Stratabound exploration update
10 Dec, 2014, 08:30 ET
SB: TSX Venture Exchange
CALGARY, Dec. 10, 2014 /CNW/ - Stratabound Minerals Corp's. 2014 exploration activities near Bathurst, New Brunswick, have been directed towards the discovery of base metal massive sulphide deposits on its Captain, CNE, Taylor Brook and Commander Option claims, and gold/base metal mineralization on its Green Point property.
To this end, a variety of geophysical, geochemical, trenching, and drilling programs have been ongoing throughout 2014.
Captain and Commander
The company is currently receiving, compiling, and evaluating results from recent drilling on the Captain property (8 holes), while sawing drill core and submitting samples for assay from a drill program just completed on the Commander claims (6 holes).
Positive results have been received from exploration this summer at CNE, Taylor Brook, and Green Point, as reported below.
Last year, drill hole CNE-13-26 identified the contact between the mineralized, chloritic Nepisiguit Falls Formation footwall of the CNE zinc-lead-silver deposit and the unmineralized Flat Landing Brook Formation. This led Stratabound to undertake a soil sampling program southward along the projected contact, intended to search for additional massive sulphide mineralization. An exceptionally strong soil anomaly has been outlined over an area of at least 130 metres x 100 metres, directly overlying the southern projection of the CNE footwall about 100 metres southeast of the filled-in pit (see map dated December 9th, 2014 on www.stratabound.com home page).
A central portion of 95 metres x 65 metres contains on average 2.50% zinc (range 0.28% to 11.0%), 0.61% lead (range 306 ppm to 1.93%), and 271 ppm copper (range 58.1 ppm to 1,240 ppm). Additional assays have just been received, but have not yet been incorporated into the anomaly map. These additional sampling locations, shown as red dots on the map, indicate that this exceptional metals-in-soil anomaly remains open to the north and northeast.
The samples were collected by auger from depths of 3.5 to 4.0 feet and are rich in organic materials, but several basal till samples were also recovered. One sample site returning 11.0% zinc was resampled. This sample was panned, separating the organic material and coarse- to fine-grained fractions of basal till rubble. These samples were submitted to the Geological Surveys Branch of New Brunswick Department of Energy and Mines, and analyzed by X-ray fluorescence, also returning percentage-level values in zinc and lead, and strengthening the possibility that the anomaly may be an indication of an undiscovered sulphide zone in the underlying footwall rocks. Further confirmation by wet chemical techniques is pending.
It remains to be determined whether this anomaly is entirely due to the known CNE Deposit or whether it is in part due to as-yet undiscovered sulphide mineralization. The continuation of percentage-level zinc and lead values below the organic soil layer into the underlying basal till strengthens the possibility that the anomaly is an indication of an undiscovered sulphide deposit in the footwall. The anomaly is clearly not due to Stratabound's limited 2013 mining activity, but would have taken millennia to form following retreat of the glaciers that once covered northern New Brunswick.
Drill hole CNE 13-26 has been re-logged and the mineralized intersection representing the footwall contact has been sent out for analysis. Follow-up investigation is planned in 2015.
One hole was drilled on Taylor Brook, intersecting a total of 10.7 metres of semi-massive to massive sulphides with good lead-zinc-silver grades in two zones beneath a magnetite iron formation (news release dated November 11, 2014). Increases in thickness and grade compared with the intersections located 80 metres up-dip, combined with strong geophysical responses and limited drilling, indicate good exploration potential for future drilling. More specifically, the potential of the 350 metre long eastern half of the Taylor Brook sulphide zone has been upgraded, east of a relatively high grade "channel" containing 3% to 8% lead-zinc found by Stratabound in 1995/96. Intermittent drilling by various parties beginning in 1978 indicates an extensive blanket of pyritic massive sulphides along a strike length of at least 650 metres, and a down-dip extent of greater than 600 metres, open in all directions, providing ample room for discovery of economic accumulations.
The 2014 geophysical surveys on Green Point have successfully identified electromagnetic (MaxMin and VLF) features that are thought to reflect late stage cross-cutting mineralization along trend from a 400 metre long airborne electromagnetic anomaly that was detected in 2001 and drill tested in 2003 by a previous owner. The 2003 drilling intersected an alteration zone containing 1.17 g/t gold over a 15.5 metre core length, and other auriferous zones within the airborne trend. Additional soil geochemical sampling and EM surveying of Green Point is warranted to outline 2015 drill targets.
Within the last month, trenching by another party on claims adjoining Green Point has uncovered copper veins with interesting grades and widths along a 75 metre length, near Stratabound's southwestern boundary.
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.
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: Stan Stricker, P. Geol., President, 403-258-3630, [email protected], www.stratabound.com
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