LAS VEGAS, Sept. 26, 2017 /PRNewswire/ -- Bonanza Goldfields Corp. (OTC PINK: BONZ) has entered into an agreement with Hondo Minerals Corporation to add the O'Brien Mine to its Golden Gem Project. The Golden Gem Mine is located 10 miles north of Kingman, Arizona. Hondo Minerals will receive 7,500 shares of BONZ Series B Preferred Stock as the purchase price.
The O'Brien Mine consists of a number of historic shafts, pits and other mine workings. The property is comprised of three unpatented lode mining claims (approximately 32 acres) that Hondo Minerals acquired by staking in 2011 and recently relocated.
The addition of the O'Brien Mine fills a missing link in the Golden Gem claim position. There will now be contiguous claims from the Golden Gem, Idaho and Broken Hills Mines on the northeast connecting to the workings on the Red Seal claim to the southwest.
More importantly, the O'Brien Mine is adjacent to the company's Red Seal patented mining claim. BONZ has identified the blanket mineralization reported on the Red Seal claim for sampling in its first round of activity at Golden Gem. The hillside on which the Red Seal claim is located is developed on a sheeting striking NW and dipping about 30 degrees easterly. One flat vein in this structure was mined in the past. The Red Seal area of interest appears to continue onto the O'Brien claims.
The Golden Gem and O'Brien Mines are among a total of over 12 mines in the BONZ Chloride portfolio. Located on over 500 acres, the other mines are (from north to south) the Badger, Hercules, Rambler, Payroll, Molly Gibson, Arizona & Montana (A&M), Towne, Summit, Idaho, Broken Hills and Daisy Twins Mines. There is also land for a mineral processing facility on the Terminal Millsite, which is adjacent to the Molly Gibson and A&M Mines. The BONZ assay office is located on Tennessee Avenue in the Town of Chloride.
About Bonanza Goldfields Corp.: BONZ is a Las Vegas–based mineral exploration and mining company. We are exploring gold and silver properties located in the Comstock and Goldfield Mining Districts of Nevada, and the Chloride, Oatman and Congress Mining Districts of Arizona.
About Hondo Minerals Corporation – Hondo is a Nevada-based mineral exploration and mining company that is exploring its Thunder Mountain and Mizpah Extension gold and silver properties at Tonopah, Nevada. Hondo is a major shareholder of BONZ, and BONZ is exploring Hondo's Arizona properties.
Disclaimer - Forward Looking Statements: This press release contains "forward-looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties, including the risks that actual results may differ materially from those projected in the forward-looking statements; projected events in this press release may not occur due to unforeseen circumstances and various other factors and risks.
Fred Bauman, General Counsel