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
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
Several shallow holes previously drilled in the general vicinity
intersected disseminated and stringer sulphide mineralization
containing appreciable amounts of copper associated with chlorite
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
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
SOURCE: Stratabound Minerals Corp.
For further information:
Stan Stricker, P. Geol, President