CALGARY, Alberta, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSX-V:SB) (“Stratabound” or “the Company”) announces that it has received assay results from its due diligence site visit completed in late October on the Golden Culvert Gold Project located in the Upper Hyland Valley in the southeastern Yukon Territory. The Company announced it had signed a Letter of Intent (LOI) to acquire an option on the Golden Culvert Gold Project in its press release of October 23, 2017. Results of the sampling work are provided in the table below.
|S142880||Outcrop - Chip||531125.98||6868869.55||Main Showing - Quartz Vein||1.0||14.55||<0.5||3||11|
|S142881||Outcrop - Chip||531125.98||6868869.55||Main Showing - highly silicified, sulphidized and micro-brecciated phyllite hanging wall rock||0.5||2.27||<0.5||13||11|
|S142882||Outcrop - Chip||531136.18||6868866.41||Siliceous and sulphidized altered phyllite hanging wall rock NE of Sub vein 10m SW along strike of Main Vein outcrop||1.0||0.28||<0.5||16||12|
|S142883||Outcrop - Chip||531136.18||6868866.41||sub vein to Main vein 10m SW of Main Vein outcrop||0.4||14.24||<0.5||7||18|
|S142884||Outcrop - Chip||531122.93||6868858.04||Perpendicular boudin vein 060 deg @ -85 deg N with grey stylolites. Sampled down the vein||0.1||0.08||<0.5||30||14|
|S142885||Outcrop - Grab||531122.93||6868858.04||Altered phyllite wall rock adjacent to boudined veins in S142884 with brittle flat veinlets in siliceous schist||1.08||<0.5||12||17|
|S142886||Outcrop - Chip||531945.30||6867739.79||Quartz-carbonate with malachite vein 2m wide||2||<0.01||1.8||732||13|
|S142887||Float||531945.30||6867739.79||Quartz float on helipad, ~10m east of GD vein and upslope||<0.01||1.3||24||407|
|S142888||Float||531945.30||6867739.79||2nd piece of quartz float on helipad, ~10m east of GD vein and upslope||<0.01||<0.5||9||24|
Chip sample #S142880 across the main 1 metre wide quartz vein exposed on the Main Showing assayed 14.55 gpt Au. Previous reported values from filed assessment reports collected from the same vein assayed 22.8 gpt gold (#G071512), 17.3 gpt gold (#C-OC2) and 8.28 gpt gold (#C-OC3). Additionally a 0.5 metre chip sample (S142881) in the altered hangingwall rock of the same vein assayed 2.27 gpt gold. The wall rock consisted of highly silicified, micro-brecciated and sulphidized phyllites. The alteration of the wall rock is variable but pervasive across the 30 metre wide outcrop exposure. Other samples of the host rock resulted in assays of 0.28 gpt gold and 1.08 gpt gold.
A 0.4 metre wide vein exposed approximately 10 metres along strike of and 10 metres parallel to the main vein assayed 14.24 gpt gold (#S142883).
Chip sample results taken from the exposed Green Dragon Vein located 1.4 kilometres south along strike of the Main Showing did not provide significant gold assay results but did provide anomalous values of 1.8 gpt silver and 732 ppm copper from sample #S142886. A piece of float located approximately 10 metres uphill of the outcropping vein assayed 1.3 gpt silver and 407 ppm lead (#S142887).
President and CEO Kim Tyler commented, “We are pleased that our due diligence site visit and assay sampling has confirmed the past field work results and interpretations reported in the Yukon assessment files. Most significantly, repeated assay results both past and current are consistently above 8 gpt gold on the main quartz vein. This bodes well for gold grade continuity and confidence. The most exciting findings are that gold values exist in the 30 m wide hangingwall rock zones and that there is significant potential that the prospect will be amenable for bulk mining including open pit extraction.”
Rock samples were delivered by Mr. Page to the ALS Canada laboratory in Whitehorse, YK where the rocks were crushed and pulverized to prepare sample pulps up to 250 grams to 85% passing 75 microns. The pulps were then shipped by ALS Canada to their Vancouver laboratory for gold and multi-element analyses. The gold assaying method uses a standard Fire Assay with AA finish technique on a 30 gram sub-sample taken from a 250 gram split from the submitted sample. Commercially prepared standards were not inserted with each batch of samples shipped.
The samples were also tested for 33 other elements using ICP four acid digestion (ALS-ME-ICP61 33 element ICP-AES). Ore grade analyses were performed on certain samples where base metal values exceeded the maximum detection ranges for the ICP-AES methods.
About the Golden Culvert Property
Golden Culvert covers 83.8 square kilometres across a 24 kilometre strike. 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-seasons Nahanni Range Road crosses directly through the middle of the claim group. Under the terms of the LOI the Company is finishing due diligence and plans to close the option acquisition in late November after all approvals are obtained.
Michael Page, FAusIMM, Stratabound Vice President Exploration and Qualified Person under NI 43-101, has reviewed and approved the scientific and technical information presented in this press release.
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.