SB: TSX Venture Exchange
Issued: 30,736,609 shares
CALGARY, Sept. 7 /CNW/ - Stratabound Minerals Corp. (TSX.V:SB) announces
that the first drill hole on the Captain copper-gold property has encountered
a significant interval of disseminated to massive sulphide mineralization.
The Captain Property is owned 100% by Stratabound and is situated in the
Bathurst base metals/silver mining camp of northern New Brunswick,
20 kilometres south of the world-class Brunswick No. 12 Mine and ten
kilometres east of Heath Steele Mines, a major past producer.
Site geologists report that the first hole intersected copper sulphide
mineralization (chalcopyrite) in a pyrrhotite-chlorite-chalcopyrite assemblage
within the Nepisiguit Falls Formation, a unit that is interpreted to be
time-equivalent to the productive Brunswick Horizon. The hole was drilled
vertically to a depth of 215 metres, and exhibits varying degrees of
mineralization throughout its length, ranging from intermittent specks and
splashes (trace to 1% total sulphides) to semi-massive and massive sulphide
intervals over core lengths of several metres which carry as much as 60% to
85% total sulphides.
The drill encountered six metres of overburden before entering a weakly
mineralized sequence of tuffaceous sediments and phyllites to a depth of
88.5 metres. Sulphide content is generally low in this interval, with specks,
patches and one- to two-centimetre bands and pods containing up to 20%
pyrrhotite and trace chalcopyrite. After this is a well-mineralized zone, from
88.5 to 121.9 metres within chloritic quartz-augen schist of the Nepisiguit
The Captain copper-gold deposit is covered by overburden and is known
only from assessment records that provide descriptions of holes drilled in
1956 and 1965 by Captain Gold Mines Ltd. The drill cores were destroyed in a
1978 forest fire.
In preparation for drilling, Stratabound completed a MaxMin
electromagnetic survey and believes it has accurately located the position of
the Captain deposit on the ground. Cross-sections prepared from the historic
records indicate the deposit should dip to the west at about 60 degrees.
Stratabound is drilling a series of closely-spaced (10 to 20 metres)
vertical holes to confirm the existence of the reported mineralization and to
test its potential at depths amenable to open pit mining. Hole 1 is testing
the 100-metre level, and holes 2 and 3 will progress up-section. Subsequent
holes will comprise step-out and undercutting holes that are expected to
establish the nature and extent of the Captain zone.
The exploration at Captain is under the supervision of John Duncan,
P.Geo. Drill core is securely stored at Stratabound's core shack facility in
Bathurst. 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.
The company is pleased to acknowledge the support of the Province of New
Brunswick, which has awarded it a $100,000 grant under the new Deposit
Evaluation Program (NBDEP), for work on the Captain property.
Stratabound is a Canadian junior mining and exploration company currently
exploring for precious and base metals in several areas of New Brunswick, in
two mineral-rich regions of northern Quebec, and in 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)