CALGARY, Alberta, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSX-V:SB) (“Stratabound” or “the Company”) is pleased to announce that it has closed the acquisition of the option on the Golden Culvert Gold Project located in the Upper Hyland Valley in the southeastern Yukon Territory from South Shore Partnership Inc.
In closing the transaction, the Company issued 12,000,000 common shares and 6,000,000 common share purchase warrants (each warrant is exercisable for one common share at $0.075 for 24 months from the date of issue) to the South Shore team and made a cash payment of $100,000. Another cash payment of $100,000 will be due four months following the closing date. Exercise of the option will require payments of $1,595,000 and work commitments of $700,000 over a five-year period. Future production from the properties will be subject to net smelter return royalties aggregating to 2.5% payable to the optionors and South Shore.
R. Kim Tyler, President and CEO of Stratabound, commented, “The Company is extremely pleased to have concluded the Golden Culvert Option Acquisition Agreement and considers itself extremely fortunate to be in the position to ultimately acquire 100% of such a high quality gold project located in the developing Hyland gold district in the southeastern Yukon Territory. We look forward with much anticipation to further advancing exploration there in the coming 2018 field season. The 10 year, Class 3 Exploration Permit, already in place, will allow us to upgrade the existing 2.5 km trail to the Main Discovery Vein so that we may also facilitate trenching, geological mapping and preparing for a diamond drill program before the end of the 2018 season. To facilitate exploration on the flanking Little Hyland claim groups, where the main 3 km gold-in-soil anomaly extends open in both directions, we will also be applying for a Class 1 Exploration Permit to complete soil geochemistry, prospecting and mapping. The Company will be working towards completing a $1,000,000 financing in the near future to finance its exploration activities.”
About the Golden Culvert Property
Golden Culvert covers 83.8 square kilometres 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 anomaly of +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 and complimentary gold bearing quartz vein stockwork within a larger silicified, altered, sulphide and gold-bearing wallrock. The Central Culvert group of claims has a 10-year Class III Land Use Approval from the Yukon Energy, Mines and Resources to November 16, 2026 that allows for a camp, access roads, trenching, diamond drilling and bulk sampling. The all-season Nahanni Range Road crosses directly through the middle of the claim group. The Company plans to advance exploration work in the 2018 field season. For further information, please see the Golden Culvert presentation on the Stratabound web site, www.stratabound.com.
Stratabound Minerals Corp. is also pleased to announce the closing of the private placement financing of 3,000,000 units (the “Units”) of the Company, at a price of $0.05 per Unit, for gross proceeds of $150,000. Each Unit consists of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable for one common share at $0.075 for 24 months from the date of issue. The private placement was fully subscribed by the Company’s largest shareholder, William Bell (Bellport Resources Ltd.). The Company did not pay any finder’s fee in respect of the private placement. All securities issued under the private placement are subject to a four-month hold period.
For further information contact:
R. Kim Tyler, President and CEO
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.