Stratabound to drill gravity target; announces financing
- Stratabound mobilizing drill to test strong gravity target
- Announces $300,000 flow-through financing
SB: TSX Venture Exchange Issued: 72,087,611 shares
CALGARY, Sept. 10, 2012 /CNW/ - A newly completed gravity survey by Stratabound Minerals Corp. (TSX.V:SB) ("the Company") has confirmed an exceptional drill target within a claim group optioned from Commander Resources Ltd. The optioned property adjoins the northern boundary of Stratabound's 100%-owned CNE and Captain claims in the Bathurst Mining Camp of northern New Brunswick. Stratabound can acquire up to a 65% interest in the Commander claims, and has recently expanded this property from 800 to 1,049 hectares. In addition to the optioned claims, Stratabound has a 100% interest in 6,405 hectares in the Bathurst camp.
The recent survey has outlined the northern end of a significant gravity high. With an indicated strength of 0.8 to 0.9 mgal and a width of 400 to 500 metres, this gravity anomaly represents an impressive density contrast which is strengthening and becoming wider in a southward direction, where it remains "open", i.e. unsurveyed to date. The CNE/Captain boundary is situated 2,600 metres south of the new target.
By way of comparison, Stratabound's nearby CNE zinc-lead-silver deposit, which is currently under government review for possible production and delivery to Xstrata's Brunswick #12 mill, was a 0.25 to 0.3 mgal gravity anomaly.
Previous geophysical work shows that the new gravity anomaly correlates spatially with strong airborne and ground electromagnetic anomalies (TDEM; MaxMin EM; IP chargeability; down hole EM), as well as magnetic anomalies.
Several shallow holes previously drilled in the general vicinity intersected disseminated and stringer sulphide mineralization containing appreciable amounts of copper associated with chlorite alteration.
Stan Stricker, President of Stratabound, states: "We know that all of the major lead-zinc-silver-copper ore deposits of the Bathurst Camp, including Brunswick No. 12, Brunswick No. 6, Heath Steele and Caribou, occur adjacent to similar chloritic copper stringer alteration zones.
"We feel that the known stringer and disseminated sulphides on Commander are unlikely to cause this strong and sharp gravity anomaly, because they seem insufficient to account for such a pronounced mass difference, which is more characteristic of massive sulphides.
"The confluence of strong gravity and magnetic anomalies with strong EM conductors, as well as a copper-chlorite stringer zone, represents a first-class drill target for a dense, buried massive sulphide body."
Stratabound is mobilizing a drill to test this target with an angled 650 metre drill hole, engineered to intersect the gravity anomaly at a planned vertical depth of about 375 metres.
Stratabound will post maps pertinent to this news release on its website shortly.
The Company has undertaken a private placement of 3,750,000 flow-through shares at $0.08 per share for gross proceeds of $300,000, subject to regulatory approval. A minimum of two-thirds of this issue will be subscribed by insiders of the company. Stratabound plans to use the proceeds from this financing for drilling on the Commander property and a portion may also be expended on its 100%-owned Taylor Brook claims.
The technical information contained in this release has been reviewed by John Duncan, P.Geo. and Stan Stricker, P.Geol., Qualified Persons as defined in National Instrument 43-101.
About Stratabound Minerals Corp.
Stratabound is a Canadian natural resource company exploring and developing base metal and gold properties in eastern Canada. It is currently focused on bringing the CNE lead-zinc-silver deposit into production in the infrastructure-rich, world-class Bathurst Mining District of northern New Brunswick.
Neither 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, 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.
SOURCE: Stratabound Minerals Corp.For further information: