NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia – Bond Resources Inc. (CSE: BJB) (the “Company” or “Bond”) is pleased to report that it has completed its first underground drill program at its wholly-owned Mary K mine property near Elk City, Idaho.
The last four holes of a 14-hole underground drill program all intersected the Mary K vein/structure below the Historical #4 level of the mine. Gold mineralization in the vein is nuggety and post mineralized faulting along portions of the structure resulted in poor core recoveries that ranged from 20% to 75%. Highlights of the results are in the attached table.
The best intersection from the drill campaign occurred in hole MK-26 which was previously released March 28th, 2022. MK-26 intersected 16.04 g/t gold over 1.37 metres and included a 0.3 metre section that averaged 70.35 g/t gold.
“The nuggetty nature of mineralization is not unexpected,” commented Joseph A. Carrabba, President & CEO of Bond Resources. “That is why we plan to further develop underground access and mine a bulk sample to assess the true potential of this underexplored mine site.”
During the underground development phase of work, the Company encountered unstable ground due to post mineralization faulting found along the vein and close to historical workings. The geological, structural, and rock competence data collected during the recent drill campaign will help Bond to develop a safe and efficient mine plan to acquire a bulk sample.
The property also hosts extensive evidence for the existence of at least one additional vein system. Geologists recently identified a structure on the surface located about 1,500 ft (457 metres) south of the portal. Exposed quartz on the structure was chip sampled and averaged 0.450 opt (15.43 g/t) gold over 18 inches (0.46 metre). Additional exploration in the form of trenching and follow-up drilling will target this area in the future.
All the underground holes were collared within drill station crosscuts originating from the 1,100 ft long parallel access tunnel that was completed last year by Bond Resources. The 12-by-12 ft. (3.65-by-3.65 m) access tunnel runs parallel to the historical Mary K #4 level workings and was built to safely access and explore Mary K vein structure. Refer to figure 1.
All the drill holes intersected the Mary K vein/structure over a true width that ranged from 6.5 ft. (1.98 metres) to over 12 ft. (3.65 metres). So far, drill results have confirmed the Mary K vein structure over a strike length of 360 ft (109.7 metres) and 360 ft. (109.7 metres) in vertical extent. Historical records indicate the vein is at least 1,000-to-1,200 ft (305-to-366 metres) long.
A summary of holes from the recent drill program is shown in the accompanying table.
|*MK-25||Crushed Qtz Vein
|*MK-26||Solid Qtz Vein
Good Recovery +80%
|*MK27||Crushed Qtz Vein
Good Recovery +80%
|MK28||Solid & Crushed Qtz Vein||66||71||5||1.52||0.018||0.62|
|MK29||Crushed Qtz Vein||42||46||4||1.22||0.021||0.72|
|MK30||Crushed Qtz Vein
|MK31||Crushed Qtz Vein
*Previously Released Results. **NSA (No Significant Assays). Intervals listed above are not true width.
Bond Resources also plans to perform a large-scale sampling test on the vast amounts of quartz cobble left over from historic placer operations. An initial small sample of quartz cobble weighing about 300 lbs (136 kg) was tested and averaged 0.100 oz per ton (3.43 g/t) gold. This quartz cobble could add more potential value to the property if it proves to have a consistent grade. Rough estimates** suggest that there are about 80,000 tons of these cobbles hand stacked in piles in the Glass Creek valley just south of the Mary K vein.
**These are purely speculative estimates and readers are cautioned that a qualified person has not completed sufficient work to be able to verify 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 (22.29 grams per tonne) gold.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance
All core sampling was conducted under the supervision of the Company's project geologists and the chain of custody from the mine to the sample preparation facility was continuously monitored. The samples were sent to the Winston Gold Mine on-site laboratory near Helena Montana. There they were crushed, and a 1 kg split was pulverized to 100% passing 150 mesh. The sample pulps were analyzed for gold using fire assay fusion and a 30-gram gravimetric finish.
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 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.
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