SB: TSX Venture Exchange
CALGARY , May 21, 2014 /CNW/ - Stratabound Minerals Corp. (SB.V) is pleased to provide details of its proposed 2014 work program on 55
claims (1,375 hectares) optioned from Commander Resources Ltd. These
claims are situated adjacent to the north boundary of Stratabound's
Captain/CNE block of claims, about 35 kilometres south of Bathurst, New
Brunswick . The claim boundary is 600 metres north of the CNE Mine,
from which Stratabound extracted 102,342 tonnes of high-grade
mineralization in 1990/91 and 2013, with a weighted-average production
grade of 8.84% zinc, 3.68% lead, and 120.18 g/t silver, plus copper and
gold credits.
The combined properties cover an area of 4,500 hectares (11,120 acres),
comprising one of the largest land positions in the heart of the
Bathurst Mining Camp, one of the world's most productive
zinc-lead-silver districts. Three world-class base metal mines occur
within a 20 kilometre radius of Stratabound's holdings, namely
Brunswick No. 12 (for decades the world's largest underground zinc
mine), Heath Steele , and Brunswick No. 6. Ore shipments from the CNE
Mine were delivered to Heath Steele (1990/91) and Brunswick No. 12
(2013) for custom milling and concentrate production, and were found to
have good milling characteristics yielding saleable concentrates.
2014 plans for the optioned Commander claims include 2,000 metres of
drilling in several areas.
Target Area A. During 2012 and 2013 Stratabound completed gravity surveys which
outlined a very large (1.5 km N-S x 1 km E-W) and strong (0.6 to 0.8
milligals) gravity anomaly. A UTEM survey identified several strong
near-surface electromagnetic responses flanking the northern section of
the prominent gravity high. One hole was drilled to test one of the
UTEM conductors within the northern part of the gravity anomaly,
intersecting several narrow copper-bearing sulphide stringer intervals
containing good grades of copper and silver, along with anomalously
high amounts of zinc, lead, and gold (news release dated January 23 ,
2014).The northern portion of this prominent gravity anomaly is flanked
by stockworks of pyrrhotite-copper-cobalt sulphide mineralization.
Previous airborne and time-domain EM ground geophysical surveys
completed over the gravity anomaly indicate that an EM conductor and
magnetic response are coincident with the eastern edge of the gravity
anomaly. Drill testing is planned at this location.
Limited earlier drilling elsewhere within the high-gravity area has
intersected chloritic alteration with iron and copper sulphides present
in stockwork, disseminated, and semi-massive form. This alteration and
mineralization is of the type commonly associated with massive sulphide
deposits in the Bathurst area. A deep, 600 metre vertical drill hole is
planned to intersect 300 metres below the gravity centre and the known
sulphide zones. The hole will be deep enough to test for
zinc-lead-silver massive sulphide accumulations below the penetration
limit of ground electromagnetic surveys. Detailed prospecting and
geological mapping, supplemented by trenching, will be employed prior
to drilling.
Target Area B. A second area of interest for the 2014 field season is a
two-kilometre long geophysical anomaly (IP resistivity low accompanied
by a magnetic response), representing another massive sulphide target.
It is coincident with an Input 3-channel anomaly detected by Questor
Geophysics during a reconnaissance airborne survey in 1977, and has
been confirmed by a recent horizontal loop ground EM survey by
Stratabound.
Drilling by Commander Resources in 1997 tested a portion of this target,
with one of their holes intersecting semi-massive sulphide
mineralization grading 2.1% lead-zinc and 8.6 g/t silver over 15.5
metres, and another with a 16.8 metre intersection of 1.8% % lead-zinc
and 4.6 g/t silver, within 25 to 30 metre thick lower grade envelopes.
Between the two holes a 1,400 metre strike length remains undrilled.
The 1997 drilling was directed to intersecting sulphides at depth
rather than systematically drilling off the upper levels first.
The mineralization occurs in sulphide rich iron formation at the
sought-after contact between the Flat Landing Brook and Nepisiguit
Formations. This is the ore horizon at the Brunswick #12 mine, as well
as at the CNE and Captain deposits. The significant sulphidation
within the iron formation and underlying rocks provides encouragement
that a base/precious metal massive sulphide deposit could be present
along strike or at depth. Several short drill holes and surface
trenching are planned to better define the upper sections of the
mineralization. The southern end of this sulphide horizon target lies
only one kilometre northwest of the CNE deposit.
Target Areas C and D. An untested gravity high also lies immediately west of the known
sulphide horizon in Target Area B, and an unexplained induced
polarization chargeability anomaly is situated east of the iron
formation. These are also considered high priority targets. Detailed
prospecting and trenching are planned for these areas to define setup
locations for drill testing.
Agreement with Commander. Stratabound also announces that the term of its option agreement with
Commander Resources Ltd. has been extended by an additional year, to
December 31, 2016. The agreement is currently in its fourth year.
Expenditures required in year four are reduced from $400,000 to
$250,000 ; year 5 expenditures are reduced from $450,000 to $300,000 ;
year 6 is added on with a required expenditure of $400,000 and
additional consideration of 65,000 Stratabound shares, subject to
regulatory approval.
Under the terms of the original agreement Stratabound could earn an
initial 60% interest in the property by issuing an aggregate of 400,000
of its shares to Commander and spending $1.5 million on exploration
over a five year period ending July 26, 2015. Under terms of the
revised agreement and previously announced revisions, Stratabound is
required to issue an aggregate of 500,000 shares and to incur $1.6
million of exploration expenditures over a six and a half year period
ending December 31, 2016. As at December 31, 2013 Stratabound has
issued 235,000 shares to Commander and has spent approximately $535,000
on exploration.
Unchanged from the original agreement, Stratabound can opt to earn an
additional 5% interest by so informing Commander within 60 days of
vesting the initial 60% option, issuing an additional 100,000 shares
within 10 days of making this election, and funding additional
exploration/development expenditures of $1.0 million .
Commenting on the new arrangement, Stan Stricker , President of
Stratabound, states: "We are very pleased with this development, and
continue to find Commander to be a first-class partner to work with.
As they have recently written to us, "in this low time of our business
cycle, flexibility by both parties to make changes allows exploration
to advance." We look forward to following up the many signs of
potential volcanogenic base metal massive sulphides here with
exploration techniques that include geological, geophysical,
geochemical, prospecting, trenching, and drill testing. We are
budgeting $550,000 this year for exploration on the Commander claims,
and are currently working on raising the necessary funds to achieve
this goal."
Stratabound is currently finalizing its plans for 2014 work on the
Captain/CNE block of claims as well, and will announce these in the
near future.
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.