Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Bond Resources (CSE: BJB) announced this week that it is about to start its first drill program on the historic Mary K mine site in Idaho, northwestern US.
In a press release, the Vancouver-based miner said the program will consist of 14 holes for a total of 1,667 metres and is primarily designed to validate historical gold grades and test the continuity of the Mary K vein system.
The Mary K mine project is located 1.6 miles southeast of the small town of Elk City, an area that sits in a metamorphic complex that is adjacent to the Idaho Batholith.
The Mary K mine project sits in a metamorphic complex that is adjacent to the Idaho Batholith
“Bond Resources will also test for additional parallel veins south of the Mary K workings,” the statement reads. “There are historical references to several parallel structures south of the mine, specifically the June Bug vein and a potentially mineralized aplite dyke.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.”
Bond Resources reports that the historical Mary K mine was shut down in 1942 and never re-opened, while the records the company found indicate that only 2,000 tonnes of mineralized gold material were mined with an average reported grade of 0.65 ounces per tonne.
“We believe there is still significant gold potential on the property and this first drill program will test some key targets,” the miner’s president and CEO Joseph A. Carrabba said in the press brief.
According to Carrabba, 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 7 metres 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 tonne from this development. These workings were developed but never mined.
