SB: TSX Venture Exchange SBMLF: OTC Bulletin Board SEC 12(g)3 Exemption No. 82-3284 Issued: 27,099,162 shares
CALGARY, Feb. 6 /CNW/ - Stratabound Minerals Corp. is pleased to announce that it has entered into an agreement whereby it can earn a 60% interest in a large property hosting volcanogenic massive sulphide (VMS) occurrences. The Melchett Lake Property consists of 105 units (17 square kilometres) located approximately 100 kilometres north of the town of Nakina in the Thunder Bay Division of Ontario.
The claims include the entire 11 kilometre long felsic volcanic sequence delineated by Kerr Addison Mines in the 1980s, along which conditions favourable for deposition of large tonnage VMS zinc-lead-copper-silver-gold bodies were identified.
Two areas of high-grade massive sulphide mineralization are currently known, the Relf and Nakina 1 Zones. These are directly associated with intense hydrothermal alteration strikingly similar to that at other Canadian VMS deposits such as Kidd Creek, Manitouwadge and Mattabi. VMS deposits often occur as multiple orebodies, and other massive sulphide bodies may be present within the Melchett mineralized sequence.
Grab sampling of massive sulphide exposures from the Relf Zone by previous operators averaged 13.0% zinc, 1.2% lead, 0.26% copper and 11.5 oz/t silver (394 g/t). The best result returned 19.1% zinc, 2.2% lead, 0.4% copper, 19.9 oz/t silver (682 g/t) and 0.05 oz/t gold (1.72 g/t). Grab samples of the massive sulphides at the Nakina 1 Zone, located approximately four kilometres to the west within the same mineralized sequence, returned 14.9% zinc and 28.8 g/t (0.84 oz/t) gold. These data are historical in nature and no sampling has been done by Stratabound to confirm these results.
Limited shallow drilling at the Relf Zone encountered strongly altered rocks and intervals of enriched zinc that indicate mineralization and alteration should be present along strike and down dip. Downhole pulse-EM recorded a moderately strong off-hole conductive body having a strike length of at least 900 metres, situated at or near the base of the mineralized sequence. The cause of the PEM conductor remains to be determined, but is consistent with a massive sulphide body similar to the sulphides at surface.
Numerous drill-ready targets are presently identified on the property. Initial investigation of the Relf Zone by drilling is planned for summer 2007, beginning with an angled 750 metre long drillhole to intersect the projected mineralized sequence 500 metres below surface.
At Nakina 1, whole rock geochemical data collected from one shallow drill hole indicate that alteration and mineralization continue to depth. Surface alteration mapping indicates that the strike length of the alteration zone associated with the Nakina 1 Zone is at least 600 metres.
A third area of interest, known as the Key Lake Area, is located approximately 10.5 kilometres to the west of the Relf Zone within the strike extension of the Nakina 1 Zone and Relf Zone mineralized sequence. At Key Lake airborne and ground magnetic and electromagnetic surveys have identified two coincident magnetic and electromagnetic anomalies stacked in favourable VMS style with a shorter (400 m) anomaly underlying a longer (1,900 m) anomaly. The maximum magnetic and conductive response for both of these anomalies lies under the waters of Key Lake. No drill investigation of these anomalies has ever been undertaken.
Subject to regulatory approval, Stratabound can earn a 60% working interest in the property from the Melchett Syndicate by making a cash payment of $3,000, issuing 68,000 shares and spending $1,000,000 on exploration prior to November 1, 2010, of which $150,000 must be incurred by November 1, 2007. Upon Stratabound acquiring its interest, a joint venture will be formed with Stratabound and the Melchett Syndicate having initial interests of 60% and 40% respectively. If either party's working interest is reduced below 10% through non-participation, its interest will be converted to a 1.5% net smelter royalty. Stratabound will be the Operator during the earn-in period, and thereafter during the joint venture period so long as it maintains an interest of at least 60%.
The Melchett Syndicate is a private group directed by John L. Wahl, P.Geo. Dr. Wahl supervised Kerr Addison's exploration of the property during the 1980s, and his Ph.D. thesis was a study of the alteration geochemistry of VMS systems. Dr. Wahl is the Qualified Person as defined in National Instrument 43-101, and has reviewed the technical information contained in this release.
Stratabound Minerals Corp. has a history of discovery, development and production in VMS environments.
The Company is currently exploring its 100%-owned Elmtree Property, in a Carlin-type gold setting near Bathurst, New Brunswick. On January 24, 2007, it announced results from six drill holes at Elmtree. Results from 19 additional holes completed to date will be reported as soon as they have been compiled and verified. The recently announced results indicate multiple mineralized zones, including a new gabbro zone 650 metres east of the West Gabbro Zone gold deposit.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Certain information regarding the Company contained herein may constitute forward looking statements. Forward looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward looking statements. The Company is under no obligation to update or alter any forward looking statement. These risks include operational and geological risks and the ability of the Company to raise necessary funds for exploration. The Company's forward looking statements are expressly qualified in their entirety by this cautionary statement.
