Stratabound Files PEA Technical Report for the Fremont Gold Project, California Mother Lode Gold Belt
Stratabound Files PEA Technical Report for
the Fremont Gold Project, California Mother
Lode Gold Belt
Toronto, Ontario--(Newsfile Corp. - April 4, 2023) -
Stratabound Minerals Corp. (TSXV:
SB) (OTCQB: SBMIF) ("Stratabound" or the "Company")
announces today the filing of a National
Instrument 43-101 Technical Report ("Technical Report") relating to its 100% owned Fremont Gold
Project (the "
Project
"). The Technical Report, titled "Preliminary Economic Assessment of the Fremont
Gold Project, Mariposa County, Central California, USA", (the "
PEA"
) and dated March 31, 2023
(effective date of February 15, 2023) is available on SEDAR (
www.sedar.com
) under the Company's
profile and on its website at www.stratabound.com.
Highlights:
After-tax net present value ("NPV") (discount rate 5%) of US$217M, internal rate of return ("IRR") of
21% and payback of 4.2 years at a gold price
of US$1,750/oz
11-year mine life producing 1,303,000 ounces of gold
Average annual gold production of 118,000 ounces over life of mine ("LOM"), with a peak
production of 157,000 ounces in the 4
th
year
Average cash cost of US$924/oz and all-in sustaining cost ("AISC") of US$1,162/oz gold
Initial Capital Expenditure of US$203M
Annual process plant rate of 2.19 M tonnes at an average feed grade of 2.4 g/t Au and average
overall gold recovery, including offsite processing, of 75.4%
The PEA is preliminary in nature, includes Inferred Mineral Resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to
be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral
Resources that are not Mineral Reserves do not have demonstrated economic viability. There are no
Mineral Reserves contained in the PEA.
P&E Mining Consultants Inc. (
"P&E
") were retained as an independent consultant and Qualified
Persons in March 2022 to undertake and author a Mineral Resource Estimate ("
MRE
") and PEA on the
Fremont Gold Project in accordance with National Instrument 43-101 (
"NI 43-101"
).
Kappes, Cassiday
& Associates ("
KCA
") of Nevada were also engaged for the design and capital and operating costs for
the process plant, heap leach facility and project infrastructure.
Project Description and Location
The Fremont Gold Project is 100% owned by Fremont Gold LLC, a wholly owned subsidiary of
Stratabound Minerals Corp., and is located in Mariposa County, California approximately 241 km east of
San Francisco in the southernmost portion of the prolific California Mother Lode Gold Belt.
The Project
lies within the Company's wholly owned 3,351-acre (13.56 km
2
) Fremont Property (the "
Property
").
The
Property includes 100% of the mineral, surface and groundwater rights, and features four gold
mineralized zones and three former producing gold mines along 4km of the Mother Lode Gold Belt.
The
PEA considers two of these zones, the Pine Tree/Josephine Deposit and the Queen Specimen Deposit,
along 1.4 km of the 4 km total strike length.
California State Highway 49 transects the Property from
north to south and a 70 kV power transmission line traverses the Property.
Next Steps
The results of the PEA indicate that the proposed Fremont Gold Project has technical and financial merit
using the base case assumptions. It has also identified additional upside opportunities for oxide
expansion and further Project optimization.
The Company expects to move forward with enhancing the Project through exploration and further
drilling. The Company will also continue to generate additional drilling targets.
The Company expects to continue baseline environmental work and commence permitting activities
which will include technical studies and surveys for the Project.
The results of the studies, surveys and the
engineering work completed for the PEA will be used to complete the permitting applications
The public
release of this PEA will greatly assist the Company in advancing its program of public and stakeholder
engagement.
Independent Qualified Persons
This PEA was prepared for Stratabound by P&E and under NI 43-101 guidelines. The technical content
of this news release has been reviewed and approved by independent "Qualified Persons" Eugene
Puritch, P.Eng., FEC, CET, and Andrew Bradfield, P.Eng. both of P&E, and Travis Manning, P.E. of
KCA.
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 within 19.0 million tonnes in the Indicated
classification, plus 2.02 million ounces at an average grade of 2.22 g/t Au within 28.3 million tonnes in
the Inferred Mineral Resource classification. 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. 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.
Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound, and a "Qualified Person" for the purpose
of NI 43-101, has reviewed and approved the contents and technical information of this news release.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/161212