Stratabound Announces Private Placements to Fund 2019 Exploration Program at the Golden Culvert Gold Project in the Yukon Territory


TORONTO, July 04, 2019 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV: SB) (“Stratabound” or “the Company”) is pleased to announce two private placement offerings on a best efforts basis for a total of up to $900,000 and to provide an update on its summer 2019 exploration program at the Golden Culvert gold project in the southeast Yukon Territory. 

The Private Placements

A $400,000 non-brokered private placement of units (the “Unit Private Placement”) will consist of up to 5,000,000 units at a price of $0.08 per unit.  Each unit will consist of one common share in the capital of the Company and one common share purchase warrant.  Each warrant will entitle the holder to purchase one share of the Company for a period of 24 months from the closing of the offering at an exercise price of $0.10 per share.  Additionally, the Company proposes to raise up to $500,000 through a non-brokered flow-through private placement (the “Flow-Through Private Placement”) of up to 5,555,555 flow-through units at a price of $0.09 per flow-through unit.  Each flow-through unit will consist of one common share in the capital of the Company issued on a flow-through basis and one-half of one common share purchase warrant.  Each full warrant will entitle the holder to purchase one share of the Company for a period of 12 months from the closing of the offering at an exercise price of $0.11 per share.

The current number of issued and outstanding securities prior to any closing of this announced financing total 35,037,087 shares.

The proceeds of the private placements will be used to fund the summer 2019 exploration program at the Golden Culvert property, for other payments directly related to the property and for working capital. Completion of the private placement offerings remain subject to acceptance by the TSX Venture Exchange. All securities issued pursuant to the private placements are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.  Finder’s fees may be payable to qualified parties.

Yukon 2019 Exploration Program

The objective of the 2019 program will be to confirm gold grade continuity and target potential in preparation towards a maiden inferred resource estimate.

Building on the successful 2018 exploration campaign, the Company plans a first phase program of road building and trenching. The Company plans to double the current 500 metres to 1,000 metres of direct road access along strike of the 25m-50m wide Golden Culvert gold mineralized structural corridor.

The road construction will facilitate trenching to expose the two main gold-bearing structures across 20 trenches at approximate 50 metre intervals. 

Additionally geological mapping, rock geochemistry and prospecting further along strike to 1.5km will be performed. 

The Phase 1 program will serve to guide a second phase diamond drilling program to extend the strike length coverage from 450 metres currently to a minimum one kilometre of the 24-kilometre strike length at Golden Culvert. The objective of the program will be to prepare for a maiden NI 43-101 inferred resource estimate.

Stratabound President and CEO R. Kim Tyler commented, “As previously stated, we have had significant success with our initial trenching and drilling at Golden Culvert in 2018. We have done so by successfully meeting the required objectives on plan, on time, and under budget despite the harsh market conditions. The gold prospectivity in the area is excellent and the results speak for themselves. Given the direct year-round road access to the work site and the preparation work done last year, this project remains among the high quality yet lowest cost mineral exploration projects anywhere amongst our peers working near or above the same geographical latitudes. We remain optimistic that our planned 2019 program will build upon last year’s success and we remain extremely confident that the Golden Culvert project will generate results worthy of the investment.”

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. Past work 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. During 2018 samples were taken and assayed from six trenches and eight drill holes (1,355 metres of diamond drilling).  Significant results from 2018 drilling include 60.1 gpt Au over 0.9m within 2.53 gpt Au over 33.1 metres.  

About Stratabound

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
705-822-9771
ktyler@stratabound.com
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.