Stratabound Files NI 43-101 Technical Report on Updated Mineral Resource Estimate on Fremont Gold Project
Stratabound Files NI 43-101 Technical Report
on Updated Mineral Resource Estimate on
Fremont Gold Project
Toronto, Ontario--(Newsfile Corp. - October 3, 2022) - Stratabound Minerals Corp. (
TSXV: SB
)
(
OTCQB: SBMIF
)
("
Stratabound
" or the "
Company
") is pleased to announce that it has filed on
SEDAR the National Instrument 43-101 Technical Report (the "Technical Report") on the updated
Mineral Resource Estimate (the "updated MRE") for its wholly owned Fremont Gold Project in
California's Mother Lode Gold Belt. The Technical Report, which was prepared by P&E Mining
Consultants Inc. ("P&E"), has an effective date of June 30, 2022 and is titled "Technical Report and
Updated Mineral Resource Estimate of the PineTree-Josephine and Queen Specimen Deposits,
Fremont Gold Project, Mariposa County, Central California, USA".
The updated MRE (previously announced August 18, 2022) confirms significant increases in both
Indicated and Inferred Mineral Resource classifications.
Highlights of the 2022 updated MRE include:
Indicated Mineral Resource increased by 121% to 1,163,000 oz Au (19,011 kt at 1.90 g/t
Au)
Inferred Mineral Resource increased by 348% to 2,024,000 oz Au (28,323 kt at 2.22 g/t Au)
Pit Component (pit-constrained) consists of 1.15 M oz Au Indicated (18,891 kt at 1.90 g/t
Au) and 1.49 M oz Au Inferred (22,507 kt at 2.06 g/t Au) Mineral Resource classifications
Out-of-Pit Component (underground) consists of 9 k oz Au Indicated (121 kt at 2.21 g/t Au)
and 536 k oz Au Inferred (5,816 kt at 2.87 g/t Au) Mineral Resource classifications
The updated MRE replaces the Company's previous Mineral Resource Estimate dated Sept. 30, 2021
(the "previous estimate") which extended along 960 metres of strike, 350 metres below surface and
included only the Pine Tree/Josephine pit-constrained component.
The updated MRE now extends along 1,400 metres of combined strike length and up to 600 metres
below surface as it additionally includes the satellite Queen Specimen pit-constrained plus the Pine
Tree/Josephine out-of-pit components.
Historical mining commencing in 1849 subsequent to the
California Gold Rush at the Pine Tree/Josephine underground mines extended across 800 metres of
strike, 600 metres vertical depth and produced 126 k oz of gold in 540 k tons, (8.0 g/t gold) at the
historical gold price of US$35 per ounce before closing in 1944.
The updated MRE is based on 33,982 metres of drilling, 518 metres of trench sampling, and 5,760
metres of underground channel sampling.
Updated Fremont Gold Project Mineral Resource Estimate
The updated Fremont Gold Project Mineral Resource Estimate was prepared by P&E with an effective
date of June 30, 2022 in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM) Definition Standards on Mineral Resources and Reserves (2014) and Best Practices Guidelines
(2019).
Pit-constrained Mineral Resources are reported using a cut-off grade of 0.25 g/t Au for oxide material,
and 0.45 g/t Au for sulphide material. Out-of-Pit (underground) Mineral Resources are reported using a
cut-off grade of 1.45 g/t Au.
Out-of-pit Mineral Resources have been constrained within potentially
mineable long hole shapes based on block grade and continuity. Historical mining has been depleted
from the updated Mineral Resource Estimate by assigning a zero-volume percentage block inclusion for
known areas of mining and development.
A summary of the MRE is provided in Table 1. The economic assumptions used for the updated MRE
are provided in the notes to the table.
Table 1.
Summary of Mineral Resource Estimate
(1-1
2
)
INDICATED
TONNES
(k)
GRADE
(g/t Au)
Au OUNCES
(k)
PIT-CONSTRAINED
18,891
1.90
1,154
OUT-OF-PIT
121
2.21
9
TOTAL
19,011
1.90
1,163
INFERRED
PIT-CONSTRAINED
22,507
2.06
1,488
OUT-OF-PIT
5,816
2.87
536
TOTAL
28,323
2.22
2,024
Table notes:
1
.
Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral
Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council.
2
.
The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and
must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be
upgraded to an Indicated Mineral Resource with continued exploration.
3
.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4
.
Mineral Resources are reported within a constraining conceptual pit shell.
5
.
Inverse distance weighting of capped composite grades within domains was used for grade estimation.
6
.
Composite grade capping was implemented prior to grade estimation.
7
.
Bulk density was assigned by redox domain.
8
.
A gold price of US$1,700/oz was used.
9
.
A cut-off grade of 0.25 g/t Au for oxide material, 0.45 g/t Au for sulphide material and 1.45 g/t Au for underground material was used.
10
.
Pit-constrained Mineral Resources were determined to be potentially economic based on a mining cost of US$3/t mined, heap leach
processing of US$9.16/t, flotation processing of US$10.02/t and G&A costs of US$2.50/t, with metallurgical recoveries of 85% by heap
leach and 90% by flotation.
11
.
Out-of-Pit Mineral Resources were determined to be potentially economic with the longhole mining method based on an underground
mining cost of US$40/t mined, processing of US$10.02/t and G&A costs of US$2.50/t, with a metallurgical recovery of 90%. Out-of-Pit
grade blocks that did not demonstrate potentially mineable configurations were removed from the Resource Estimate.
12
.
Totals may not sum due to rounding.
Qualified Persons
All Mineral Resource estimation work reported herein was carried out by Fred Brown, P.Geo., and
Eugene Puritch, P.Eng., FEC, CET both of P&E and Independent Qualified Persons in terms of NI 43-
101.
ABOUT STRATABOUND
Stratabound Minerals Corp. is a Canadian mineral exploration and development company that is
developing its advanced-stage flagship Fremont Gold Project in the historic Mother Lode Gold Belt of
California.
The Fremont Property features an NI 43-101 Mineral Resource Estimate (MRE) of 1.16
million Au ounces at an average grade of 1.90 g/t Au in the Indicated, plus 2.02 million ounces at an
average grade of 2.22 g/t Au in the Inferred Mineral Resource classifications.
This current MRE
evaluates only 1.4 km of the entire 4 km strike length of the Fremont Property that features four gold-
mineralized zones and a recently announced 285-metre wide, 30 ppb to 5,210 ppb gold averaging 412
ppb gold-in-soil anomaly connected over all the zones across the full extent of the Property.
The
Company is also advancing its pipeline of early-stage exploration projects in Canada including the
Golden Culvert, Yukon and McIntyre Brook gold projects, and the Captain Cobalt-Copper-Gold Deposit
in New Brunswick.
For more information, please visit the company's website at
www.stratabound.com
or contact: R. Kim
Tyler, President and CEO 416-915-4157
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
WARNING: The Company relies upon litigation protection for "forward-looking" statements. The
information in this release may contain forward-looking information under applicable securities laws.
This forward-looking information is subject to known and unknown risks, uncertainties and other factors
that may cause actual results to differ materially from those implied by the forward-looking information.
Factors that may cause actual results to vary materially include, but are not limited to, inaccurate
assumptions concerning the exploration for and development of mineral deposits, currency fluctuations,
unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain
regulatory, exchange or shareholder approval, the risks of obtaining necessary licenses and permits,
changes in general economic conditions or conditions in the financial markets and the inability to raise
additional financing. Readers are cautioned not to place undue reliance on this forward-looking
information. The Company does not assume the obligation to revise or update this forward-looking
information after the date of this release or to revise such information to reflect the occurrence of future
unanticipated events, except as may be required under applicable securities laws.
This press release uses the terms Indicated and Inferred Mineral Resources as a relative measure of the
level of confidence in the Mineral Resource Estimate. Readers are cautioned that Mineral Resources
that are not Mineral Reserves do not have demonstrated economic viability. It cannot be assumed that all
or any part of an Inferred Mineral Resource will ever be upgraded to an Indicated or Measured Mineral
Resource classification; however, it is reasonably expected that the majority of Inferred Mineral
Resources could be upgraded to Indicated Mineral Resources with continued exploration. The potential
development of the Mineral Resource Estimate disclosed in this press release may be materially
affected by legal, political, environmental or other risks. The Mineral Resource Estimate is classified in
accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards
on Mineral Resources and Mineral Reserves (2014) and Best Practices Guidelines (2019). Under NI 43-
101, estimates of inferred mineral resources may not form the basis of Feasibility or Pre-Feasibility
Studies or economic studies except for Preliminary Economic Assessments. Readers are cautioned not
to assume that further work on the stated Mineral Resources will lead to Mineral Reserves that can be
mined economically.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/139136