Stratabound increases Fremont gold resources, California
Stratabound Minerals Corp. [SB-TSXV; SBMIF-OTCQB] reported its updated NI 43-101 mineral resource estimate (MRE) for its wholly owned Fremont gold project in California’s Mother Lode gold belt 150 km east of San Francisco in Mariposa County, resulting in 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 ounces gold (19,011,000 tonnes at 1.9 g/t gold. Inferred mineral resource increased by 348% to 2,024,000 ounces gold (28,323,000 tonnes at 2.22 g/t gold).
Pit component (pit-constrained) consists of 1.15 million ounces gold indicated (18,891,000 tonnes at 1.9 g/t gold) and 1.49 million ounces gold inferred (22,507,000 tonnes at 2.06 g/t Au) mineral resource classifications;
Underground component (out-of-pit) consists of 9,000 ounces Au indicated (121,000 tonnes at 2.21 g/t gold) and 536,000 ounces gold inferred (5,816,000 tonnes at 2.87 g/t gold) mineral resource classifications.
The updated MRE replaces the company’s previous mineral resource estimate dated Sept. 30, 2021, which extended along 960 metres of strike, 350 metres below surface and included only the Pine Tree/Josephine open pit 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 open pit plus the Pine Tree/Josephine underground 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 126,000 ounces of gold in 540,000 tons, (8 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.
- Kim Tyler, president and CEO, commented: “This updated Fremont MRE provides a solid foundation from which the company can advance towards completing a preliminary economic assessment (PEA) and developing this gold project towards a production decision. The project is enhanced over the previous mineral resource estimate by the inclusion of the Queen Specimen and underground component of the Pine Tree/Josephine deposit; however, this only evaluates 1.4 kilometres of the entire four-kilometre strike length of the Fremont property that features four gold-mineralized zones and a recently announced, 285-metre-wide, 30-to-5,210 ppb [part-per-billion] gold averaging 412 ppb gold-in-soil anomaly connected over all the zones across the full extent of the property.”
The updated Fremont gold project mineral resource estimate was prepared by P&E Mining Consultants Inc. 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).
The advancement of the Fremont gold project includes continuing technical studies and economic analyses for a preliminary economic assessment (PEA), mine permitting and engagement with the community and all stakeholders.
The PEA will provide an evaluation of preliminary project components and alternatives, including an economic analysis of the potential viability of the updated mineral resource estimate. The continuing studies that lead to Stratabound’s PEA will evaluate various mining scenarios that will consider the environmental and socio-economic impact of the project for all stakeholders. The PEA will allow Stratabound to explore and reveal the potential of this project.
The company continues to work with its environmental consultants to develop a plan for permitting the project. The company reports that its baseline environmental program is progressing including biological studies, surface water and monitoring groundwater wells for routine sampling. Other planned evaluations for the permitting strategy will necessarily consider mine design, processing and reclamation plan development.
Stratabound Minerals is a Canadian mineral exploration and development company that is developing its advanced-stage flagship Fremont gold project in the Mother Lode gold belt of California. Additionally, Fremont also hosts three undeveloped gold occurrences across 4 km of strike length along the prolific Mother Lode gold belt.