- Four more drill holes with high-grade cores within lower-grade lenses.
- Drill intercepts between 2.12% to 3.33% CuEq(1) across true widths between 4.8m to 8.0m.
- Best result of 3.33% CuEq(1) over 4.8m true width at 26m below bedrock surface in hole CP-20-47.
- Results continue to support a case for small-scale, high-grade, direct-shipping mining project to generate near-term cash-flow.
- Assays pending on three more holes.
Stratabound Minerals Corp. (TSXV: SB) (OTC Pink: SBMIF) (“Stratabound” or the “Company”) reports it has received assay results on five more drill holes completed on its Captain Copper/Cobalt/Gold/Silver Deposit in addition to the six new holes reported previously on February 25, 2021. The zone projects to the bedrock contact lying between 6-9m below surface. One hole was drilled beyond the strike extent of mineralization and was not sampled.
Results reported in this release are detailed in Figures 1 and 2, and in Table 1 below. Drill holes CP-20-40 and CP-20-47 which intercepted 2.67% CuEq(1) over 8.0m true width and 3.33% CuEq(1) over 4.8m true width respectively occur approximately 110m directly up-dip of historic hole CP-08-13 which intercepted 5.53% CuEq(1) over 7.3m true width (Figure 1.) Drill holes CP-20-45 and CP-20-46 were drilled on approximate 45m projected extensions of past drill results at opposite ends of known strike limits. Neither of the holes intercepted significant mineralization.
Mr. R. Kim Tyler, President and CEO of the Company commented, “The results reported today continue to confirm continuous high-grade copper-cobalt-gold-silver mineralization across tight-spaced 10m-wide sections along approximately 120 metres of strike and across an average true width of 8m.. As noted in the previous release, the Captain Deposit’s high grades, road access, close proximity to a rail head, and the deep-water port at Belledune near Bathurst, New Brunswick make for a very attractive direct-ship cash-generating opportunity.”
The Captain Deposit is open at depth below the deepest intersection to date at 360m vertical depth of 5.46% Cu, 0.093% Co, 0.30 g/t Au and 30.5 g/t Ag for a 12.20% CuEq(1) over 2m down-hole in hole CP-09-23 .
As noted in the previous press release, the Company is investigating the opportunity for a small-scale, high-grade, direct-shipping mining project to generate near-term cash-flow. The Captain Deposit is strategically located 100km by road to the deep-water port of Belledune near Bathurst, New Brunswick and 40km by road to the nearest railroad.
(1) CuEq% based on CuEq%= ((Cu lb/t*US$3.75.lb) +(Co lbs/t*US$20/lb) +(Au g/t*0.03215*US$1,750/oz) +(g/t Ag*0.03215*US$25/oz))/US$3.75/lb Cu insitu value and does not account for metallurgical, refining or other losses.
Figure 1. Section 070N: All widths posted are true widths.
About the Captain Deposit
The Captain Deposit hosts an NI 43-101 Measured and Indicated Resource totaling 448,000 tonnes averaging 1.75% Cu, 0.046% Co, and 0.30 g/t Au for a 2.2% CuEq%(1), plus an inferred resource of 162,000 tonnes averaging 1.47% Cu, 0.04% Co and 0.24 g/t Au for a 1.87% CuEq%(1), (“Technical Report on an Updated Mineral Resource Estimate, Stratabound Minerals Corp. Captain Cu-Co Deposit”; Mercator Geological Services Limited, Dec. 8, 2010). The Deposit is located along the “Brunswick Horizon”, within a 20km radius and the same stratigraphic contact that hosts the world-class Glencore Brunswick No.12 and No.6 mines with past production totaling an aggregate 149.4 million tons of 8.72% zinc, 3.3% lead, 0.35% copper and 99 g/t silver,(2) (Figure 3.) The Captain is a volcanic massive sulphide, or VMS-type deposit, similar to the above described deposits. (2) (source: Government of New Brunswick DNR Mineral Occurrence Database).
Drilling on the Captain Deposit now totals 10,452m over 53 holes across 120m of strike and is open beyond the deepest intersection to date at 359m yielding 1.12% Cu over a down-hole length of 19.5m including a 2m interval of 5.46% Cu, 0.093% Co, 0.30 g/t Au and 30.5 g/t Ag in hole CP-09-23.
Quality Assurance/Quality Control
The core samples referenced in this press release were marked and cut by diamond saw whereby half the sample was bagged and hand-delivered by Stratabound personnel to a secure carrier and transported to the Activation Laboratories (Actlabs) preparation lab in Fredericton, New Brunswick. The remaining half-core is stored at the Madran core facility in Madran, NB.
Actlabs prepared the samples by crushing to 80% less than 10 mesh. A riffle split of 250 grams was then taken and pulverized to a 95% passing 200 mesh pulp sub-sample. The pulps were then shipped by Actlabs to its Ancaster, Ontario laboratory for copper, cobalt, gold and multi-element analyses. A 4-acid near-total digestion ICP-MS 42-element analysis was performed on all samples and a duplicate 4-acid digestion ICP-OES procedure performed where values exceeded 350ppm for cobalt and 5,000ppm for copper in the original digestion. Gold was determined separately by the 1A2 standard fire assay procedure with an atomic absorption (AA) finish on a 30-gram sub-sample taken from the 250-gram split. If the gold result exceeded 5 g/t a duplicate sample was processed by method 1A3-30.
Actlabs uses a procedure of standards, blanks and duplicates inserted into the sample stream results. Actlabs is an independent internationally recognized and ISO/IEC 17025:2017 accredited chemical analysis company.
In addition to the quality assurance and quality control program performed by Actlabs, Stratabound personnel insert lab-certified standards and field blanks into the sample stream, as well as sample duplicates, at the rate of one QA/QC sample for every 7 core samples.
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 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.
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.