Highlights:
- First phase surface sampling program outlines 1km long by 100m wide boulder field grading 13.27 g/t gold averaged from a total 93 samples.
- Boulder field composed of multiple parallel gold-bearing quartz “float-trains” linking mineralized outcrop and trenches grading up to 95 g/t gold over 1.5m within 24.41 g/t gold over 6m, and overlying drill intercepts up to 60.1 g/t gold over 0.9m within 2.53 g/t Au over 33.1m.
- 2nd phase drill program recently completed under the boulder field. Results pending.
- $6.7M funding recently completed in November. Debt free and fully funded going forward.
Toronto, Ontario–(Newsfile Corp. – November 17, 2020) – Stratabound Minerals Corp. (TSXV: SB) (OTC Pink: SBMIF) (“Stratabound” or the “Company”) reports results received from its Phase 1 field program concluded this summer at its flagship Golden Culvert Project (the “Project“). A surface geochemistry sampling program outlined a 1 km long by up to 100 m wide gold-mineralized boulder field of surface float-trains linking likewise gold-mineralized quartz vein structures exposed in outcrop, subcrop and trenching in previous programs either side of the Main Discovery outcrop.
The top 10% highest grade samples were distributed across 670 metres of strike, 290 metres of vertical relief and included:
- 320.0 g/t, 155.0 g/t, 147.0 g/t, 118.0 g/t (with visible gold), 92.9 g/t (with visible gold), 41.8 g/t, 26.6 g/t, 25.2 g/t,17.10 g/t, and 16.55 g/t gold
All 93 surface samples averaged 13.27 g/t gold uncapped, (8.82 g/t Au capped*), and ranged between <0.01 g/t to 320 g/t gold. Sixty-five, (70%), of the samples ranging between 0.25 g/t to 320 g/t gold averaged 18.96 g/t gold uncapped, (11.48 g/t gold capped*). Visible gold was identified in two of the samples that assayed 118.0 and 92.9 g/t gold respectively and only two samples in the group were below assay detection limits of <0.01 g/t Au. Sampling was done selectively on sulphide-bearing quartz float-trains along strike of the known exposed vein outcrops and subcrops, (see Figures 3 and 4), and may not represent the true grade or style of mineralization.
* A capping grade of 83.8 g/t Au calculated as double the standard deviation of the 93-sample population was applied to all values greater than 83.8 g/t Au.
Mr. R. Kim Tyler, President and CEO of the Company commented, “This continued evidence of high-grade gold in the region further exemplifies the 5,401 g/t gold discovery in 2003 at the nearby 3 Aces property located 25 km to the south of our Project and recently acquired by Seabridge Gold, a $1.7 billion market capitalized gold development company and a significant new presence in our neighbourhood. We believe we are at the very early stage of the next significant North American gold district. We look forward to receiving assay results from our recently completed latest phase of drilling, just below the float-trains and subcrops described in this press release.”
He further added, “The unique and special feature of our Golden Culvert region, and the Yukon in general, is that it was once a land-bridge during past ice-ages connecting North America with Asia, and was not covered by kilometres-thick flowing continental ice sheets as most of the remaining North American continent was. The significance is that much of the gold found lying about in float-trains linking gold-bearing outcrop on surface here at the Golden Culvert remains at, or near, its sources. Mineralization has not been scraped clean and transported thousands of kilometres away, nor have these sources been covered and hidden by thick accumulations of glacial till and overburden as has occurred elsewhere on the continent. This makes our exploration work of simply following the trains of mineralized boulders especially simple, effective and rewarding. The evidence for significant high-grade gold mineralization in our district lies, literally, at our feet as this work program has clearly demonstrated.”
The mineralized float-trains link up and connect gold mineralization exposed in surface trenches reported in previous releases including trench TR1923-B which yielded 24.41 gpt Au over 6.0m including of 95.0 gpt Au over 1.5m, (Stratabound press release Oct. 23, 2019) and overlie similar gold mineralization reported in past diamond drilling up to 60.1 g/t Au over 0.9m within a larger interval of 2.3 g/t Au over 33.1m in drill hole GC1803, (Stratabound press release Oct. 10, 2018).
Figure 1.
Golden Culvert Float-Train Sample Distribution with Diamond Drills in Operation:
View South-east across 290m Vertical Face Exposure;
Gold-bearing Structural Zones Overprinted in Yellow
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4064/68363_5d9fad5264fc083e_002full.jpg
Figures 1 and 2, above and below, show the distribution of the float-train assay results as they relate to the multiple parallel gold-bearing structural zones and surrounding gold-in-soil anomaly.
Figure 2.
Golden Culvert Float-Train Sample Distribution and Recently Completed Drilling (Plan View)
To view an enhanced version of this graphic, please visit:
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Figures 3, 4.
Golden Culvert Mineralized Quartz and Quartz Breccia Surface Float Samples Referenced in this Press Release.
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Phase II Diamond Drilling Update:
The diamond drill program has concluded for the 2020 season as required under the time frames allowed within the Company’s Class 3 exploration permit. Seventeen diamond drill holes were completed for a total of 3,217 metres across one kilometre of strike length. The diamond drill program focussed directly under the gold-mineralized float-trains described above and are detailed on Figure 2. The Company expects initial assay results in late December.
Eight diamond drill holes totaling 1,370 metres and 24 surface trenches reported in previous exploration programs have intersected and outlined a 970-metre-long by 130-metre-wide mineralized corridor containing multiple parallel gold-bearing structures that have been targeted for definition and extensional drilling this season.
A total of 25 diamond drill holes comprised of 4,587 metres and 24 trenches have now been completed over 1 kilometre of strike to date.
Yukon Mineral Exploration Grant Program (YMEP) Grant
The Company wishes to thank the Yukon Territorial Government for approving a grant of funds and the Company’s COVID 19 Self-Isolation Plan that enabled this Phase 1 program to proceed, without which these results may not have been obtained. The Company also wishes to respectfully acknowledge the First Nations communities of Liard First Nation and Ross River Dena in whose traditional lands the Company has been conducting its work.
Quality Assurance/Quality Control
The samples referenced in this press release were collected and hand-delivered by Stratabound personnel to the ALS Canada laboratory in Whitehorse, YT 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 shipped by ALS Canada to its Vancouver laboratory 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 Ore Grade procedure on a 50-gram pulp fire assayed and gravimetric finish analyses.
Forty-one of the samples with the highest values were duplicated by the Au-SCR24 Metallic Screening method on 1 kg pulps derived from the original coarse rejects. The pulps were then screened on a +/- 100-micron screen with duplicate assays done on 50g each of the under-size fraction and assaying of the entire over-size fraction. Results are compared and summarized in Table 1 below.
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.
Table 1.
Rock Geochemistry Original Compared to Duplicate Metallic Screen Procedures
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About Stratabound Minerals Corp.
Stratabound Minerals Corp. is a fully-funded Canadian exploration and development company focused on gold exploration at its flagship Golden Culvert Project, Yukon Territory and its new McIntyre Brook Project, New Brunswick, Canada. The Company also holds a significant land position that hosts three base metals deposits in the Bathurst base metals camp of New Brunswick featuring the Captain Copper-Cobalt-Gold Deposit that hosts an NI 43-101 Measured and Indicated Resource.
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 of this news release.
For more information please visit the company’s website at www.stratabound.ca or contact: R. Kim Tyler, President and CEO 416-915-4157 info@stratabound.com.
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.
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