apply to the 38 claims being sold?
The 38 claims are subject to an existing 3% NSR royalty, and one half of that royalty (1.5%) can be purchased for C$2.5 million, separate from the new NSR that Bold will retain.