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Vancouver, British Columbia--(Newsfile Corp. - July 14, 2021) - Bond Resources Inc. (CSE: BJB) (the "Company" or "Bond") is pleased to provide an update on the progress it has made on the development of a new access tunnel at the Company's Mary K mine project, near Elk City, Idaho.
With the goal of reaching, and bulk sampling, the reported high-grade Apex zone of the historical Mary K mine, Bond Resources has been busy constructing a parallel access tunnel.
"We initially planned on developing a new portal and breaking into the old workings about 230 ft (70 metres) into the mountain," commented Joseph Carrabba, President & CEO of Bond Resources. "When probe holes were drilled, we hit water that had been dammed up by the collapsed old workings, so we continued to develop a parallel drift."
To date, the new 12-by-12 ft access tunnel has been developed approximately 600 ft (183 metres) towards the known gold-bearing zones in the Mary K mine. It is being driven parallel to, and at the same elevation (4,220 ft) as, the #4 level of the historical mine.
According to Bond's earlier drill data and historical maps, the high-grade area of the Mary K vein system lies only 250 ft (76 metres) beyond the current extent of the new tunnel. Bond expects the tunnel to reach this area by mid-August.
"We hit one minor snag that created a two-week delay," said Mr. Carrabba. "Our mining team encountered a large, low-angle fault about 480-to-510 ft (146-to-155m) from the portal entrance. By utilizing different blasting techniques and reinforcing the tunnel with timber sets, they were able to safely advance through the poor ground conditions created by this fault zone."
Once the target area is reached, Bond Resources will commence a bulk sampling program and develop a decline to access the reported high-grade Apex Area of the mine.
The Apex Area of the Mary K mine represents a very compelling target. It was originally described by a previous owner and mining engineer, Richard Kleesattle. The last workings driven by Kleesattle 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).
Hard Cash Project Exploration Update:
Work continues to progress at the Company's Hard Cash joint-venture project located about three miles outside the town of Radersburg, Montana. Targets have been identified, drill pads have been constructed and the necessary permits and bonds have been posted.
Six drill holes are planned to be completed later this summer. Three 400 ft-long drill holes will be drilled on each of two drill pads.
Based on the initial due diligence work performed on the Hard Cash Property, the Company believes that the project still hosts unmined gold mineralization. The goal of the initial drilling campaign will be to determine the extent and grade of gold mineralization on the Hard Cash Vein over an initial strike length of 61 metres (200 ft) and vertical depth extent of 41 metres (135 ft). In addition, the newly identified sub-parallel structure will also be tested over a strike length of 61 metres (200 ft), and to a vertical depth of 30 metres (100 ft).
The Hard Cash property is being acquired in a lease-to-own deal that is held within a 50/50 joint venture between Bond Resources and Winston Gold (refer to news release dated February 11, 2021). The property was mined pre-WWII on a small scale, producing only 1,032 ounces of gold from 1,007 tons of mineralized rock.
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/90175