TORONTO, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV: SB) (“Stratabound” or “the Company”) is pleased to announce the initial results from the first diamond drill program on Golden Culvert, located in the Hyland-Selwyn gold belt in the eastern Yukon Territory. A series of 8 diamond drill holes were drilled, denoted as GC1801 through GC1808. Complete assay results have been returned to date for only holes GC1801, GC1803 and GC1804. This press release addresses those holes exclusively. Diamond drill results herein are reported down the hole and are not represented here as true widths.
Drill Hole GC1803
Located 350 metres southeast of the discovery outcrop, drill hole GC1803 intercepted 2.53 gpt Au over 33.1 metres of quartz breccia, veining and sulphides between 111.5 and 144.6 metres down the hole. The intercept includes 60.1 gpt Au over 0.9 metre within a quartz vein that averages 26.04 gpt Au over 2.5 metres overall. The quartz vein is interpreted from surface mapping and trenching to be the 350 metre strike extension of the Main Vein discovered in 2008 which reported historic chip samples between 7.7 to 22.8 gpt gold over 1 metre true width and gold-bearing wallrock grading up to 2.27 gpt Au over 0.5 metre true width. Photographs of the core and an updated corporate presentation will be posted on the Company’s website at www.stratabound.com.
Logged core angles confirm the near vertical attitudes of the controlling gold mineralized quartz vein structures observed from the surface mapping and trench exposures performed and reported on earlier this summer. All primary quartz vein observations conform to the regional 320° strike structural fabric controlling the encompassing 3 kilometre by 250 metre wide gold-in-soil anomaly.
The high grade Main Vein Zone of breccia and mineralization intercepted in GC1803 project to surface from 110-130 metres below and lie directly under the higher grade portion of one of the greater than 200 ppb gold-in-soil anomalies. Trench TR1805 which intercepted 1.43 gpt Au over 12.0 metres including 4.23 gpt Au over 3.0 metres in a quartz vein that extends from the Main Vein a further 80 metres southeast along strike. (Stratabound press release of August 23, 2018).
The Main Vein Zone to date has therefore been traced with continuous gold mineralization appearing to extend along 450 metres of strike length, to 130 metres depth below surface and remaining open along strike and at depth.
Drill hole GC1803 also intersected a second deeper interval of 0.75 gpt Au over 19.5 metres down the hole, also associated with quartz veining, breccia and sulphides between 226.0 – 235.5 metres ending in gold mineralization only 3 metres before the end the hole at 238.5 metres. This intersection is interpreted to be in a second parallel gold bearing structural zone approximately 50 metres to the southwest of the Main Vein zone which was intersected in trenches TR1801B and TR1804. Trench TR1801B intersected 1.49 gpt Au over 10.0 metres including 6.11 gpt Au over a 1.5 metre in a quartz vein, and trench TR1804 intercepted 2.33 gpt Au over 3 metres including 5.32 gpt Au over 1.0 metre in a quartz vein.
Drill Hole GC1801
Drill hole GC1801 was terminated early at 19.8 metres after intersecting a fault, and returned no significant values.
Drill Hole GC1804
Drill hole GC1804 intercepted 0.51 gpt Au over 9.5 metres between 126.5 - 136 metres down the hole.
All holes for which full assays have been returned to date are listed in Table 1 below.
|Azimuth||Dip||From (m)||To (m)||Au (gpt)||Interval length||Total Hole Length|
|GC1801||531305.4||6868814.6||187.6||-44.8||terminated early in fault; no significant values||19.8|
Assay results remain outstanding on the remaining five drill holes. Summary grades above are reported uncapped as there are insufficient results returned to date to make a reasonable capping determination.
Figure 1 is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/303821d6-dec7-43fc-80f4-b37d1ac39578
Figure 2 is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/2c389857-6f39-4252-934a-c0ebbc78b13b
President and CEO, R. Kim Tyler commented, "We have had an exceptional first field season at Golden Culvert and are extremely pleased with our results to date. The high grade 60.1 gpt gold intercept and the broader low grade gold around it in hole GC1803 confirm what we have learned from our mapping, trenching and previous historical work; that a vertically dipping structural corridor of gold-bearing quartz veins, quartz breccia and sulphide mineralization can be traced over 450 metres of strike; 130 metres deep so far and remaining open both along strike and depth. We have only focused on a small 800 metre segment of the larger 24 kilometres of prospective strike length within our property option. We are expecting further results in the near future, and as the hole assay results are returned and analyzed they will be reported in separate press releases.”
Analytical, QA/QC Methods and Protocol:
All trench and drill core samples were delivered to the ALS Global preparation facility in Whitehorse, Yukon Territory where they were crushed to 70% passed a 2mm sieve, then a 250g split was pulverized until better than 85% passed a 75 micron screen. Gold was tested by a 30 gram fire assay method with an atomic absorption finish at the Vancouver ALS lab facility. Assay results that exceed 100 gpt Au by this method are re-assayed by fire assay with a gravimetric finish. In addition to the quality assurance and quality control program performed by ALS, Stratabound personnel insert internationally certified standards and field blanks into the sample stream at the rate of one QA/QC sample for every 15 samples and maintain a program of duplicate sampling on pulp rejects.
About the Golden Culvert and Little Hyland Properties
Golden Culvert and Little Hyland cover 83.8 square kilometres in the southeast Yukon Territory across a 24-kilometre strike located approximately 20 kilometres northeast of and parallel to Golden Predator Mining Corp.’s 3 Aces property. Work filed in Yukon mineral claims assessment reports has outlined a northerly trending, 3 kilometre by 250 metre, +30 ppb Au up to 791 ppb Au gold-in-soil anomaly that remains open at both ends. The soil anomaly is centred around partially exposed primary gold-bearing quartz veins grading between 7.7 to 22.8 gpt gold over 1 metre and complimentary gold-bearing quartz vein stockwork within a larger silicified, altered, sulphide and gold-bearing wallrock grading up to 2.27 gpt gold over 0.5 metre.
Trench samples on six trenches completed earlier this summer have been reported on in Stratabound’s press release dated August 23, 2018. Prior to this summer’s trenching and drilling 3,645 soil samples, 48 stream samples, 239 rock samples, 19.4 line-km of ground magnetic survey and 18.5 line-km of VLF survey had been taken at the property. This summer’s program of $0.75 million includes the completed trenching and drilling to further explore the highly mineralized areas of the property.
Stratabound Minerals Corp. is a Canadian exploration and development company focused on the Yukon Territory. 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 Deposit that hosts an NI 43-101 Measured+Indicated resource.
Stratabound management has a diversified track record of exploration, development and operating successes that will facilitate the development of the Company’s exploration projects.
Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound, and a “Qualified Person” for the purpose of NI 43-101, was responsible for managing and supervising the exploration program and has verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in this disclosure. Mr. Tyler has reviewed and approved the contents of this news release.
For further information, please see the Golden Culvert presentation and the NI 43-101 technical report on the Stratabound web site, www.stratabound.com.
For further information contact:
R. Kim Tyler, President and CEO
Ritu Gupte, Investor Relations Consultant
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.