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.
- Three new target zones on three distinct parallel gold trends identified:
- 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
- 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
- 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 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.
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.”
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.
- CIM (2014) definitions were followed for Mineral Resources.
- Mineral Resources are estimated at a cut-off grade of 0.36 g/t Au.
- 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.
- Bulk density is 2.71 t/m3.
- No Mineral Reserves are estimated for the Dingman Project.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources are estimated using a pit shell generated using the Lerchs-Grossman algorithm.
- 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 P100 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.
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.
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.