Toronto, Ontario--(Newsfile Corp. - April 14, 2022) - Stratabound Minerals Corp. (TSXV: SB) (OTCQB: SBMIF) ("Stratabound" or the "Company") is pleased to announce it has concluded several option agreements to acquire an additional 19 claims covering an area of 59.56 km2 (5,956 hectares) of prospective ground adjacent to its McIntyre Brook Gold Project and Puma Exploration Inc.'s Williams Brook high-grade gold project in an emerging new Maritime gold district in northern New Brunswick, with geological comparisons to New Found Gold's Queensway Project in eastern Newfoundland.
The new acquisitions more than double the Company's land position to 119.6 km2 and complete the consolidation of the entire 17 km of prospective ground between Puma Exploration's Williams Brook to the west and Portage Brook/Jonpol gold properties to the east. Dubbed the "Triple Fault Gold Belt", the entire 37 km "Belt" features numerous new high-grade gold showings including Puma's O'Neil and Lynx gold zones with trench and outcrop values up to 371 g/t Au, 128 g/t Au; and drill results up to 5.50 g/t Au over 50.15m recently reported in Puma's first ever drill program. (Source: Puma Exploration Inc.). Stratabound's McIntyre Zone at the centre of the Belt features 40 grab sample* values between 0.20 and 41.56 gpt gold collected from bedrock exposed in trenches along 300 metres of strike length.
Figure 1. Stratabound New Acquisitions in the Triple Fault Gold Belt
To view an enhanced version of Figure 1, please visit:
Gold mineralization in the Triple Fault Gold Belt is of the orogenic type hosted in quartz veins and breccia at contacts between harder rhyolite units and softer sediment hosted units aligned along regional-scale faults such as the Rocky Brook, McIntyre Brook and Ramsay Brook faults that cut through the Belt. Numerous mapped rhyolite units occurring on the Stratabound ground adjacent to these regional-scale faults remain unexplored for gold and will be the target for upcoming exploration work planned this season, (Figure 1).
New: 455 g/t Au Discovery 45km along Strike at Goldstrike Zone
Canadian Metals Inc. (CSE:CME), reported a new discovery of 30 grab samples* up to 455.0 g/t Au, 85.6 g/t Au 76.9 g/t Au, 63.6 g/t Au, 36.9 g/t Au, 15.4 g/t Au, 14.8 g/t Au at its new LG Discovery Zone on its Goldstrike Property. The LG zone occurs on a splay about 45 km east of and off the same Rocky Brook Fault that transects the Triple Fault Belt, (Figure 1). Canadian Metals reports that the gold is hosted mostly in the sediment/rhyolite contact as occurs most elsewhere in the Belt. (Source: Canadian Metals press release March 9, 2022)
*Selected rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the property
Mr. R. Kim Tyler, President and CEO of the Company stated, "Northern New Brunswick is experiencing a rapid increase in new high-grade gold discoveries as more scrutiny and effort are applied in looking for them. We believe we are in the early days of discovering the next exciting Maritime gold district following the same intercontinental geological environment as occurs in Newfoundland, Nova Scotia and Dalradian Gold's high-grade Curraghinalt gold mine in Ireland."
The Option Agreements
Stratabound has signed seven definitive arms-length option agreements, (the "Options") which set out the terms under which Stratabound has the option to earn 100% interest in 19 claims comprising 59.56 km2 (5,956 hectares) located adjacent to and east of the Company's existing optioned McIntyre Brook claims through cash payments and share issuances. Stratabound will provide initial cash payments totaling $50,000 upon signing and will issue 2,161,000 common shares to the owners subject to TSXV approval and will be subject to a 4-month hold period. Subsequent payments on the first, second, third and fourth anniversaries of $164,000, $209,000, $246,500 and $285,500 respectively, are required to maintain the Options, $865,000 of which may be paid at Stratabound's election up to 50% in shares. Upon completion of the fourth anniversary payments Stratabound will have earned 100% ownership in the claims. Stratabound has the option to accelerate the payments to exercise the Options sooner if it so desires. Stratabound has also agreed to pay the owners a 2% net smelter return royalty on production from the claims of which may be bought back in increments of $1M for each 1% of the NSR. All the Options have a provision for performance payments upon completing the following milestones:
a one-time cash payment of $25,000 upon a Positive Preliminary Economic Assessment
a one-time cash payment of $50,000 upon a Positive Feasibility Study
a one-time cash payment of $100,000 upon Commercial Production
Stratabound Minerals Corp. is a Canadian mineral exploration and development company that is developing its advanced-stage flagship Fremont Gold Project in the Mother Lode Gold Belt of California. The Project includes the Pine Tree/Josephine Deposit hosting an NI 43-101 Mineral Resource estimate of 526,000 ounces at an average grade of 1.60 g/t Au in the Indicated, plus 452,000 ounces at an average grade of 1.29 g/t Au in the Inferred Mineral Resource categories, respectively1). Additionally, Fremont also hosts three undeveloped gold occurrences across four kilometres of strike along the prolific Mother Lode Gold Belt.
1)(Technical Report on the Fremont Gold Project, Central California, USA. Report for NI 43-101Stratabound Minerals Corp. SLR Project No: 233.33360.R0000 September 30, 2021, SLR Consulting (Canada) Ltd. Filed on SEDAR.
The Company is also advancing its pipeline of other early-stage gold exploration projects including the Golden Culvert, YT and McIntyre Brook, NB in Canada. Additionally, the Company holds two other projects both of which feature NI 43-101 Mineral Resource Estimates. These include the Dingman Gold Deposit, ON and a significant land position in the Bathurst camp of New Brunswick, including the Captain Cobalt-Copper-Gold Deposit.
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 and technical information of this news release.
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/120398