- Final three holes include more high-grade intercepts consistent with previous reports
- Hole CP-20-49 yields 5.39% CuEq(1) over 2.5m within broad lower grade halo of 3.34% CuEq(1) over 11.5m true width,
- Higher grade cobalt values of 0.115% Co over 0.7m, 0.186% Co over 2.3m, and 0.130% Co over 3.5m (all true widths) in holes CP-20-48, CP-20-49 and CP-20-51, respectively
- Highest value of 7.25% CuEq(1) over 0.7m includes 5.48% Cu, 0.115% Co, 1.140 g/t Au and 29.8 g/t Ag
- Drilling complete; study underway to investigate small-scale, high-grade, direct-shipping mining project to generate near-term cash-flow
Stratabound Minerals Corp. (TSXV: SB) (OTC Pink: SBMIF) (“Stratabound” or the “Company”) is pleased to report assay results on the final three drill holes completed on its Captain Copper/Cobalt/Gold/Silver Deposit, in the Bathurst District, New Brunswick. A total of 15 tightly spaced and shallow diamond drill holes were completed in late 2020 for the purpose of defining the near-surface potential for a small-scale direct-shipping mining project.
Twelve of the fifteen holes completed, including the three reported today, intercepted significant copper-cobalt-gold-silver mineralization within 6-9m of surface at the bedrock interface, across an average 9.6m true width and along approximately 120m of strike length.
Results reported in this release along with historical results are detailed in Figures 1 and 2, and in Table 1 below.
Mr. R. Kim Tyler, President and CEO of the Company commented, “We are pleased these latest drill results projecting high-grade mineralization to surface are consistent with deeper-drilled high-grade results. We are moving ahead with the evaluation of a small-scale, direct-shipping mining project whereby a plant, concentrator, tailings, ancillary facilities, and associated capital cost and permitting delays would not be required. It bears repeating that the Captain Deposit’s high grades, road access, 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 .
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%. 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.
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.
(1) (“Technical Report on an Updated Mineral Resource Estimate, Stratabound Minerals Corp. Captain Cu-Co Deposit”; Mercator Geological Services Limited, Dec. 8, 2010)
(2) (source: Government of New Brunswick DNR Mineral Occurrence Database)
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.