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 Hard Cash Property has a number of geological similarities to Winston Gold's nearby operation and provides both companies an excellent opportunity to test the near-term cash-flow viability of another past producer," commented Joseph Carrabba, CEO and Director of Bond Resources. "The fact that the Hard Cash property is located just 4.3 miles from Winston's recently commissioned Paradine Mill makes this property even more appealing."
A total of six holes, or 488 metres (1,600 ft), of drill core is planned to be drilled from two locations. Three holes will target the area beneath the historic workings of the Hard Cash vein system. The remaining three holes will test a portion of a newly identified subparallel vein structure. This new vein was identified via a surface chip sample that assayed 4.29 g/t gold (0.175 oz per ton gold).
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).
Additional phases of drilling will be assessed after the Phase 1 drill program is complete.
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