The Burchell Gold-Base Metal Project claims are located approximately 105 km west of the port city of Thunder Bay in the south-central portion of Northwestern Ontario (centered on UTM Zone 15, 677340E, 5380617N). The claims are accessible via logging roads and secondary Highway 802 south from Trans-Canada Highway 11 travelling west from Thunder Bay. Additional infrastructure includes an east-west 230 KV transmission line along Highway 11.
The Option to earn a 100% interest
On closing of the transaction (“Closing”), Bold Ventures Inc. (Bold) will pay $40,000 cash and issue 300,000 common shares of Bold.
On or before one year after the Anniversary date Bold will pay $60,000 cash and 350,000 shares to the Optionors and will have completed $200,000 of exploration work on the claims.
On or before two years after the Anniversary Date Bold will pay $80,000 cash and 450,000 shares to the Optionors and will have completed an aggregate of $500,000 of exploration work on the claims.
On or before three years after the Anniversary Date Bold will pay $120,000 cash and 500,000 shares to the Optionors and will have completed an aggregate of $900,000 of exploration work on the claims.
On or before the fourth year Anniversary date Bold will pay $200,000 cash and 750,000 shares to the Optionors and will have completed an aggregate of $1,500,000 of exploration work on the claims.
In summary, Bold will have the option to earn a 100% interest over a four-year period by paying the aggregate sum of $500,000 cash, issuing an aggregate of 2,350,000 common shares of Bold and completing a total of $1,500,000 of exploration work on the claims over a four-year period. The Optionors shall be entitled to a Net Smelter Royalty (NSR) in the amount of 3%. Bold has the right to buy back 1.5% percent of the 3.0% percent NSR for $2,000,000 leaving 1.5% percent NSR in favour of the Optionors.
