The Mary K was first staked in 1908 by Maxwell and Williams in Elk City, Idaho. They sunk 2 shafts and dug cuts along the vein for 3,000 feet. In 1915 it was acquired by Richard Kleesattel, a mining engineer, who expanded the underground workings.
Between 1929 and 1942 he drove at least 2,400 feet of workings, the longest being the #4 level, or main access, which is over 2,000 feet long, 1,100 feet of it being in gold mineralization. Only about 2,000 tons of gold mineralization were mined from the Mary K, with an average reported grade of 0.65 ounces per ton. The last workings driven by Kleesattel were below the #4 level, near what he called “the apex of a very rich ore shoot”.
There, 23 feet below the #4 level, he recorded assays ranging from 11 to 59 ounces per ton. Repeat, 11 to 59 ounces per ton. These workings were developed but never mined. The mine was shut down in 1942 and never re-opened. Kleesattel had a stroke shortly after the war and passed away, leaving his wife, Mary, to hold the land until her death.
As part of their due diligence, Bond has taken samples from the vein at surface. They were processed through a Reverse Helix gravity circuit. The company took a 500lb sample from surface that returned an average grade of 0.79 ounce per ton. A 2KG sample from surface sent to the Bureau Veritas laboratory in Richmond, B.C. and returned 44.3 g/t with a combined gravity and flotation recovery of 96.3%.
Based on the extent of the existing workings the company estimates that there is roughly about 180,000 tons of potentially mineralized rock that is near the surface with tremendous exploration potential.
The Mary K mine is located approximately 1.6 miles south east of the small town of Elk City, Idaho.
It is accessible via well maintained roads for 2.7 miles. Roughly half is paved. Elk City is located 33 miles ESE of Grangeville, Idaho. It is the closest town. Elk City is accessed by a well-maintained two-lane highway (Hwy 14), which follows the south fork of the Clearwater River. Elk City is approximately 156 miles NNE of Boise, Idaho.
The Elk City area sits in a metamorphic complex that is adjacent to the Idaho Batholith. Aplite dikes and other types of magmatic intrusive rocks thought to be emplaced at the time of the batholith are commonly associated with the gold bearing veins. The Elk City district trend is roughly 8 miles long and trends in a north west southeast direction. All the large veins trend east-west and are anywhere from 500 to 3,000 feet long. They are en-echelon, meaning they look like rungs of a ladder when looking from above.
In 1884, the first of about 100 gold bearing quartz veins was discovered. Between 1884 and 1904 all the easily accessible gold from those veins had been minded out. Only a few of those veins were put into commercial production. The largest of which was the Buster Mine. It produced 18,379 ounces of gold from 25,705 tons of material.
The Mary K mine was first staked on Jan 1, 1908 by Maxwell and Williams. They sunk two shafts and dug cuts along the vein for 3,000 feet. Richard Kleesattel, a mining engineer, picked the mine up in 1915 and began expanding the underground workings. Between 1929 and 1942 Mr. Kleesattel developed at least 2,400 feet of underground workings. The longest is the #4 Level, or Main Access, which is over 2,000 ft long, 1,100 ft of it were in high-grade gold mineralization.
The mine was shut down for WWII and never reopened. Only about 2,000 tons of gold mineralization were mined at Mary K. The average grade reported by Mr. Kleesattel was around 0.65 opt (ounce per ton) The last workings developed by Kleesattel were below the #4 level, near what he called "the apex of a very rich ore shoot". There, 23 feet below the #4, he recorded assays of of 11.02 to 59.12 opt. Kleesattel had a stroke shortly after WWII was over, and passed away leaving his wife, Mary, to hold the land until her death.
Extraction from surface is permitted and mining is planned to begin immediately. Material will be stockpiled and then processed via a toll milling contract or the outright purchase of a mill. If the gold mineralization is consistent with historical records, the company could generate significant cash flow which would go to finance the development and exploration of the existing workings underground workings.
The company plans to process mineralized material at a rate of 150 tpd by the end of 2020. Test mining will determine if the observed average bulk sample grades of 0.6 opt gold are consistent along the entire strike length of the Mary K Vein at surface.
|0 TO 6 MONTHS||CONTINUATION OF CURRENT EXPLORATION ACTIVITIES AND SAMPLING||$100,000|
|1 TO 6 MONTHS||RESTORE PORTAL TO MAIN TUNNEL (LEVEL 4 PORTAL)||$100,000|
|6 TO 12 MONTHS||EXPLORATION DRILLING - (1,890 METERS) CORE DRILLING PROGRAM||$300,000|
|6 TO 12 MONTHS||DRIVE 800 FEET OF DRIFT FROM THE LEVEL 4 PORTAL ALONG MAIN TUNNEL||$500,000|
Disclaimer: The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource. The company expects that it will cost no more than US$4,000,000 to be able to extract and process mineralized material at a rate of 150 tpd. There was also extensive placer mining carried out on the property. There may also be significant amount of mineralized cobbled rock on the property which could also represent a significant source of cash flow.
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