CALGARY, Alberta, Feb. 13, 2018 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSX-V:SB) (“Stratabound” or “the Company”) is pleased to announce that it has received an independent NI 43-101 technical report for the Golden Culvert and Little Hyland properties, (the “Property”) the Company currently has under option in the Yukon.
The report was prepared by Marty Huber, P.Geo., of Breakaway Exploration Management (the “Author”) following the acquisition of the options on both projects by Stratabound from South Shore Partnership, Inc. in December 2017 (see Stratabound press release dated December 18, 2017). The NI 43-101 report has been filed on SEDAR and is posted on the Company’s web site www.stratabound.com.
The Author of the NI 43-101 report confirms that the Property features a 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 the partially exposed Golden Culvert showing that consists of primary gold-bearing quartz veins and complimentary gold-bearing quartz vein stockwork within a larger silicified, altered, sulphide and gold-bearing wallrock. Historical grab samples from the quartz-carbonate veins have returned values no less than 7.7gpt Au and up to 22.8gpt Au in quartz veins across 1m wide and up to 2.58gpt Au in the wall rock phyllites. The report states, “It is rare to find such a large-sized, road accessible project in the Yukon that has never been trenched or drilled. It is even more exceptional given that it lies only 20km north of and within similar geology as an advanced, high grade gold property such as Golden Predator Mining Corp.’s 3 Aces gold project.” Stratabound is primarily exploring for orogenic or lode-type gold mineralization similar to the vein-hosted gold mineralization found within Hyland Group sediments at Golden Predator Mining Corp.’s 3 Aces project, located 20km south of the Property, and at Goldstrike Resources Ltd.’s Plateau project located 315km northwest of the Property, all located in the Selwyn Basin of the eastern Yukon Territory.
Based on the general prospective nature of the underlying Hyland Group rocks, the veracity of previous gold results and the range and tenor of soil geochemical anomalies on the Property, the relatively good infrastructure, the large size of the mineral claim package, the long strike extent of potential gold-bearing structures, and the local presence of the well-known 3 Aces project, it is the Author’s opinion that the Property is of significant merit, and that the Author strongly recommends that an aggressive exploration program be pursued.
R. Kim Tyler, President and CEO of Stratabound, commented, “The Technical Report summarizing all current and historical work and acknowledgment of significant merit by the Author on the Properties strongly supports our own assessment that we have excellent potential for similar exploration successes as those enjoyed by our neighbours at 3 Aces and elsewhere in the developing Hyland-Selwyn Basin Gold District. We look forward to executing on the recommended exploration programs as soon as possible. With the receipt of the Technical Report the Company will now direct itself towards completing the financing required to undertake these exploration programs.”
“It is indeed a rare opportunity to have such a large gold project in the Yukon, or any other prospective gold exploration district for that matter, that is located so close to a road, has returned significant gold values on surface exposures, and has never been drilled.”
The report recommends a two-phase exploration program commencing this summer of 2018. A proposed first year Phase 1 program totaling $842,375 with a follow-up Phase 2 program in the second year totaling $1,782,500 are recommended at a total estimated cost of $2,624,875 over the two years.
The proposed Phase 1 program will consist primarily of upgrading the existing ATV trail to 4x4 vehicle accessible road, trenching, and 600 metres of diamond core drilling below the main showing to test the vertical and strike extent of the mineralization. Also included in Phase 1 are geological mapping, soil geochemical sampling, prospecting, and a Lidar topographic survey over the entire Property. The recommended Phase 2 program would consist of 2,000 metres of additional core drilling at targets identified in Phase 1; as well as continued geological mapping, soil geochemical sampling, and prospecting.
The Golden Culvert property is fully permitted under a 10-year Class 3 Land Use Approval until November 16, 2026 which allows for a camp, fuel storage, road and trail building, clearing, trenching, drilling, all forms of sampling and up to a 10,000 tonne bulk sample. The Little Hyland property will initially operate under a Class 1 program until a Class 3 permit is obtained.
The Golden Culvert and Little Hyland exploration programs will be conducted under the supervision of Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound. Mr. Tyler is a “Qualified Person” for the purpose of NI 43-101 and has reviewed and approved the contents of this news release.
About the Golden Culvert and Little Hyland Properties
Golden Culvert and Little Hyland cover 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, +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.
To date a total of $564,400 of work has been done on the Property, including 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.
Stratabound Minerals Corp. is a Canadian exploration and development company focused on the Yukon Territory and to a lesser extent the Bathurst Mining Camp in New Brunswick. Stratabound has a portfolio of quality properties including:
- The Golden Culvert gold-silver property in the southeast Yukon.
- The Little Hyland gold-silver property in the southeast Yukon.
- The Captain copper-cobalt property in the Bathurst area of New Brunswick.
- The CNE base metal property in the Bathurst area of New Brunswick.
- The Taylor Brook base metal property in the Bathurst area of New Brunswick (currently under option to Bandera Gold Ltd.).
Stratabound management also has a diversified track record of exploration, development and operating successes that includes the Kemess mine in British Columbia; the Colomac mine in the Northwest Territories; the Nighthawk Lake mine in Timmins, Ontario; the Matachewan mine in Ontario; the Pine Point project in the Northwest Territories; rescuing the Caribou mine in New Brunswick from an insolvency auction; Olympic Dam mine in Australia, the Siguiri gold project in Guinea; Norilsk Nickel’s projects in Siberia and Western Australia; and Vale and Rio Tinto Minerals in North America.
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
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.