Stratabound Commences 2022 Work Program at Fremont Gold Project
Toronto, Ontario--(Newsfile Corp. - March 23, 2022) - Stratabound Minerals Corp. (TSXV: SB) (OTCQB: SBMIF) ("Stratabound" or the "Company") is pleased to announce exploration work has commenced on its Fremont Gold Project in the Mother Lode Gold Belt of central California. Preliminary mine development plans are also underway including baseline environmental and engineering studies.
The first phase of exploration work includes excavating 10 surface trenches at 50-metre intervals across 500 metres of strike overlying the Queen Specimen Zone. The Queen Specimen Zone is the northern-most of four separately drilled gold-mineralized zones that are connected across 4 kilometres of strike on surface by a >30 ppb gold-in-soil anomaly.
To date only one of these zones, the Pine Tree-Josephine ("PTJ") Deposit, has a defined NI 43-101 Mineral Resource Estimate1) ("MRE"). The PTJ Deposit features 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 1) MRE categories, respectively. The PTJ Deposit covers only one km of the four km of anomalous gold-in-soil mineralization and extends only to about 300m from surface; nearly half the depth of historic high-grade underground mine production which remains open beyond.
Starting with Queen Specimen, the Company plans to expand the MRE across the remaining 3 km of strike and to depth through additional trenching and drilling campaigns planned this year.
Systematic sampling of the trenches is designed to define the at-surface gold mineralization projected from diamond and reverse-circulation ("RC") drill holes extending from 300 metres below surface. (Figure 1.) The entirety of work will be incorporated into a revised NI 43-101 MRE update later this year.
To view an enhanced version of Figure 1, please visit:
Mine Development Activities
The Company is also pleased to report that its baseline environmental program has also commenced. The Company is re-establishing and upgrading water sampling points and monitoring groundwater wells for routine environmental sampling. These pre-production sampling studies are a critical component of an Environmental Impact Report ("EIR") that will be submitted to regulatory authorities in order to receive mining permit approvals. The effort is greatly assisted by a draft Environmental Impact Report ("EIR") prepared in 1989 by previous owners for which considerable work and effort has already been contributed. Independent consulting companies have also been approached to prepare proposals for an updated NI 43-101 Resource Estimate and Preliminary Economic Assessment planned for later this year.
Mr. R. Kim Tyler, President and CEO of the Company stated, "We are pleased to report that work has begun on site at Fremont pursuing two parallel objectives of a "path to production" as well as expanding the resource base. On the strength of the Property's assets enhanced by the recent compelling surface gold-in-soil results linking all the mineralized zones over the full four kilometres of strike, we are greatly encouraged to move forward."
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/117735