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TORONTO, Feb. 07, 2020 (GLOBE NEWSWIRE) -- In the news release, “Stratabound Increases New McIntyre Brook Land Package by 750% and Provides update on 2019 Drilling”, issued on February 6, 2020 by Stratabound Minerals Corp., please note the following changes were made in the release. Two changes are in the first paragraph where 245,000 hectares was changed to 2,450 hectares and 37,500 hectares was changed to 375 hectares. The remaining three changes are under the headings “McIntyre-Moose Brook Claim Group Option Agreement:”, “Gold Brook Claim Group Option Agreement:” and “Stratabound Completes Staking of New Claim:” where 160,000 hectares, 22,500 hectares and 62,500 hectares were changed to 1,600 hectares, 225 hectares and 625 hectares respectively. The complete, corrected release follows:
Stratabound Increases New McIntyre Brook Land Package by 750% and Provides update on 2019 Drilling
February 6, 2020 – Toronto, Ontario: Stratabound Minerals Corp. (SB.V) (“Stratabound” or “the Company”) is pleased to announce that it is acquiring an additional 2,450 hectares of favourable prospective ground adjacent to and along strike of its currently optioned 375 hectare McIntyre Brook Gold Project in northern New Brunswick through staking and further property option and purchase agreements.
The total acquisition package will extend the strike component from 1.2 km to approximately 12 km and includes three recorded gold and base metals showings approximately 10 km along strike to the west of the main McIntyre Brook Gold Occurrence. This property, already optioned by Stratabound, features 40 grab and trench samples grading between 0.25 to 43.1 gpt gold in a newly recognized iron oxide-copper-gold (IOCG) style of mineralization along 300m of open-ended strike as reported in the previous press release of Dec. 5, 2019.
McIntyre-Moose Brook Claim Group Option Agreement:
Stratabound has signed a Definitive Option and Purchase Agreement which sets out the terms under which Stratabound has the right and option to earn 100% interest in 11 claims comprising 1,600 hectares located either side of the currently held McIntyre Option through cash payments, share issuances and work commitments. Stratabound will issue 500,000 common shares to the owner subject to TSXV approval, and by the first, second, third and fourth anniversaries of signing Stratabound has committed to complete $10,000, $10,000, $15,000 and $15,000 respectively, in exploration work at the property. Payments on the first, second, third and fourth anniversaries of signing of $40,000, $60,000, $70,000 and $80,000 respectively, are required to maintain the option, which may be paid, at Stratabound’s election, up to 50% in shares. Upon completion of the fourth anniversary payment Stratabound will have earned 100% ownership in the claims. Stratabound has the option to accelerate the payments and expenditures to exercise the Option sooner if it so desires. Stratabound has also agreed to pay the owner a 2% net smelter return royalty on production from the claims of which 1% may be bought back for $1M.
This new claim group features one recorded base metals and two gold showings including a 2011 drill hole that intersected 1.2 gpt gold over 2 metres within 0.49 gpt gold over 11 metres down the hole, west along strike of the main McIntyre trench results previously reported.
Gold Brook Claim Group Option Agreement:
Stratabound has also signed a definitive option agreement which sets out the terms under which Stratabound has the right and option to earn 100% interest in 1 claim comprising 225 hectares located south adjacent to the currently held McIntyre Option through cash payments, share issuances and work commitments. Stratabound will issue 90,000 common shares to the owner subject to TSXV approval, and by the second and third anniversaries of signing Stratabound has committed to complete $5,000 and $5,000 respectively, in exploration work at the property. Payments on the first, second and third anniversaries of signing of $5,000, $10,000, and $15,000 respectively, are required to maintain the option, which may be paid, at Stratabound’s election, up to 50% in shares. Upon completion of the third anniversary payment Stratabound will have earned 100% ownership in the claims. Stratabound has the option to accelerate the payments and expenditures to complete the ownership to exercise the Option sooner if it so desires. Stratabound has also agreed to pay the owner a 2% net smelter return royalty on production from the claims of which 1% may be bought back for $1M.
Stratabound Completes Staking of New Claim:
In addition to the acquisitions through option agreements Stratabound has completed staking of a new claim block comprising 625 hectares located adjacent to the north of the currently held McIntyre Option.
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3d9dc273-9a68-47b0-a7a3-ce7366744825
McIntyre Main Block December 2019 Drilling Update:
Two diamond drill holes were completed in December 2019. The program was cut short due to heavy snow fall and inclement weather. Results of the drilling are expected to be released shortly.
Mr. R. Kim Tyler, President and CEO of the Company stated, “We are very pleased to be acquiring these new properties alongside our previously optioned central McIntyre Brook Block. IOCG-type deposits are an exotic new style only recently being recognized in North America and have the potential to be world-class deposits on par with Australia’s Olympic Dam and Chile’s Candelaria mines. Stratabound is pleased to be moving to the forefront of exploration for these types of deposits in the Canadian Maritimes.”
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:
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.