Bold Ventures (BOL.V) shares were last seen up 28% after the company on Wednesday said it discovered a rare earth element (REE) system in the northwest corner of its Burchell project in northwestern Ontario.
The company said best results from exploration drilling included Hole BL-26-05A, which returned a mineralized interval averaging 1022 parts per million (ppm) (0.1%) Total Rare Earth Oxides (TREO) over 55.2 meters, within syenite intruded by carbonate veining
The results indicate the presence of a chemically evolved system capable of concentrating rare-earth elements and provide compelling targets for follow-up exploration to identify higher-grade mineralized zones within the broader Hermia Pluton intrusive complex, it said. This pluton occupies a 6 km stretch in the northern part of the property, indicating expansive, previously unrecognized REE exploration potential on the property, it added.
"The discovery of rare earth element mineralization was unexpected but very welcome, and bolsters the critical metal potential of the Burchell Property. The wide anomalous intercept in conjunction with geochemical pathfinders suggests a system rather than an isolated anomaly. This model has never been explored on the property, and there is lots of room to do so along the 6-km portion of the Hermia Pluton on our ground," chief operating officer Bruce MacLachlan said.
Shares of the company were last seen up $0.02 to $0.09 on the TSX Venture Exchange.
Price: $0.09, Change: $+0.02, Percent Change: +28.57%