N.I. 43-101 Report by Mercator Geological Services Underway
CALGARY, June 18 /CNW/ - Stratabound Minerals (TSX.V: SB) ("Stratabound"
or "the Company") is pleased to report on 11 additional holes from its drill
program on its gold and base metal project at Elmtree, New Brunswick.
- 1.5 metre vein assays 1.2 g/t gold, 68.3 g/t silver, 0.7% lead,
2.6% zinc and 7.8 g/t indium
- 0.5 g/t gold across 64.0 metres; includes six intervals grading better
than 1.0 g/t Au across widths of 0.5 to 4.0 metres, including
1.0 metre grading 3.3 g/t Au
Holes 31 to 41 demonstrate that the Elmtree Fault's southern flank
contains consistently distributed low grade gold mineralization across widths
of up to 64 metres in chemically receptive Silurian sediments ("South Gold
Zone"). The geology is reminiscent of Carlin-type bulk-tonnage gold deposits.
The property covers a two kilometre long portion of the Elmtree Fault, a major
crustal discontinuity which closely follows the Ordovician/Silurian
"Advancing our understanding of the mineralized zones at Elmtree has been
a priority for the Company," said Stan Stricker, President & CEO of
Stratabound Minerals. "Results from the 41-hole 2006/07 drill program
demonstrate Elmtree's potential as a highly prospective low-grade, bulk
tonnage gold deposit."
Stratabound has retained Mercator Geological Services Limited of
Dartmouth, Nova Scotia to prepare an initial mineral resource estimate and
associated Technical Report that complies with National Instrument 43-101. The
report will incorporate all drilling and trenching results from Stratabound's
2004 - 2007 work and from programs completed by Lacana Mining and partners in
2006/07 Drilling Program
Most of Stratabound's drillholes have encountered mineralization, ranging
from low grade gold to high grade silver/base metals/gold. Significant grades
and widths of gold and other metals have been found in several new gabbro and
felsite dykes along and near the contact.
Drilling in the property's eastern sector encountered numerous
shear-hosted polymetallic sulphide veins, carrying significant grades over
widths of up to 21 metres (Hole 30). The West Gabbro Zone gold deposit was
previously discovered in the 1980s within the Ordovician plate in the
property's western portion.
Results from Holes 1 to 30 were previously reported in news releases
dated May 17, 2006, July 13, 2006, January 24, 2007 and February 28, 2007.
Among the numerous highlights:
- 9.1 m. @ 2.0 g/t gold (Au), 43.1 g/t silver (Ag), 1.8% zinc (Zn),
2.3% lead (Pb), 1.3% antimony (Sb); including 5.3 m. @ 2.0 g/t Au,
73.4 g/t Ag, 3.1% Zn, 3.9% Pb, 2.3% Sb (Hole 2)
- 5.4 m. @ 2.6 g/t Au, 93.5 g/t Ag, 4.3% Zn, 1.1% Pb; including
1.4 m. @ 6.3 g/t Au, 265.6 g/t Ag, 13.6% Zn, 2.9% Pb (Hole 5)
- 23.5 m. @ 1.7 g/t Au; including 7.0 m. @ 3.0 g/t, and
2.0 m. @ 2.1 g/t Au, 99.0 g/t Ag, 1.6% Pb, 0.5% Pb, 0.5% Sb
- 11.0 m. @ 2.5 g/t Au; including 4.5 m. @ 5.4 g/t Au, and 0.5 m.
with 0.77 g/t Au, 86.8 g/t Ag, 1.8% Pb, 7.1% Zn, 1.3% Sb, 48.7 g/t
indium (In) (Hole 25)
- 21.0 m. @ 1.0 g/t Au, 18.6 g/t Ag, 1.2% Zn; including
1.5 m. @ 6.9 g/t Au, 55.8 g/t Ag, 6.4% Zn, 0.3% Pb, and 29.8 g/t In
New Drilling Results
The latest holes were drilled in order to intersect an IP low-resistivity
feature at shallow vertical depths in four widely spaced areas representing
500 metres of strike length, or one-quarter of the length of the resistivity
anomaly, with 1,500 metres remaining completely undrilled. The alteration
zones raise the possibility of significant gold mineralization beneath and/or
along strike, and Stratabound anticipates continued exploratory drilling this
The latest four areas are separated by 1,175 metres of strike length,
stretching from line 825E in the east to line 350W on the west. Holes are
reported below from east to west, rather than sequentially.
Lines 825E to 720E
Three holes in the property's eastern portion, nos. 33, 32 and 31 (east
to west) tested rocks along the Elmtree Fault. Several 0.5 - 1.5 metre wide
sulphide veins were intersected within shears in holes 33 and 32, including a
1.5 metre vein which assayed 1.2 g/t Au, 68.3 g/t Ag, 0.7% Pb, 2.6% Zn and
7.8 g/t In. Peak assay values for half-metre splits were 2.8 g/t for Au,
165.0 g/t for Ag, 1.8% Pb, 8.6% Zn and 56.8 g/t In.
Two of the holes (33 and 31) intersected a wide yellowish sericitic
alteration zone, with 15.5 metres grading 0.5 g/t Au in Hole 33, and
13.5 metres containing 0.5 g/t in Hole 31. This zone occurs along the fault
contact in Silurian-age calcareous siltstones and grits intruded by felsites.
Lines 425E to 350E
Hole 35, located 295 metres west of Hole 31, similarly intersected a wide
yellowish alteration zone on the fault contact, assaying 0.7 g/t across
17.5 metres. Four other alteration zones with highly anomalous gold content,
1.0 to 7.0 metres in width, are present in Silurian sediments within 44.0
metres of the contact in this hole. This hole also intersected two narrow
semi-massive sulphide veins in the Ordovician plate, including 0.5 metre of
1.1 g/t Au, 117.0 g/t Ag, 1.8% Pb, 3.8% Zn and 23.3 g/t In.
In Hole 34, 75 metres west of Hole 35, mineralization occurs in six
separate gold-bearing intervals, five of them distributed within the Silurian
plate up to 95 metres from the fault contact, their apparent thicknesses
ranging from 1.5 to 15.0 metres. These mineralized intervals are altered
calcareous coarse-grained sediments and quartz-pebble conglomerate, intruded
by four felsite and gabbro bodies up to 31.0 metres thick. The widest
alteration zone in Hole 34 contains 0.5 g/t gold across 15.0 metres, while the
other five intervals grade in excess of 1.0 g/t. A section of altered
siltstone and grit intruded by a 1.2 metre gabbro, 42.0 metres above the fault
contact, graded 2.3 g/t Au over 4.0 metres, with half-metre samples running as
high as 6.6 g/t gold.
Hole 41 intersected a remarkably thick alteration zone intruded by felsic
and gabbro dykes, and carrying 0.5 g/t gold across its entire 64.0 metre
width. This includes six intervals grading better than 1.0 g/t across widths
of 0.5 to 4.0 metres, including 1.0 metre grading 3.3 g/t.
Lines 100W to 350W
Holes 36 to 40 were drilled in a new area located 100 metres south of the
West Gabbro Zone along the 2,000 metre long by 15 to 85 metre wide resistivity
feature. An alteration zone along the contact varies in width from 2.0 to
15.5 metres, with gold grades ranging from 0.3 g/t to 1.1 g/t. A gold-bearing
carbonatized gabbro dyke was intersected along the contact in holes 40
(2.3 g/t across 1.5 metres) and 39 (1.1 g/t over 3.5 metres). In addition to
the gabbro-hosted mineralization, hole 39 intersected eight low grade (0.3 to
1.2 g/t) gold intervals within 60 metres of the contact. These mineralized
intervals comprise altered calcareous siltstones and grits ranging in width
from 0.5 to 3.5 metres. Their abundance suggests possible leakage from an
underlying mineralized body.
Drill core was logged and split at the provincial government core storage
facility at Madran, New Brunswick. Drill core was submitted for analysis to
ALS Chemex Laboratories in Sudbury, Ontario. Stratabound maintains quality
control and assurance with the use of blanks and standards, the retention of
pulps and rejects and spot checks using other laboratories.
John Duncan, P.Geo. and Stan Stricker, P.Geol. are the Qualified Persons
on the Elmtree project as defined in National Instrument 43-101.
Stratabound is a Canadian junior mining and exploration company currently
active in the prolific Bathurst base metal mining district and in several
gold-prone areas of New Brunswick, in two mineral-rich regions of northern
Quebec, and on a volcanogenic massive sulphide property 130 kilometres north
of Lake Superior, Ontario.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Certain information regarding the Company contained herein may constitute
forward looking statements. Forward looking statements may include estimates,
plans, expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although the Company believes that
the expectations reflected in such forward looking statements are reasonable,
it can give no assurance that such expectations will prove to have been
correct. These statements are subject to certain risks and uncertainties and
may be based on assumptions that could cause actual results to differ
materially from those anticipated or implied in the forward looking
statements. The Company is under no obligation to update or alter any forward
looking statement. These risks include operational and geological risks and
the ability of the Company to raise necessary funds for exploration. The
Company's forward looking statements are expressly qualified in their entirety
by this cautionary statement.
For further information:
For further information: Stan Stricker, P. Geol, President, (403)
258-3630, firstname.lastname@example.org, www.stratabound.com