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TORONTO, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV: SB) (“Stratabound” or “the Company”) is pleased to announce drill results from its first drill program completed on its new McIntyre Brook gold project located along Highway 180, eighty-five kilometres west of Bathurst, New Brunswick. The drill results confirm that significant gold mineralization previously reported to occur in surface trenches along 300m of strike featuring 40 samples grading between 0.20 and 41.57 gpt gold also now extends to at least 80m below surface.
Two drill holes were completed approximately 50 metres apart along strike and under the previously sampled trenches. Both holes intercepted significant gold values near surface associated with hematite, pyrite and quartz mineralized fracture fill within an altered and variably brecciated felsic dyke intruded into argillitic sedimentary country rocks. Anomalous copper values between 69-540 ppm were observed zoned peripherally to the higher grade gold zones. Drill hole MB019-04 intercepted 5.73 gpt gold over 2.0m between 68.0m and 70.0m down the hole within a broader low grade interval averaging 1.20 gpt gold over 20m between 57.0m and 77.0m down the hole. Drill hole MB019-03 intercepted 5.08 gpt gold over 1.0m between 73.0m and 74.0m down the hole within a broader low grade interval of 0.84 gpt gold over 16.0m between 65.0m and 81.0m down the hole. Although there is an assumption at this point that the mineralization dips to the south, the project is still at a very early stage and much remains to be determined with further work. Inclement weather hindered the program such that only two holes of five planned were completed. The results are summarized in Table 1 below.
| Table 1: McIntyre Brook 2019 Drill Summary | |||||||
| DH_ID | North UTM NAD 83 Zone 19N | East UTM NAD 83 Zone 19N | Total Hole Depth (m) | From (m) | To (m) | Length (m) | Au (gpt) |
| MB019-03 | 5263773 | 670260 | 100 | 65.0 | 81.0 | 16.0 | 0.84 |
| including | 73.0 | 74.0 | 1.0 | 5.08 | |||
| MB019-04 | 5263787 | 670312 | 161 | 57.0 | 77.0 | 20.0 | 1.20 |
| Including | 68.0 | 70.0 | 2.0 | 5.73 | |||
The type, style and association of mineralization (Fig.1) is diagnostic of iron oxide-copper-gold (IOCG) type deposits, (see “About IOCG-type Deposits” below).
About IOCG-type Deposits:
IOCG ore bodies range from around 10 million to 4 billion tonnes, (e.g. Olympic Dam, Australia), or more of contained ore and have a grade of between 0.2 percent to 5 percent copper, with gold contents ranging from 0.1 to +3 grams per tonne. The tremendous size, relatively simple metallurgy and relatively high grade of IOCG deposits make them attractive production targets. IOCG deposits are magmatic-hydrothermal deposits that are structurally controlled, have alteration and/or brecciation zones on a large, commonly regional, scale. The ore minerals in these deposits are typically chalcopyrite (copper sulphide), gold and often contain bismuth and rare earth metals. Gangue minerals are typically some form of iron oxide mineral, classically hematite.
Fig. 1 - Drill hole MB019-04 – Brecciated felsic dyke. Gold mineralization associated with quartz, hematite and pyrite fracture fill.
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A plan showing the drill hole locations and results is presented in Fig. 2 below.
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Mr. R. Kim Tyler, President and CEO of the Company stated, “We are very encouraged by these early results as we have demonstrated we have new IOCG-type gold mineralization between surface to +80 metres below, and across 300 metres of strike. Beyond this interval the trend remains virtually unexplored for another 1.2 kilometres to the east where the Big Pit showing features a trench sample of 9.53 gpt gold and 1.44% copper plus another 10 km to the west where the Moose Brook Showing features a soil sample of 1.6 gpt gold and 6.5% copper. The evidence continues to mount for IOCG-type deposits in this under-explored and overlooked region of New Brunswick. As IOCG-type deposits can achieve world-class size we have also moved quickly to assemble a larger land position, as announced in our previous press release, such that we can explore and evaluate this greater potential across 12 kilometres of strike.”
Analytical, QA/QC Methods and Protocol:
All drill core samples were sawn in half with one-half secured in plastic bags sealed with cable wrap ties and delivered to the Actlabs preparation facility in Fredericton, New Brunswick where they were crushed to 80% passed a 2mm sieve. A 250g split was pulverized until better than 95% passed a 105-micron screen. Gold was analyzed on a 30-gram sub-sample by Instrumental Neutron Activation Analysis (INAA) and with a four acid digestion followed by ICP finish at the Ancaster, Ontario lab facility. In addition to the quality assurance and quality control program performed by Actlabs, Stratabound personnel insert internationally certified standards and blanks into the sample stream at the rate of one QA/QC sample for every 15 samples and maintain a program of duplicate sampling on pulp rejects.
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 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.
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.