TORONTO, Oct. 07, 2019 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (SB.V) (“Stratabound” or “the Company”) is pleased to announce results from the first phase of its recently completed 2019 gold exploration program on the Golden Culvert Project located in the Hyland-Selwyn gold belt in the eastern Yukon Territory. A total of 23 trenches were completed across a kilometre of prospective strike length at various intervals. This first phase of trenching reported in this press release relates to six close-spaced, in-fill trenches between three wide-spaced trenches completed in 2018 focused around the Main Discovery Vein outcrop that has historic chip sample results up to 22.8 gpt Au over 1.0m. Other phases of exploration completed this season include further road and trail construction, wider spaced reconnaissance trenches extending up to a kilometre along strike, geochemical rock sampling and a regional helicopter supported reconnaissance prospecting survey across the northern 12 km of the 24 km total prospective strike length located within the property claim boundary, the results for which will be the subjects of forthcoming press releases as the data is received and analyzed.
2019 Phase 1 Trenching;
The 2019 first phase trenching program was designed to complete close-spaced, in-fill trenching across a 200 metre strike with the objective of investigating short range variability and continuity of gold grade and host structure between two successful, though wide-spaced trenches completed in 2018.
Eight Phase 1 trenches were completed on nominal 12.5m spacings where ground conditions were not too steep or otherwise prohibitive. The trenching was completed with the use of a mechanical excavator to a maximum permitted depth of 2m where required. Two trenches did not encounter bedrock to this depth. Progressive reclamation was completed on trenches that did not encounter bedrock or were unmineralized.
Phase 1 Results:
All six close-spaced 2019 trenches encountered significant gold mineralization that confirmed and exceeded results achieved in 2018 on the Main Vein Zone. The best intersection in trench TR1902 yielded 19.15 gpt Au/1.5m within a larger envelope that graded 3.63 gpt Au/9.0m. As well, additional higher grade intervals were exposed within moderate grade envelopes this year including 7.82 gpt Au/1.0m in TR1903 and 8.60 gpt Au/1.5m in TR1905.
Figure 1 below details the results of the 2019 Phase 1 trenching, (red highlights) and indicates the 2018 results for comparative purposes, (blue highlights).
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/75e157cb-772d-4313-890b-7bca3a524f65
Because the full results of the 2019 exploration are not yet available, the Company has requested that the Optionors accept a deferral of the annual option payments due for the Golden Culvert properties. The Optionors, who assisted with the exploration program, have agreed to the deferral, and the parties are working out the specific terms of the agreement.
President and CEO, R. Kim Tyler commented, "This first phase of our second field season has further increased our confidence in the gold potential at Golden Culvert. The trench results this year exceed those achieved last year on the same stretch of the Main Vein Zone. Where last year we had only two wide-spaced trenches that graded between 0.66 gpt to 6.67gpt Au over 7.5m to 2.5m respectively we now have an additional six close-spaced trenches with significantly more high grade values grading between 7.82 gpt to 19.15 gpt Au over 1.5m over the same 200 metres of strike length. As observed last year, every exposure of the hosting vein and breccia structure demonstrated significant and consistent gold mineralization again this year. We are thus also very pleased at the continuity of gold mineralization and host structures at widths and grades that appear amenable to open pit mining in addition to attractive narrower, high grade intervals contained within. Further results of our 2019 exploration program will be released as they become available.”
The trench results and particulars related to this press release are detailed in Table 1 below. True widths are anticipated to be between 95-100% of actual.
|Azimuth||From (m)||To (m)||Au (gpt)||Interval |
|TR1904||6868703||531363||299||Did not expose |
|TR1908||6868851||531173||257||Did not expose |
Table 1 – 2019 Trenching
Summary grades are reported uncapped as there are insufficient results returned to date to make a reasonable capping determination.
Analytical, QA/QC Methods and Protocol:
All trench samples were secured in plastic bags sealed with cable wrap ties and placed into plastic rice bags similarly sealed and delivered to the ALS Global preparation facility in Whitehorse, Yukon Territory where they were crushed until 70% passed a 2mm sieve. A 250g split was pulverized until better than 85% passed a 75-micron screen. Gold was tested by a 30-gram fire assay method with an atomic absorption finish at the Vancouver ALS lab facility. Assay results that exceed 100 gpt Au by this method are re-assayed by metallic screening followed by fire assay with a gravimetric finish. In addition to the quality assurance and quality control program performed by ALS, 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 the Golden Culvert and Little Hyland Properties
The Golden Culvert and Little Hyland properties 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 and 30 km north along strike of Aben Resources’ Justin Project. 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.
Stratabound Minerals Corp. is a Canadian exploration and development company focused on gold exploration in 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
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.