Stratabound Provides Exploration Updates and Issues Stock Options
Stratabound Provides Exploration Updates and
Issues Stock Options
Toronto, Ontario--(Newsfile Corp. - October 20, 2022) - Stratabound Minerals Corp. (
TSXV: SB
)
(
OTCQB: SBMIF
)
("
Stratabound
" or the "
Company
") is pleased to provide an update on exploration
activities and results received to date on its McIntyre Brook Gold Project located on strike of, and
adjacent to, Puma Exploration's Williams Brook-O'Neil high-grade gold trend and adjacent to Gold Terra
Resources Corp.'s newly acquired Mulligan property featuring recently released trench results including
3.48 g/t gold over 16 metres, (Gold Terra press release Oct. 5, 2022), in the evolving new Triple Fault
gold district in northern New Brunswick.
The Company also reports progress on its Golden Culvert,
Yukon Territory Gold Project, an updated NI 43-101 Mineral Resource Estimate on its Dingman Gold
Project, Ontario and announces it has issued stock options to its board members and management.
Highlights include:
Three new target zones on three distinct parallel gold trends identified:
1
.
Moose Brook Zone
, featuring four sub-cropping grab samples between 19.85 to 0.54
g/t gold and 0.085% to 4.43% copper within a 1km by 350m wide >30ppm copper
soil anomaly located 5.7 km southwest along strike of the original McIntyre Brook-
O'Neil discovery on the McIntyre Gold Trend
2
.
Tardiff Brook Zone
featuring 3 sub-cropping grab samples of 4.94, 3.41 and 0.35 g/t
gold on the parallel Ramsay Gold Trend
3
.
A new 426 ppb (0.426 g/t) anomalous gold-in-soil value located on strike of Puma
Exploration's O'Neil Gold Trend approximately 9 km northeast of the Lynx Zone
Figure 1 - Northern New Brunswick Triple Fault Gold District.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/141239_b79e2768f44d988d_002full.jpg
Figure 1 is a compilation of all soil sampling results including publicly available regional data.
The 2022
program is financially assisted with a $40,000 funding grant from the New Brunswick Junior Mining
Exploration Program.
Soil sampling is now 100% complete over the entire project; however, assay results are only complete
on the western half of the project with assays pending for soil samples collected on the remaining
eastern half this 2022 season.
The 2,862 soil samples collected in 2021 were taken preferentially from
the B-horizon with an auger at 50-metre spacing along lines spaced 200 metres apart.
Additionally, 462
outcrop, subcrop and float follow-up rock samples were collected on previously identified gold and
copper anomalies and trends.
Of special new interest is the Moose Brook Zone which features five selected follow-up grab samples of
subcrop and float up to 19.85 g/t gold and 4.43% (44,300 ppm) copper with associated anomalous
cobalt, zinc, lead and silver values lying within a new 1 km by 350 m wide >30 ppm copper soil anomaly.
Alteration assemblages associated with significant mineralization include various degrees of
silicification, hematization and potassic alteration.
Table 1 details the highlights of the rock geochemistry
sampling program.
Table 1 - Rock Geochemistry Highlights
Sample no.
Zone
Sample
Type
Lithology
Easting
(UTM NAD83)
Northing
(UTM NAD83)
Au g/t
Co ppm
Zn ppm
Cu ppm
Pb ppm
Ag
ppm
SRC124716
Moose
Subcrop
Quartz Vein
665285
5260349
19.85
26.9
62
49.9
4.2
0.9
SRC124718
Moose
Subcrop
Rhyolite
665285
5260349
2.55
8.8
35
27.1
3.4
0.0
SRC124742
Moose
Trench
Siltstone
665448
5260319
0.08
30.5
58
44,300.0
46.4
10.5
SRC124748
Moose
Float
Rhyolite
665827
5260069
0.76
95.2
6
9.7
1.9
0.1
SRC124864
Moose
Float
Siltstone
665938
5260406
0.03
1.6
32
849.0
73.7
0.8
SRC124656
Tardiff
Subcrop
Rhyolite
671587
5262532
3.41
48.2
47
1.6
5.5
0.3
SRC124658
Tardiff
Subcrop
Rhyolite
671600
5262520
0.35
36.1
10
1.0
3.6
0.1
SRC247098
Tardiff
Subcrop
Quartz Vein
671601
5262560
4.94
96.3
8
1.8
1.6
0.2
*Selected rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the property.
R. Kim Tyler, President and CEO, commented: "
Our latest Triple Fault results and those of neighbours
Puma Exploration, Canadian Metals and most recently Gold Terra Resources across 57 kilometres of
increasingly new high-grade gold occurrences firm up confidence that we are in a district-scale gold
play comparable in geology and gold provenance to Dalradian's Curraghinalt,
New Found Gold's,
Marathon Gold's, Maritime Gold's and Oceana Gold's projects of similar orogenic gold occurrences
strung out along the intercontinental Iapetus Suture Zone extending from the British Isles through to
the Carolina's of Atlantic North America."
QA/QC
Soil samples were shipped to Saskatchewan Research Council Geoanalytical Laboratories (SRC) in
Saskatoon, Saskatchewan. Samples were prepped, then processed via an aqua regia partial digestion
on a 0.25-gram sub sample, then analysed via a 62-multi element ICP MS methodology package.
Gold
values were additionally analyzed by standard fire assay on 30-gram sub samples.
Assay certificates
were provided directly to the client from the lab.
SRC operates in accordance with ISO/IEC 17025:2017,
General Requirements for the Competence of Mineral Testing and Calibration Laboratories
.
The
laboratory also follows the SCC
Requirements and Guidance for the Accreditation of Mineral Analysis
Testing Laboratories
and has an internal program of duplicates and inserting standards.
Rock samples
were processed at ALS Laboratories in Sudbury, Ontario where they were crushed to 70% less than
2mm. A riffle split of 250 grams was then taken and pulverized to an 85% passing 75 microns pulp sub-
sample. The pulps were then analyzed for gold and multi-element analyses. The ME-AA26 gold assaying
procedure used is a standard fire assay with AA finish technique on a 50- gram sub-sample taken from
the 250-gram pulp split. Samples that exceeded the 100 g/t Au upper detection limit of this method were
re-assayed by a by the Au-GRA22 The samples were also tested for 51 other elements using the ME-
MS41 Ultra Trace Aqua Regia ICP-MS method. ALS uses a procedure of standards, blanks and
duplicates inserted into the sample stream results for which all fell within satisfactory confidence limits.
ALS is an independent internationally recognized and ISO/IEC 17025:2017 accredited chemical
analysis company
Golden Culvert and Win, Yukon Territory Update
Detailed groundwork following up on last year's property-scale soil geochemistry survey has been
completed.
Partial assay results have been received from rock and soil sampling programs on selected
anomalies and targets and results will be reported as the final assays are received and processed.
Updated Dingman Gold Project NI 43-101 Mineral Resource Estimate
The Company also announces that it has filed on SEDAR a current and updated National Instrument 43-
101 Technical Report (the "updated Technical Report") relating to the Company's Dingman Gold
Property (the "Property") located in southern Ontario.
The purpose of the updated Technical Report is to
disclose the results of an updated Mineral Resource Estimate ("updated MRE") for the Dingman deposit
and to document the change of ownership for the Property. The updated report titled "Technical Report
on the Dingman Project, Madoc and Marmora, Southern Ontario Report for NI 43-101"prepared by SLR
Consulting (Canada) Ltd. (SLR) has an effective date of March 15, 2022. The updated Technical Report
conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).
The
Company acquired the Dingman Project through its acquisition of California Gold Mining Inc. announced
in its press release of August 16, 2021.
The updated Technical Report supersedes an historic Mineral
Resource estimate prepared in 2011 by Roscoe Postle Associates Inc. (RPA), now part of SLR.
RPA
also completed a Preliminary Economic Assessment (PEA) for the Project in 2013. Stratabound is not
treating the 2013 PEA as current.
The Dingman Project is not core to the Company's assets and therefore interested parties are invited to
inquire regarding optioning or otherwise acquiring the Dingman asset.
The updated Mineral Resource estimate was based upon the block model that was prepared by RPA in
January 2011 by applying updated parameters to generate a pit surface that was used as a constraint in
preparing the Mineral Resource statement. The updated Mineral Resource estimate is presented in
Table 2 below.
Table 2:
Summary of Mineral Resources - March 15, 2022
Stratabound Minerals Corp. - Dingman Project
Category
Tonnage
(000 t)
Grade
(g/t Au)
Contained Metal
(000 oz Au)
Measured
-
-
-
Indicated
12,500
0.94
376
Total Measured + Indicated
12,500
0.94
376
Inferred
2,100
0.71
47
Notes:
1
.
CIM (2014) definitions were followed for Mineral Resources.
2
.
Mineral Resources are estimated at a cut-off grade of 0.36 g/t Au.
3
.
Mineral Resources are estimated using a long-term gold price of US$1,800 per ounce, and a US$/C$ exchange rate of US$0.80:CAD$1.00.
4
.
Bulk density is 2.71 t/m
3
.
5
.
No Mineral Reserves are estimated for the Dingman Project.
6
.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
7
.
Mineral Resources are estimated using a pit shell generated using the Lerchs-Grossman algorithm.
8
.
Numbers may not add due to rounding.
The MRE database comprised 115 drill holes with an aggregate length of approximately 23,028 metres
plus assay data from Noranda channel samples results taken from 96 surface outcrop trenches totalling
approximately 563 m in length.
Metallurgical work conducted in 2005 by Lakefield on a single bulk sample consisting of 17 reject drill
core samples indicated a gold recovery of 97.5% was achieved through a standard bottle roll
cyanidation test at a calculated head grade of 2.19 g/t gold.
Further work conducted by Gekko of
Ballarat, AU on 173 samples from 10 drillholes indicated that a dissolution rate of 97.7% was achieved
through gravity/flotation/intense leaching at a particle size to P
100
53 μm.
Exploration Target Potential:
The updated Technical Report further provided that the limits of the gold mineralization have not been
defined by the drilling completed to-date. A number of drill holes have intersected mineralized intervals
which are located beyond the limits of the current drilling coverage or Mineral Resource pit shell, and
that, potential remains to locate additional gold mineralization that may expand the limits of the current
mineral resource pit shell or outline mineralized zones that could be excavated using underground mining
methods. Scott Wilson RPA (now SLR) had estimated a range of tonnage and grade of an exploration
target beyond the MRE of 8 Mt to 14 Mt at an average grade of 0.8 g/t Au to 1.0 g/t Au with contained
ounces of gold in the range of 200,000 to 450,000. The estimated tonnage, grade, and contained ounce
ranges of the exploration target are conceptual in nature, there has been insufficient exploration to define
a Mineral Resource, and it is uncertain if further exploration will result in the target being delineated as a
Mineral Resource.
The resource estimate was prepared by Reno Pressacco, M.Sc.(A), P.Geo., who is a Consultant
Geologist with SLR.
Mr. Pressacco is an independent "qualified person", as defined by NI 43-101, and
has reviewed and approved the technical contents of this press release related to the Dingman Gold
Project.
Stock Options Issued
The Company also announced that effective October 17, 2022, it has issued a total of 5,350,000 options
pursuant to its incentive stock option plan ("Plan") to management, directors and employees. Each
option entitles the holder to subscribe for one common share of Stratabound for $0.055 for a period of 5
years, subject to the terms of the Plan. The options will vest 50% immediately with the remaining 50% to
vest in one year from grant date.
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.
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/141239