SB: TSX Venture Exchange
Issued: 37,049,702 shares
CALGARY, Feb. 27 /CNW/ - Stratabound Minerals Corp. (TSX.V:SB) is pleased
to provide an update on its wholly-owned Elmtree gold and Captain
copper-cobalt properties, both situated near the coastal city of Bathurst, New
Stratabound recently received a mineral resource estimate on the Elmtree
property from Mercator Geological Services Limited, an independent geological
consulting firm based in Dartmouth, Nova Scotia. The estimate is compliant
with the reporting standards of National Instrument 43-101 (see Stratabound
news release dated February 14, 2008).
The Elmtree resource consists of 525,000 Indicated tonnes grading
2.45 g/t gold (41,000 ounces gold) plus 4,624,000 Inferred tonnes at an
average grade of 1.37 g/t gold (185,000 ounces gold), plus 41,000 Inferred
tonnes containing 201,000 ounces of silver, 7.0 million lbs zinc and
2.4 million lbs lead. Contained metals reported are in situ. A substantial
portion of the resource is within 100 metres of surface, giving rise to
potential open pit mining opportunities.
The Elmtree resource is already comparable in tonnage and grade to many
low-grade open pit gold operations of the southwest United States.
Stratabound's exploration at Elmtree has been based on a Carlin (Nevada)
structural gold deposit model. Management considers this approach to have been
particularly effective in understanding and tracing both the South Gold Zone
(SGZ) and Discovery Zone (DZ) at Elmtree.
For an expenditure of approximately $1,425,000, including acquisition and
exploration costs, Stratabound has established a gold resource of
41,000 Indicated ounces plus 185,000 Inferred ounces, representing an
exceptionally low "finding cost" of about $6.30 per ounce of gold. This cost
would be even lower if potential credits for silver, lead and zinc were taken
The results to date suggest a number of possible next steps including:
- Additional drilling to expand the higher grade tonnage on the West
Gabbro Zone (WGZ)
- Drilling to expand the low-grade bulk tonnage along the SGZ
- Deeper drilling of the SGZ (150 to 200 metres below surface) to
determine whether this great thickness of low grade mineralization
increases in grade at depth. It is possible that the near-surface SGZ
deposit represents "leakage" from higher grade mineralization at
depth. Some holes would test potential continuity between the SGZ and
the adjacent, polymetallic DZ to the east.
- Initial metallurgical studies to assess gold recovery potential and
associated economic cut-off grades
- Assessment of economic scoping study parameters related to
metallurgy, mine design, site engineering, etc. to investigate
potential for development of a relatively small, near-surface, high
grade gold mine on the WGZ in combination with near surface open pit
development of low grade mineralization in all three zones.
Drilling has continued on targets recommended by both Mercator and
Stratabound Management, with emphasis on the SGZ and WGZ areas. Results will
be released when available.
In recent months the Elmtree property has been expanded from 10 claims
(400 acres; 162 hectares) to 91 claims (3,640 acres; 1,473 hectares). The new
claims are known to have a high density of mineral occurrences and anomalies
worthy of detailed examination. The agreement announced on October 7, 2007,
whereby Stratabound purchased 42 mineral claims surrounding its original
10-claim holding, has been amended to include 81 claims, at no additional cost
Stratabound has previously reported extremely positive results from the
first four holes of a 12-hole drill program on the Captain
copper-cobalt-gold-(silver-bismuth) property (see Stratabound news releases
dated September 7, 2007, October 12, 2007, December 20, 2007 and January 24,
Highlights to date include:
- Hole 1: 57.5 metres grading 1.0% (22.0 lb/t) copper & 0.05%
(1.0 lb/t) cobalt, including 7.5 metres of 3.2% copper & 0.07% cobalt
- Hole 2: 47.5 metres grading 1.1% copper & 0.04% cobalt, including
6.5 metres grading 3.7% copper, 0.12% bismuth & 0.07% cobalt
- Hole 3: 58 metres grading 1.2% copper & 0.07% cobalt, including
8.5 metres grading 2.3% copper & 0.10% cobalt and 8.0 metres of
2.3% copper & 0.04% cobalt
- Hole 4: 18.5 metres grading 1.3% copper, plus 13.0 metres grading
1.4% copper & 0.07% (1.5 lb/t) cobalt
Due to lab delays, Stratabound has not yet received complete results from
additional holes. These will be reported as they are received.
Drilling is now resuming on the Captain deposit, and will include deep
holes to test the interpreted plunge of the mineralization at a depth of
The company is also awaiting the results of ground magnetic and
electromagnetic (Max-Min) follow-up surveys on a number of airborne
geophysical anomalies situated south of the Captain deposit.
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.
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)
258-3630, email@example.com, www.stratabound.com