TORONTO, Oct. 24, 2018 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV: SB) (“Stratabound” or “the Company”) is pleased to announce the results from the Company’s summer exploration program at its Golden Culvert project in the southeast Yukon Territory. Trenching results have been reported in a press release dated August 23, 2018 and results of three of the eight drill holes were reported in a press release dated October 10, 2018. Drill results have now been received for all but one of the remaining drill holes.
President and CEO, R. Kim Tyler commented, "We are pleased to report that consistent significant gold mineralization can be traced both on surface and at depth. This mineralization occurs in at least two parallel gold veins and mineralized wall rock structures that extend for a minimum 430 metres of strike, and that remain open at depth and at both ends. The presence of visible gold is particularly significant as it is the first reported bedrock occurrence on the project. We have made all necessary option payments on the project and look forward to preparing next year’s exploration program.”
In summary, the summer program, which the Company completed under budget, has confirmed the following:
- Gold bearing zones are observed to be controlled by quartz vein structures with strike and near vertical dip orientations that parallel the regional geology.
- The recently completed drilling program of 1,350 m has confirmed the results of the discovery outcrop and at least one new parallel gold-bearing structure.
- Over 430 metres of mineralization strike length has been defined to date. Soil geochemical anomalies continue for at least 2.5 km to the north and 0.5 km to the south and remain untested.
- The results confirmed the effectiveness of gold and arsenic soil geochemistry as a tool to track mineralization.
- Soil survey coverage, prospecting and grab sampling in the property’s 24 km length is only 20% complete along the key prospective strike direction. The exploration potential therefore remains excellent.
Significantly, the drilling has outlined both high grade and low grade mineralization, giving great exploration flexibility in the future.
New Drill Hole Results
The second round of summer 2018 results includes results for four drill holes. GC1806 intercepted two parallel gold bearing vein and breccia structures. The deeper of the two veins assayed 6.02 gpt Au over 4.5 metres, including 12.98 gpt Au within a 2.0 metre quartz vein between 69.5-71.5 metres down the hole. The intersection had visible gold in the vein. This is the first ever reported observation of visible gold in bedrock at the Golden Culvert project.
Drill hole GC1806:
The intercept noted above is interpreted to be the down dip extension of the West 1 Vein exposed in surface trench TR1801_B that intercepted 1.49 gpt Au/10.0 metres including 6.11 gpt Au across the 1.5 metre quartz vein, (Figures 1 and 2). The West 1 Vein is also exposed 400 metres southeast along strike in surface trench TR1804 that intercepted 2.33 gpt Au/3 metres including 5.32 gpt Au/ 1.0 metre reported previously in the August 23, 2018 press release. GC1806 also intercepted the Main Vein with 1.14 gpt Au/7.5 metres between 11.5-19.0 metres down the hole including 3.86 gpt Au/1.5 metres. The Main Vein is located 30-40 metres northeast of and parallel to the West 1 Vein. This Main Vein intercept is located 350 metres northwest up strike of the 2.53 gpt Au/33.1 metres including 60.10 gpt Au/0.9 metre in drill hole GC1803 reported in the previous press release of October 10, 2018. (See Figure 2)
Drill Hole GC1807:
GC1807 intersected both vein systems approximately 425 metres southeast along strike of GC1806, intercepting 1.20 gpt Au/10.2 metres between 107.8-118.0 metres down the hole on the Main Vein and 0.60 gpt Au/7.9 metres between 44.3-52.2 metres down the hole on the West 1 Vein.
Drill Hole GC1805:
This hole was terminated in a fault zone before hitting the Main Vein target but not before ending in gold mineralization of 0.49 gpt Au/4.8 metres at the end of the hole between 99.4-104.2 metres.
Drill Hole GC1802:
GC1802 intercepted 1.76 gpt Au/7.6 metres between 120.0-127.6 metres down the hole including 6.06 gpt Au/1.9 metres of the West 1 Vein. Sampling and assay results remain outstanding on a portion of drill hole GC1802 which, given the results from surrounding holes, is being re-evaluated for sampling of previously unsampled intervals.
Drill Hole GC1808A:
This hole intercepted 0.74 gpt Au over a 4.5 metre interval. The interval includes 0.6 metres of unrecovered core at zero grade in the centre due to an interval of faulted ground.
Drill Hole GC1808B:
This hole was also terminated early in the same fault zone as GC1805 before hitting the target zones.
Table 1 on the following page lists all the holes and results reported to date.
|UTM NAD |
|GC1801||531305.4||6868814.6||187.6||-44.8||Ended short of target in fault.||19.8|
|GC1808B||531391.8||6868568.9||345||-60.0||Ended short of target in fault.||45.7|
Figure 1 is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/75ccd1f8-bd2d-44d4-8d4f-9ab32d4c2bf3
Figure 2 is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/e506f103-fdba-4507-a27e-32661e859045
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. Trench samples on six trenches completed earlier this summer and 7 of 8 drill holes have now been reported. This summer’s program of $0.75 million included 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 compliant 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.