Vancouver, British Columbia--(Newsfile Corp. - March 3, 2021) - Bond Resources Inc. (CSE: BJB) (FSE: 5B1) (the "Company" or "Bond") is pleased to announce that it has established a new mine portal about 70 ft. (21.4m) south of the original collapsed portal on the number 4-level at the Historical Mary K Mine near Elk City, Idaho. At the current development rate, the Company expects to intersect the old mine workings by the end of March.
"Once we break through into the old workings, we will assess the condition of the old drift," commented Joseph Carrabba, President & CEO of Bond Resources. "If it can be easily rehabilitated, the high-grade section of the mineralized vein system lies only about 650 ft. (198m) further along the drift. Our goal is to reach this section of the mine and commence a bulk sampling program."
The Mary K Vein system represents a structurally bound, epithermal system where the gold and silver is quite nuggety and not uniformly mineralized. As a result, drilling alone often provides an unreliable estimate of the overall grade of the mineralized system. The best way to determine an accurate grade of the mineralized vein is by taking a bulk sample of the system.
The new portal has advanced a total of 108 ft. (33m) underground and geologists expect to break through into the historical drift workings in another 120 to 140 ft. (63.6 to 42.7m). If the old workings are in reasonable condition the first bulk sample will be ready to be mined by mid-May. The first bulk sample is expected to consist of about 2,000 to 3,000 tons of mineralized material.
In addition to grade estimation, the bulk sampling process will also help to identify and constrain mineralized structures which will ultimately help refine a mine plan and potentially reduce overall dilution.
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: 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 a number of 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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