Stratabound Commences 2020 Exploration at Golden Culvert and Provides Update
Toronto, Ontario--(Newsfile Corp. - July 14, 2020) - Stratabound Minerals Corp. (TSXV: SB) ("Stratabound" or "the Company") announces that an advanced field team has commenced exploration work at its Golden Culvert gold project located in the Yukon Territory. A first-phase program is underway in preparation for a second-phase drilling program planned for later in the season. The first-phase includes soils and rock geochemistry, ground geophysics, and geological surveys on property-wide targets across the remaining underexplored 24-km property strike length extending either side of the Main Discovery area that has been the focus of close-spaced, detailed work conducted to date. The Company has received approval from the Yukon Ministry of Community Services for the Company's COVID-19 alternative self-isolation plan and has also been approved for government funding through the Yukon Mining and Exploration Program (YMEP). All permits, notices and approvals are in place to conduct planned work this season.
Detailed Work Completed to Date
About 80% of the exploration work to date has been centred around only 570m of strike along the Main Discovery area located in the centre of the Golden Culvert claim block where gold-bearing quartz veins and breccia yielding numerous chip samples grading between 7.7 to 22.8 gpt gold were first discovered in 2008. The Main Discovery area rests at the approximate centre of a 3km by 250m wide +30 ppb gold-in-soil anomaly that remains open-ended in both directions and virtually unexplored to the full 24-km property strike length. Since acquiring the property in 2017 the Company has completed 24 close-spaced trenches, 8 diamond drill holes and geological mapping across the Main Discovery area in detail during its 2018 and 2019 programs. These programs have identified an open-ended 130m wide corridor of six parallel gold-bearing quartz vein and breccia structures consistently carrying gold values between 0.34 g/t Au over 5.3m and up to 95.0 g/t Au over 1.5m on the six parallel structures.
New 2019 Discovery and Property-scale Program
A new gold-bearing vein grading 0.92 g/t over 2m wide was discovered at the end of the 2019 field season 7.1km directly along strike of the Main Discovery Area. The area in-between has not been explored and is a top priority for 2020. Other past and recent work has also identified a number of other exploration targets on the remaining 24-km property strike that follow the structural trends identified in that recent Stratabound work. This program will evaluate five of these other targets identified for similar gold potential as found at the Golden Culvert Main Discovery area, as well as more work to extend knowledge at the Main Discovery Area itself.
Seabridge Gold Moves into Golden Culvert Neighbourhood
The Company was pleased to note that in May, 2020 Seabridge Gold acquired the nearby high-grade 3 Aces gold Project located about 20 km south of the Golden Culvert Project. The Seabridge press release stated, "Seabridge Gold Chairman and CEO Rudi Fronk said the 3 Aces Project is a first-rate exploration play with the potential to host a high grade commercially-viable ore body. "We think 3 Aces is a worthy addition to the three outstanding exploration opportunities we already own in British Columbia, Nevada and the Northwest Territories."" Seabridge Gold owns the Proven and Probable 38.8-million-ounce gold, 102-billion-pound copper KSM property located in British Columbia, the Courageous Lake property located in the Northwest Territories and its newly acquired Iskut Property located in northwestern British Columbia. Seabridge market capitalization is approximately $CD1.48 billion
Mr. R. Kim Tyler, President and CEO of the Company stated, "Given the ongoing pandemic challenges we all continue to endure, it's a wonderful pleasure for us to be back in the field again keeping the momentum going and building upon the successes we have enjoyed to date on our projects. Stratabound sees the recent investment in the Hyland Gold District by Seabridge Gold plus the increased investment by Jerritt Canyon Canada in Stratabound as greatly encouraging endorsements in both the regional gold potential and the Company respectively."
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 Gold 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 100%-owned 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 visit the Stratabound web site at www.stratabound.com.
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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.
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