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Vancouver, British Columbia--(Newsfile Corp. - August 23, 2021) - Bond Resources Inc. (CSE: BJB) (the "Company" or "Bond") is pleased to announce that the parallel access tunnel it has been developing has broken through into the Historical Mary K Mine workings at the company's Mary K mine project, near Elk City, Idaho.
The 12' x 12' drift was driven 883 ft. (269 metres) and parallel to the #4 level of the historical mine. The new tunnel broke through into the historical Mary K workings where the previous owner, Richard Kleesattle, reported a high-grade gold mineralized vein.
"We found the historic mine plan map, which was made in the 1930's, to be very accurate," commented Joseph Carrabba, President and CEO of Bond Resources. "This has given us more confidence moving forward into the rest of the workings."
According to historical records, the Mary K vein had at least 1,200 ft, (366 metres), of gold-bearing quartz vein on the #4 level, now referred to as the 4225 ft level. Initial evaluation of the historical drift showed it to be heavily timbered with large amounts of collapsed material inside the drift. From what can be observed, the target structure is mostly gouge, with only spotty quartz lenses inside the structure. (Refer to Figure 1).
Based on this visual assessment, together with the data outlined on the 1930's mine plan map, Bond Resources plans to extend the main access tunnel another 100 ft (30 metres) further east, still parallel to the old workings. At that point a small access cross-cut will be driven into the vein structure. According to the historical mine plan map, the vein should be thicker and more consistent in this area. In addition, the surrounding host rock should be more stable.
Bond Resources then plans to commence bulk sampling the Mary K vein on the 4225' level. At the same time, a decline will be developed down to the old #5 level to access the reported high-grade Apex Area.
The Apex Area of the Mary K mine represents a very compelling target. The last workings driven by Kleesattel in 1942 were to about 23 ft (7 meters) below the #4 level, near what he called "the apex of a very rich ore shoot". He recorded assays ranging from 11 to 59 ounces per ton from this development. These workings were developed but never mined.**
**While the company believes the historical sampling data referred to is reliable, readers are cautioned that a qualified person has not completed sufficient work to be able to verify the historical information and therefore the information should not be relied upon.
The historical Mary K mine was shut down in 1942 and never re-opened. Historical records indicate that only 2,000 tons of mineralized gold material was mined with an average reported grade of 0.65 ounces per ton gold (22.28 g/t Au).
Figure 1. Image of heavily timbered Historical level #4 Drift
To view an enhanced version of Figure 1, please visit:
The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by Dr. Criss Capps PhD. P.Geol., an independent consultant to Winston Gold Corp. Dr. Capps is a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Bond Resources: Bond is a mineral resource company that holds the contractual rights to acquire the Mary K mine in the Elk City mining district of Idaho. The Company will focus on near-term production and rediscovery at the high-grade historic mine. Led by industry veterans and located in the mining friendly jurisdiction of Idaho, USA, Bond Resources combines the technical expertise of industry experts and a transparent communications model to increase shareholder value.
Winston and Bond can be considered as non-arm's length companies, in that they share certain common directors, officers and shareholders.
ON BEHALF OF THE BOARD
(sgd.) "Joseph A. Carrabba"
Joseph A. Carrabba, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-602-4935 Facsimile: 1-604-602-4936
Contact: Joseph Carrabba
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release
This news release does not constitute an offer of sale of any of the Company's securities in the United States. Our securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulations under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of our securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release may include certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: future work to be carried on the Property; use of funds; and the business and operations of Bond. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There is no assurance any of the forward-looking statements will be completed as described herein, or at all. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; operating and technical difficulties in connection with mineral exploration and development activities, lack of investor interest in financing; requirements for additional capital; future prices of gold and precious metals; changes in general economic conditions; accidents, delays or the failure to receive board, shareholder or regulatory approvals, including the required permits; results of current exploration and testing; changes in laws, regulations and policies affecting mining operations; and title disputes. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Bond Resources disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94127