(1) Prior to issuance of the lease, the lessee shall file with the department a bond in the penal sum of at least $1,000.00 conditioned upon payment of rentals and royalties, upon compliance with all lease terms and in order to protect the rights of any prior purchasers or lessees. The board may require an additional bond or bonds, at any time during the period of the lease. Lessee may furnish one bond covering all metalliferous minerals and gem leases in which any interest is held or acquired by lessee. If such a blanket bond is furnished by lessee, separate bonds relating to individual leases shall not be required. Such blanket bond shall be in an amount to be fixed by department. Payment of a sum under the terms of said bond or bonds do not release lessee from liability for damages in excess of the amount paid under the terms of said bond or bonds.