Stratabound Commences Drill Program on Captain Copper-Cobalt-Gold Deposit, Bathurst Mining District, New Brunswick
Toronto, October 7, 2020 - Stratabound Minerals Corp. (TSXV: SB) ("Stratabound" or "the Company") reports that, in light of current and anticipated copper, cobalt, gold and silver demand, it is re-evaluating its Captain Deposit located in the midst of the Bathurst, New Brunswick base metals district and further announces that it has commenced a diamond drill program to extend and upgrade the Captain NI 43-101 Mineral Resource Estimate independently completed by Mercator Geological Services and filed on Sedar on December 8, 2010, (the "Estimate"). The Estimate reflects mineralization defined by 30 holes drilled to that time and is summarized in Tables 1 and 2 below:
| *CuEQ% Cut-off | Resource Category | Tonnes ('000) | Cu% | Cu lbs./tonne | Co% | Co lbs./tonne | Au (g/t) |
| 0.6% | Measured | 68 | 1.09% | 24.0 | 0.059% | 1.30 | 0.20 |
| Indicated | 938 | 1.03% | 22.7 | 0.050% | 1.10 | 0.20 | |
| M+I Total: | 1,006 | 1.03% | 22.8 | 0.051% | 1.12 | 0.20 | |
| 1.0% | Measured | 46 | 1.51% | 33.3 | 0.056% | 1.23 | 0.25 |
| Indicated | 621 | 1.41% | 31.1 | 0.047% | 1.04 | 0.25 | |
| M+I Total: | 667 | 1.42% | 31.2 | 0.048% | 1.05 | 0.25 | |
| 1.4% | Measured | 32 | 1.86% | 41.0 | 0.057% | 1.26 | 0.29 |
| Indicated | 416 | 1.74% | 38.4 | 0.045% | 0.99 | 0.30 | |
| M+I Total: | 448 | 1.75% | 38.5 | 0.046% | 1.01 | 0.30 |
Table 1: Measured and Indicated Resources for the Captain Cu-Co-Au Deposit
| *CuEQ% Cut-off | Resource Category | Tonnes ('000) | Cu% | Cu lbs./tonne | Co% | Co lbs./tonne | Au (g/t) |
| 0.6% | Inferred | 960 | 0.64% | 14.1 | 0.039% | 0.86 | 0.12 |
| 1.0% | 298 | 1.18% | 26.0 | 0.038% | 0.84 | 0.20 | |
| 1.4% | 162 | 1.47% | 32.4 | 0.040% | 0.88 | 0.24 |
Table 2: Inferred Resources for the Captain Cu-Co-Au Deposit
Note: *CuEQ% = Cu % + (Co % X 9.25). The 9.25 factor represents the relative price of Co compared to Cu based on 3-year average metal pricing, (to December 8, 2010), with no metal recovery factors applied.
Subsequent to the 2010 Estimate, seven drill holes were completed in 2014 totaling 1,827 metres with near-surface intersections yielding 1.71% Cu, 0.049% Co, 0.207 g/t Au, 6.27g/t Ag over 7.5 metres in hole CP-14-33 between 19.5-27.0 metres down the hole and 1.85% Cu, 0.059% Co, 0.32 g/t Au and 8.0 g/t Ag over 3.5 metres between 13.0-16.5 metres down the hole in hole CP-14-36. The Company has now commenced drilling an additional planned ten drill holes totaling approximately 1,000 metres. The program is anticipated to be complete by mid-November and is intended to expand and increase confidence into a revised NI 43-101 Resource estimate to be prepared in mid-2021.
Mr. R. Kim Tyler, President and Chief Executive Officer of Stratabound, stated, "Although our focus continues to be on gold at our flagship Golden Culvert Gold Project in the Yukon, and secondarily our McIntyre Brook IOCG Gold Project in New Brunswick, we recognize that copper and cobalt deposits are the way of the future in the battery metals sector; high in demand yet short in supply. We have an excellent asset by way of our Captain Copper-Cobalt-Gold-Silver deposit in a highly prolific jurisdiction amongst world class base metals deposits in the midst of the Bathurst, New Brunswick Camp that we are as obliged, as we are keen, to explore and develop to full potential."
Golden Culvert Gold Project, Yukon Territory Update:
The diamond drilling program is nearing completion by mid-October at the Company's flagship Golden Culvert Project. Twelve holes have been completed to date totaling 2,450 metres. Work is progressing well, weather has not been a deterrent, and drilling is expected to continue to the full extent of the Yukon Class 3 exploration permit allowance to mid-October, 2020. Results of the July, 2020 Phase 1 reconnaissance and ground exploration program are forthcoming in the coming weeks.
About the Captain Deposit
The Captain Deposit is located along the "Brunswick Horizon", within a 20km radius and the same stratigraphic contact that hosts the historic Glencore Brunswick No.12, No.6 and Heath Steele mines with past production totaling an aggregate 174.7 million tons grading an average 8.74% zinc, 3.4% lead, 0.34% copper and 102 g/t silver. The Captain is a volcanic massive sulphide, or VMS-type deposit, similar to the above described deposits, characterized by a plunge extent of at least 400 metres of disseminated, stringer, semi-massive, and massive sulphide mineralization measuring approximately 150 metres in surface strike length and having a maximum width of about of 50 metres. Past detailed studies by independent consultant Dr. S. R. McCutcheon support the interpretation that the Captain Deposit is an overturned "feeder stockwork" zone, or footwall alteration pipe, presenting a high-quality exploration target for exhalative lead-zinc-silver massive sulphide mineralization at depth where mineralization remains open. CP09-26, the deepest hole drilled to date, intersected 19.5 metres of massive sulphide mineralization grading 1.12% copper between 353.0 to 372.5 metres down the hole including 8.5 metres grading 2.11% copper, 0.052% cobalt, 12.4 g/t silver, and 0.30 g/t gold between 364.5 to 373.0 metres down the hole to a vertical depth of approximately 388 metres below surface.
About Stratabound
Stratabound Minerals Corp. is a Canadian exploration and development company focused on gold exploration at its flagship Golden Culvert Project, Yukon Territory and its new McIntyre Brook Project, New Brunswick, Canada. 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-Gold Deposit that hosts an NI 43-101 Measured and Indicated Resource.
Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound, and a "Qualified Person" for the purpose of NI 43-101, has reviewed and approved the contents of this news release. For further information, please see the corporate presentation and NI 43-101 Technical Reports on the Stratabound web site, www.stratabound.com.
For further information contact:
R. Kim Tyler, President and CEO
416-915-4157
info@stratabound.com
www.stratabound.com
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65407