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TSXV: SUP

Lac Surprise Gold Property

Project Introduction

The Lac Surprise gold property, as is the case with Northern Superior’s Croteau Est property, is situated in one of Québec’s more important and historic mining camps, Chapais-Chibougamau (Figure 1).

Centrally located within this camp, an area currently experiencing aggressive mineral exploration, the Lac Surprise property includes major regional structures associated with recent gold mineralization discoveries. These discoveries include: a) Ressources Géoméga Inc.’s (“Géoméga”) Anik Gold property, located directly north of and tied onto, the Lac Surprise property (see Géoméga news releases, February 23, and September 28, 2015a, b); b) Vanstar Mining Resources Inc. (Vanstar) and IAMGOLD Corporation’s Nelligan property, located directly east of and tied onto, the Lac Surprise property (see Vanstar news releases, February 23, 2015, June 30, 2016, March 14th, 2017); and c) TomaGold Corporation and IAMGOLD’s Monster Lake property, located 10km to the north-northeast of the Lac Surprise property (see TomaGold news releases, February 25, 2015 and June 15, 2016).

In addition, these same structures over which the Lac Surprise property occurs host several gold mines and deposits which include the: Lac Short Mine and Fenton Deposit to the west, the Joe Mann Mine and Philibert Deposit to the east and the Chevrier Deposit to the northeast.

Much of the following summary of the Lac Surprise gold property has been taken from an internal technical report (Parsons, S.R.G., Tremblay, R.G., and Avery, R.W., 2015, Bold Ventures Inc., Northern Superior Resources Inc., Lac Surprise Gold Project 2014 Exploration Program, Druillettes, Hazeur, Langloiserie Townships, Chapais Area, Québec, Canada [NTS: 32G/6, 32G/7], 402 p.).

Highlights

  • Northern Superior completes till sampling programs in 2010 and 2011 identifying 12 gold exploration targets on the property through the distribution and concentration of gold grains recovered from basal till samples;

  • Airborne and ground geophysical surveys completed in 2011 and 2012 further refine mineral targets;

  • Northern Superior Resources and Bold Ventures sign option agreement (see Northern Superior Resources Inc. press release, June 5th, 2014); and

  • Northern Superior Resources and Bold Ventures announce discovery of 7 new gold showings and three gold- bearing shear zones (see Northern Superior Resources Inc. press release, February 17th, 2015c).

  • Northern Superior Resources and Bold Ventures complete summer 2015 exploration program (see Northern Superior Resources Inc. press release, October 5th, 2015a).

  • Northern Superior Resources and Bold Ventures announce Amber drilling results- discover new gold- bearing trend, Lac Surprise property, west- central Québec (see Northern Superior Resources Inc. press release, July 11th, 2016a).

  • Northern Superior Resources and Bold Ventures announce Black Phoenix drilling results- intersects gold-bearing zone see Northern Superior Resources Inc. press release, March 9th, 2017).

The Property

The Lac Surprise Property is located within NTS Map Sheets 32G/06, and 32G/07 in the Hazeur, Druillettes, and Langloiserie Townships. The Lac Surprise property is located approximately 65km south of the town of Chibougamau, and 45km south of the town of Chapais, Québec (Figure 1). This property is easily accessible year-round from three mining service-based communities: Chapais, Chibougamau and Oujé Bougoumou (Figure 1). The property is also in close proximity to an airport, a railway and the hydro grid. The property currently consists of 333 claims covering an area of approximately 18,555 hectares (Figure 2).

On June 5 th , 2014, Northern Superior signed a formal option agreement with Bold Ventures Inc. whereby Bold earn up to a 60% interest in Northern Superior’s 100% owned Lac Surprise property. Under the terms of the agreement, Bold can earn a 50% working interest in the property by spending an aggregate of $2,000,000 on exploration of the property and issuing to Northern Superior a total of 350,000 common shares of Bold all over a three year period, 50,000 shares of which were issued upon signing the agreement. Bold is obligated to spend a minimum of $500,000 on exploration of the property in the first year, at the end of which a further 50,000 common shares of Bold are issuable. The second year optional commitment is 100,000 common shares of Bold and $500,000 in exploration work. The third year optional commitment calls for $1,000,000 in exploration work on the property and the issuance of 150,000 common shares of Bold.

Bold will also hold the option to earn an additional 10% in the project by delivering a positive feasibility study within five years from the date of execution of the formal option agreement. If Bold takes up all parts of the option it will have earned a 60% interest in the property.

Geology

Regional Geology

The Chibougamau-Chapais mining camp is located in the northeast corner of the Matagami- Chibougamau Greenstone Belt (MCGB) of the Abitibi Subprovince of the Archean Superior Province (Figure 3). The MCGB is roughly 440km long and varies from 25 to 100km in width (Allard et al., 1985). It is bordered either to the north and south by poorly understood Archean granite and gneissic terrains. At its western extremity, the MCGB is bounded by the Kapuskasing Structural Zone. To the east, the Abitibi Subprovince is terminated by the Grenville Province, wherein the east-west stratigraphy of the belt is abruptly terminated along the Grenville Front which separates greenschist facies rocks of the MCGB from upper amphibolite facies rocks of the Grenville Province. Post metamorphic diabase dykes belonging to the Abitibi swarm have intruded all other lithologies and are dated by Allard et al. (1985) at 1230 Ma.

The geology of the Chibougamau- Chapais district consists of two Archean age volcanic and volcano- sedimentary lithologies: the Roy Group and Opemisca Group (Guha et al., 1988). The Roy Group is comprised of the Obatogamau, Waconichi, Gilman, Blondeau, and Bordeleau Formations which represent a 7- 10km thick sequence composed primarily of submarine basalt flows overlying a basement of tonalitic gneiss (Racicot et al., 1984). The formations of the Roy Group have been intruded by a number of mafic to ultramafic sills. The Opemisca Group lies uncomfortably on the Roy Group, and is comprised of Hauy, Stella, Daubree, and Caopatina Formations. The formations of the Opemisca Group are typically comprised of variable sequences of conglomerate, sandstone, argillite, and in some cases minor volcanics (Leclerc, 2012). Of these formations, the Obatogamau formation of the Roy Group and the Caopatina formation of the Opemiska Group exist on the Lac Surprise Property.

The volcanics and associated sediments are intruded by a series of large granitoid plutons and septa of probable basement (Racicot et al., 1984) which influence the prevailing tectonic fabric of the district, typified by alternating greenstone belts and aligned granitic plutons. Among the major late-stage felsic intrusives (batholiths) which have intruded the area, the Lac Surprise, and the Horsefly Lake stocks occur on the Lac Surprise Property, and the Hazeur Pluton occurs just NE of the property.

Mapping and structural studies by Dimroth et al. (1984) and Daigneault et al. (1990) indicate four district structural events that impacted the structural evolution of the Matagami- Chibougamau Greenstone Belt: 1) synvolcanic structures; 2) folds and reverse ductile faults formed during the Kenoran Orogeny; 3) northeast trending sinistral faults of probable Late Archean age reactivated during the Early Proterozoic, and 4) north-northeast trending Grenvillian faults.

Geology

Stratigraphy and Lithologies

The Lac Surprise property is underlain by formations of the Southern Caopatina Segment (SCS) of the Matagami-Chibougamau Greenstone belt. Chown et al., (1990) describe the SCS as being comprised of an extensive basalt plain with small interspersed volcanic centres (Obatogamau Formation) and capped by an early sedimentary sequence (Caopatina Formation) (Figure 4). Small contemporaneous felsic volcanic flows appear within, and superimposed on the mafic volcanic sequence.

The Obatogamau Formation is comprised of primarily tholeiitic basalts, typically 3- 5km thick, and has been recognized for a lateral distance of 150km (east to the Grenville Front; Daigneault and Allard, 1986), west to Miquelon (Gauthier, 1986). Intercalated gabbro sills are common between individual basalt flows, and typically range in thickness from a few meters up to more than 300m (Allard, 1982). The Obatogamau formation is intruded by the large Hazeur Pluton, located 1km northeast of the Surprise claim block and the Surprise Pluton, which occupies the central area of the Property and is reported to be tonalitic in composition. Quartz eye tonalitic rocks observed at many locations west of Lac Phooey are believed to be associated with the latter, which would extend its limits westerly and well beyond those illustrated on government maps. Another circular- shaped late- stage felsic intrusion is reported to underlie the southwest corner of the Lac Surprise property. This intrusion, known as the Horsefly Lake stock is illustrated on various government maps and proposed to be granodioritic in composition.

Numerous outcrops of schistosed felsic intrusive observed west of Lac Phooey during the 2014 field season, are more tonalitic in composition and would represent the western extension of the Lac Surprise Batholith. The Caopatina Formation represents a 1- 2km thick volcaniclastic sedimentary unit, locally interstratified by primary ash flow tuffs (Chown et al., 1990). The primary lithological units are conglomerate, sandstone, and argillite which represent material deposited into a sedimentary basin. Chown et al. (1990) describe thick sequences of thin to medium-bedded volcaniclastic sandstone as being deposited from turbidity currents, while the argillite represents pelagic deposition from sediment settling through a water column. Massive, stratified, and graded bedded conglomerates suggest deposition from high-density turbidity currents or massive debris flows representing increasing proximity to closer to a shelf/grade.

Structural Geology

Deformation in the Lac Surprise area is predominantly a result of the Kenoran Orogeny which was responsible for the formation of large-scale folding and the overall regional schistosity. The age of deformation of the Abitibi Belt is considered to be 2695 – 2700 Ma with corresponds to the Shedandowan event of the Kenoran Orogeny. Chown et al. (1990) report that the actual age of deformation in the Northern Abitibi (i.e. Lac Surprise area) is poorly defined, although ages of syntectonic plutons are similar to those of the Southern Abitibi. Lead-dating of east-west trending shear- hosted mineral deposits in the Chibougamau region as coincide with this range for timing of deformation.

Exploration Summary

Prior to 2013, Northern Superior had defined several high level gold targets on the property through defining five gold grain, or gold geochemical-in- till dispersal trains and two broad areas of elevated gold grain and gold geochemical-in- till values.

After signing an option agreement with Bold Ventures Inc. in 2014, exploration through 2014 resulted in the identification of seven new gold showings and three gold- bearing shear zones and confirmed the general structural importance of three different fault systems and associated controls on gold mineralization within the property.

Exploration Summary, Amber Showing, 2015

During the summer of 2015 Bold initiated an exploration program. The purpose of the program was to: a) advance the understanding of structural controls for gold mineralization on the property; and b) define specific core drill targets at the Amber showing. The program consisted of four components: 1) establishing a cut and chained grid totalling 28.85km, consisting of 22.7km of cross lines and 6.1km of tie lines cut perpendicular to the cross line, station spacing 25m; 2) completion of a “B: horizon soil sampling program (918 samples, 25m stations); 3) prospecting and outcrop sampling (approximately 50 samples); and 4) completion of a “Frequency Domain” induced polarization (I.P.) survey along all of the cross and tie lines within the cut and chained grid (see Northern Superior press release, June 10 th , 2015b).

The exploration program was successful in identifying three main mineralized zones trending generally east to west across the area associated with the Amber showing. These were zones consist of: 1) a northern zone at least 400m long and up to 300m wide, consisting of heavily disseminated sulphides at or near surface; 2) a central zone at least 1100m long consisting of semi- massive to massive sulphides at or near surface; and 3) a southern zone at least 1100m long consisting of disseminated to locally semi- massive or massive sulphides at or near surface (see Northern Superior press release, October 5 th , 2015a).

Exploration Summary, Amber Showing 2016

During the spring of 2016 Bold initiated a 1,500m diamond drill program, the goal of which was to test showings and IP trends identified at the Amber Zone for gold mineralization (see Northern Superior press release, May 3 rd , 2016b). The drill program was successful by establishing: 1) that IP chargeability highs coincident with gold-in- soil anomalies are good indicators of underlying gold mineralization and provide a reliable exploration tool to generate future drilling programs; 2) that the gold-bearing feldspar porphyry in the south IP geophysical trend at the Amber showing continues at depth and is open; 3) a new gold-bearing horizon discovered within the central IP trend and appears to continue east beyond the Amber IP grid within the Lac Surprise property; and 4) that several different types of lithologies can be mineralized with gold as long as deformation in the form of shearing and/ or quartz-carbonate sulphide veining and fracturing are present-emphasizing the relationship between gold mineralization and structural controls (see Northern Superior press release, July 11 th , 2016b; Armstrong and Kilbourne, 2016).

Exploration Summary, Black Phoenix Area 2016, 2017

Bold initiated two exploration programs east of the Black Phoenix showing:

  • In Q4 of 2016, a 10 line-km Induced Polarization survey and high definition magnetometer survey was completed from which four priority anomalous trends were identified; and
  • In Q1 of 2017, a drill program consisting of 5 drill holes or 1185m was completed. The results indicated that at least one of the anomalous trends is gold bearing and confirms that a hydrothermal gold bearing system exists.

Exploration Outlook

The following exploration objectives for 2017 have been proposed by Bold, founded on the drill results at Amber in 2016 and those east of Black Phoenix in 2017:

  • Drill existing high priority IP trends that also have coincident gold-in- soil anomalies at Amber that were not tested in the 2016 program;
  • Drill beneath Trench 7 at Amber that hosted anomalous gold values adjacent to a prominent NE structure;
  • Drill new high priority IP trends at Amber with expanded grid;
  • Drill new high priority IP trends at Black Phoenix with expanded grid; and
  • Drill the Fox Showing based on a geophysical review of the airborne magnetic data incorporating a banded iron formation, gold-bearing deposit model.

References Cited

  • (1) Allard, G.O., 1982. Géologie du quart nord-ouest du Canton de Haüy, Ministère de l’Énergie et des Ressources du Québec, DPV-928, 57 p.
  • (2) Allard, G.O., Caty, J.L. and Gobeil, A., 1985. The Archean supracrustal rocks of the Chibougamau area. In: L.D. Ayers, P.C. Thurston, K.D. Card and W. Weber eds.; Evolution of Archean Supracrustal Sequences; Geological Association of Canada Special Paper 28, pp. 55- 63.
  • (3) Armstrong, T. and Kilbourne, M., 2016. Bold Ventures Inc., Northern Superior Resources Inc. Lac Surprise Gold Property, Amber Grid Area, 2016 Spring Diamond Drill Program: Druillettes, Hazeur, Langloiserie Townships, Chapais Area, Québec, Canada, NTS: 32G/6, 32G/7. Internal report prepared for Bold Ventures and Northern Superior Resources, 193 p.
  • (4) Chown, E.H., Daigneault, R., and Mueller, W. 1990. Geological setting of the eastern extremity of the Abitibi Belt: In Litho-tectonic framework and associated mineralization of the eastern extremity of the Abitibi Greenstone Belt. Edited by J. Guha, E.H. Chown, and R. Daigneault. Geological Survey of Canada, Open File 2158, pp. 1- 32.
  • (5) Daigneault, R., and Allard, G.O., 1986. Structural evolution of the Chibougamau greenstone belt; Archean vs. Grenville tectonics. Geological Association of Canada/ Mineralogical Association of Canada, Abstracts 11, p. 61.
  • (6) Daigneault, R., St.-Julien, P. and Allard, G.O., 1990. Tectonic evolution of the northeast portion of the Archean Abitibi Greenstone Belt, Chibougamau Area, Québec; Canadian Journal of Earth Science, Vol. 27, pp. 1714- 1736.
  • (7) Dimroth, E., Archambault, G., Goulet, N., Guha, J. and Mueller W., 1984. A mechanical analysis of the Late Archean Gwillim Lake Shear Belt, Chibougamau Area, Québec; Canadian Journal of Earth Sciences, Vol. 21, pp. 963- 968.
  • (8) Gauthier, J., 1986. Geoloie de la region de Miquelon, Abitibi. Misistere de l’Energie et des Resources du Québec. DP 86- 10.
  • (9) Guha, J., Dubé, B., Pilote, P., Chown, E.H., Archambault, G. and Bouchard, M.A., 1988. Gold mineralization patterns in relation to the lithologic and tectonic evolution of the Chibougamau Mining District, Québec, Canada; Mineralium Deposita, Vol. 23, pp. 293- 298.
  • (10) Leclerc F., 2012. Structural and stratigraphic controls on magmatic, volcanogenic, and shear zone- hosted mineralization in the Chapais- Chibougamau Mining Camp, Northeastern Abitibi, Canada. Economic Geology, v. 107, pp. 963- 989.
  • (11) Northern Superior Resources Inc. and Bold Ventures Inc. 2017. Bold Ventures Intersects Gold-Bearing Zone at Black Phoenix- Lac Surprise Gold Property, Québec. Northern Superior Press Release, 4 p.
  • (12) Northern Superior Resources Inc. and Bold Ventures Inc. 2016a. Bold Ventures and Northern Superior Announce Amber Drilling Results- Discover New Gold Bearing Trend, Lac Surprise Property, West- Central Québec. Northern Superior Press Release, 5 p. (July 11 th , 2016)
  • (13) Northern Superior Resources Inc. and Bold Ventures Inc. 2016b. Bold Ventures Mobilizes Drill to Amber Zone Gold Showing at the Lac Surprise Property, Chapais- Chibougamau Mining District. Northern Superior Press Release, 3 p.
  • (14) Northern Superior Resources Inc. and Bold Ventures Inc. 2015a. Bold Ventures completes summer 2015 exploration program on Northern Superior’s Lac Surprise property. Northern Superior Press Release, 4 p.
  • (15) Northern Superior Resources Inc. and Bold Ventures Inc., 2015b. Lac Surprise 2015 Summer Exploration. Northern Superior Press Release, 3 p.
  • (16) Northern Superior Resources Inc. and Bold Ventures Inc., 2015c. Bold Ventures continues to advance Lac Surprise gold potential. Northern Superior Press Release, 2 p.
  • (17) Northern Superior Resources Inc. and Bold Ventures Inc., 2014. Bold Ventures and Northern Superior sign formal option agreement for Lac Surprise gold project in Northern Québec. Northern Superior Press Release, 2 p.
  • (18) Parsons, S.R.G., Tremblay, R.G., and Avery, R.W., 2015. Bold Ventures Inc., Northern Superior Resources Inc., Lac Surprise gold project 2014 exploration program, Druillettes, Hazeur, Langloiserie Townships, Chapais Area, Québec, Canada [NTS: 32G/6, 32G/7]. Internal Report, 402 p.
  • (19) Racicot, D., Chown, E. and Hamel, T., 1984. Plutons of Chibougamau- Desmaraisville Belt: a Preliminary Survey: In J. Guha and E. Chown, eds., Chibougamau Stratigraphy and Mineralization, The Canadian Institute of Mining and Metallurgy, Special Volume 34, pp. 178- 197.
  • (20) Ressources Géoméga Inc., 2015a. New gold zone identified on the Anik property. Ressources Géoméga press release, 2 p.
  • (21) Ressources Géoméga Inc., 2015b. Extensions of the Bobby and Orbi showings on the Anik property. Ressources Géoméga press release, 4 p.
  • (22) TomaGold Corporation, 2016. TomaGold Corporation: IAMGOLD intersects second gold zone on the Monster Lake project. TomaGold press release, 2 p.
  • (23) TomaGold Corporation, 2015. TomaGold announces the start of a 5,000m drilling program by IAMGOLD on Monster Lake. TomaGold press release, 1 p.
  • (24) Vanstar Mining Resources Inc., 2017. Vanstar announces 11.69 m @ 3.19 g/t gold and confirms the occurrence of an extensive auriferous hydrothermal system in north sector on Nelligan. Vanstar Mining Resources press release, 2 p.
  • (25) Vanstar Mining Resources Inc., 2016. Vanstar Reports 10.34 Meters Grading 4.43 g/t Gold at Nelligan Project in Québec. Vanstar Mining Resources press release, 2 p.
  • (26) Vanstar Mining Resources Inc., 2015. IAMGOLD Intersects 6.0 g/t Au Over 9.0 Metres on the Nelligan Project in Québec. Vanstar Mining Resources press release, 2 p.