Symbol: SB:TSX-V
Issued: 37,049,702 shares
CALGARY, Feb. 14 /CNW/ - Stan Stricker, P. Geol., President of Stratabound Minerals Corp. is pleased to announce receipt of a mineral resource estimate for the company's Elmtree gold (silver, zinc, lead) property located approximately 20 kilometres northwest of Bathurst, New Brunswick. The estimate was prepared by Mercator Geological Services Limited, an independent geological consulting firm based in Dartmouth, Nova Scotia and is considered compliant with both Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves Definitions and Guidelines (the CIMM Standards) and reporting requirements of National Instrument 43-101.
Details of the Elmtree resource estimate are presented below in Tables 1 and 2 and reflect combined historic and Stratabound exploration program results for three separate mineralized zones, these being the West Gabbro Zone (WGZ), South Gold Zone (SGZ) and Discovery Zone (DZ). All zones strike predominantly east-west, have near vertical dips and reflect combinations of quartz vein, mineralized shear and mineralized alteration zone settings.
Table 1: Elmtree Property Mineral Resource Estimate:
Effective February 14, 2008
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Tonnes Gold Silver Lead Zinc
(x)Deposit Category (Rounded) (g/t) (g/t) % %
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WGZ (High Grade) Indicated 145,000 4.76 - - -
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WGZ (Low Grade) Indicated 380,000 1.57 - - -
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Total 525,000 2.45 - - -
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WGZ (High Grade) Inferred 300,000 5.22 - - -
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WGZ (Low Grade) Inferred 1,156,000 1.26 - - -
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WGZ (Peripheral) Inferred 101,000 1.08 - - -
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Total 1,557,000 2.01 - - -
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SGZ Inferred 2,367,000 0.74 - - -
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Total 2,367,000 0.74 - - -
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DZ Au Only Zone Inferred 583,000 1.15 - - -
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Total 583,000 1.15 - - -
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DZ Au/Ag/Pb/Zn Zone Inferred 117,000 1.77 44.36 0.78 2.17
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DZ Ag/Pb/Zn Zone Inferred 41,000 - 25.8 0.43 1.53
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Total 158,000 1.31 39.54 0.69 2.00
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(x)Notes: WGZ (equal sign) West Gabbro Zone, SGZ (equal sign) South Gold
Zone, DZ (equal sign) Discovery Zone; WGZ High Grade Au Cutoff
(equal sign) 3.00g/t/2.0m; Low Grade and Peripheral Au Cutoff
(equal sign) 0.5g/t/2.0m; SGZ Au Cutoff (equal sign)
0.3g/t/3m; DZ Au Cutoff (equal sign) 0.5g/t/2.0m
Table 2: Elmtree Property Mineral Resource Estimate: Contained Gold and
Silver
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Gold Silver
Tonnes Gold Ounces Silver Ounces
(x)Deposit Category (Rounded) g/t (Rounded) g/t (Rounded)
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WGZ Indicated 525,000 2.45 41,000 NA NA
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Total 41,000
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WGZ, SGZ &
DZ Gold
Only Zones Inferred 4,507,000 1.23 178,000 NA NA
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DZ - Gold,
Silver,
Zinc & Lead
zones Inferred 117,000 1.77 7,000 44.36 167,000
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DZ - Silver
plus Zinc
& Lead Zone Inferred 41,000 NA NA 25.8 34,000
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Total 185,000 201,000
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See Table 1 Notes
The WGZ is the best-defined zone and contains both Indicated and Inferred mineral resources related to a sheared and locally quartz-veined gabbro body. The lower grade SGZ is located approximately 100 metres south of the WGZ and in combination with the DZ, located 425 metres to the east, accounts for remaining Inferred resources. Gold is the metal of primary economic interest at Elmtree, but results show that silver, lead and zinc in a portion of the DZ also occur at levels of economic significance. As a result, multiple metals have been incorporated in the resource estimate where appropriate. Antimony levels of potentially economic interest have also been recorded at Elmtree and will be assessed in the future. Mineralized zones are hosted by either Devonian gabbro (WGZ) or faulted Ordovician and Silurian siliciclastic sedimentary sequences (SGZ and DZ).
The Elmtree deposits remain open to depth, and in several instances along strike, and further drilling has been recommended to assess potential deposit extensions. This drilling is currently in progress. In-fill drilling has also been recommended for each deposit to better define mineralized zone correlations.
Resource Estimate Methodology
The resource estimate is based on three-dimensional block models of the Elmtree deposits developed using Surpac(C) Version 6.02 deposit modeling software. Validated results for 69 historic diamond drill holes, plus those for 48 drill holes and 9 surface trenches by Stratabound were used in the models and each of the three mineralized zones was modeled separately, with grade interpolation in all cases but one (Peripheral Blocks) being completely constrained within multiple three-dimensional solids.
The WGZ is the best defined of the three zones at present and has a higher grade core of gold mineralization that was modeled separately from a surrounding lower grade envelope. Inverse Distance Squared (ID(2)) interpolation was used for the main WGZ solids and several isolated drill hole intercepts in the WGZ (termed Peripheral Blocks) were separately modeled with a highly constrained search ellipse using ID3 interpolation. The SGZ and DZ deposits were modeled using Nearest Neighbour interpolation constrained by solids developed from minimum downhole gold grade and length parameters of 0.30 g/t over 3.00 meters and 0.50 g/t over 2.00 meters respectively. Solid limits in these areas were established at drill section midpoints or at +/-25 meter dip and strike extensions from drill holes. Further interpolation details are summarized in Table 3. Density factors reflect assignment as follows: 3.00 gm/cm(3) for WGZ High Grade Zone and Low Grade Zone, 2.94 g/cm(3) for WGZ Peripheral Blocks; 2.70 gm/cm(3) for SGZ and 2.70 g/cm(3), 2.75 g/cm(3) or 2.80 g/cm(3) for the DZ, depending upon base metal sulphide mineral content. The WGZ estimate was checked by ordinary Kriging with satisfactory results and checks on the SGZ and DZ were completed using polygonal methods with acceptable results. No high grade capping or cutting factors were applied. Gold cutoff values selected reflect mineralized zone characteristics plus occurrence of a substantial percentage of resources within 100 vertical metres of surface, thereby providing potential for assessment of open pit opportunities.
Indicated category mineral resources occur only in the WGZ and are defined as those model blocks within the High Grade or Low Grade solids for which averaged distances to supporting composites was 25 metres or less, based on 16 included composites from multiple drill holes. All other blocks in the WGZ and all other modeled zones were classified as Inferred category resources.
Table 3: Elmtree Property Mineral Resource Estimate: Interpolation
Parameters
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Block Size Ellipse Anisotropy Axial Ratios
(x)Deposit (y, x, z) (Secondary and Minor To Major) Method
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WGZ High Grade 2m x 5m x 5m 50m Range: 1x2; major axis az.
270, -45 degree incl. ID(2)
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WGZ Low Grade 2m x 5m x 5m 50m Range: 1x5; major axis az.
270, -45 degree incl. ID(2)
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WGZ Peripheral 2m x 5m x 5m 12.5m Range: 1x12.5; major axis
az. 270, -45 degree incl. ID(3)
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SGZ 1m x 1m x 1m NA NN
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DZ 1m x 1m x 1m NA NN
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Michael P. Cullen, M.Sc., P. Geo., Senior Geologist at Mercator Geological Services Limited, is the Qualified Person as defined under NI 43-101 who supervised the Elmtree resource estimation program and is responsible for related technical information presented in this news release. A technical report compliant with NI 43-101 and documenting resource estimation procedures will be filed on SEDAR within 45 days of this press release.
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.
