Bond Resources (CSE: BJB) (FSE:5B1) will focus on near-term production and rediscovery at the high-grade historic Mary K mine near Elk City, Idaho. The team is comprised of industry veterans and led by former Cliffs Natural Resources (NYSE: CLF) CEO, Joseph Carrabba.
The company just announced their maiden drill program (see press release below) at the past producing Mary K mine. But before you get into that release, you learn about Bond Resources and their quest for rediscovery in Idaho with a podcast that Mr. Carrabba did on Mining Monday with Anil Mall of the CSE’s #hastagfinance channel.
“We are operators looking to bring a mine into production…the shareholders do own the company and I respect that!” – Joseph Carrabba, CEO, Bond Resources
Bond Resources Inc. [CSE: BJB, FSE: 5B1] (the “Company” or “Bond”) is pleased to announce its first drill program on the Mary K Mine project, near Elk City, Idaho.
The program will consist of 14 holes for a total of 5,470 ft (1667 metres) and is primarily designed to validate historical gold grades and test the continuity of the Mary K vein system.
Bond Resources will also test for additional parallel veins south of the Mary K workings. There are historical references to several parallel structures south of the mine, specifically the June Bug vein and a potentially mineralized aplite dyke. In addition, geologists have identified several areas of quartz vein float on the surface that warrant drill testing.
“We are excited to commence our drill campaign on the Mary K property, stated Joseph A. Carrabba, President & CEO of Bond Resources. “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. We believe there is still significant gold potential on the property and this first drill program will test some key targets.”
One of the most compelling targets was described by a previous owner and mining engineer, Richard Kleesattle. 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.
Phase 1: Testing the Mary K Vein (Link to drill plan map here)
Drill pads #1 and #2 will be located on the hanging wall side of the Mary K vein, on the northeast side of the main historical workings. Five holes will be drilled in a vertical fan pattern towards the south. These holes will test the reported high-grade “Apex” target area below level 5 of the mine and then test the up-dip continuity and grade of the vein closer to the surface. These holes will also look to intersect a mineralized aplite dyke that was described by Mr. Kleesattle in this area.
Phase 2: Testing for Parallel Vein Structures
Three more drills pads will be constructed south of the Mary K Vein near where quartz-vein float has been identified on surface. Two holes will be drilled from each pad in a scissor pattern, one aiming north and one south, with the goal of identify additional mineralized veins and their orientation.
Historical records also indicate that Mr. Kleesattle had developed a drift on the second level of the Mary K vein to reach another parallel vein 250 ft to the south. This vein was dubbed the “June Bug Vein.” A sixth drill pad will be positioned on the footwall side of the Mary K vein about 350 ft west of Drill Pads #1 and #2. Three drill holes will be collared on this pad. One will be drilled north to test the western portion of the Mary K vein and the other two will be drilled to the south to test the western extent of the June Bug Vein.
Additional Work to be Completed
In late June, Bond Resources has arranged for a LIDAR (Laser Imaging, Detection, and Ranging) survey to be performed over the Mary K property. This will set control points throughout the property for future survey use, but more importantly since LIDAR uses ultraviolet, visible and near infrared light to image objects the survey should be able to help identify historic surface workings and previously unrecognized geologic structures.
Qualified Person
The scientific and technical content and interpretations contained in this news release have been reviewed, verified, and approved by Dr. Criss Capps PhD. P.Geo., an independent consultant to Bond Resources Inc. Dr. Capps is a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Bond Resources: Bond Resources 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.
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: Robert Eadie
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 foregoing securities in the United States. None of the foregoing securities have 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 the foregoing 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.