SB: TSX Venture Exchange
CALGARY , April 2, 2014 /CNW/ - Stratabound Minerals Corp. (SB.V) is pleased to present a summary of work currently underway and work planned for spring and summer 2014 in the Bathurst mining district of northern New Brunswick .
CNE/Captain - 40 km south of Bathurst A downhole pulse EM geophysical survey is in progress on the CNE/Captain claim block. The program's objectives are to identify off-hole mineralization near three selected drill holes, and the location, strength and possible source of any detected anomalies.
One of the holes selected is CP-09-26 (Captain copper-cobalt deposit), which intersected 19.5 metres of massive sulphide mineralization grading 1.12% copper at a downhole depth of 359 metres, within which 8.5 metres graded 2.11% copper, 0.052% cobalt, 12.4 g/t silver, and 0.30 g/t gold, including 2.0 metres of 5.46% copper, 0.093% cobalt, 30.5 g/t silver, and 0.65 g/t gold (news release dated March 24, 2010 ).
The other two holes are CNE-13-23 and CP-13-31, which were drilled in late 2013. Drill hole CNE-13-23 was collared due south of the CNE zinc-lead-silver ore horizon and tested a prominent MaxMin EM anomaly trending 800 metres south and terminating due north of the Captain deposit. Drill hole CP-13-31 was collared to test this same MaxMin anomaly 150 metres north of the Captain Deposit. Both holes did not explain the source of the MaxMin conductor. The purpose of the downhole survey in these two holes is to locate and identify the source of this conductor trending from the CNE Mining Lease to the Captain deposit.
Green Point – 25 km north of Bathurst A 400 metre long airborne electromagnetic anomaly was detected in 2001 and drill tested in 2003 by a previous owner, intersecting an alteration zone containing 1.17 g/t gold over a 15.5 metre core length. A soil survey by Stratabound in 2011 identified a 600 metre long multi-element soil anomaly trending toward the previously drilled alteration zone. This soil anomaly contained values up to 10 ppm silver, 2500 ppm lead, 3300 ppm zinc, and 155 ppb gold. During the 2014 field season a detailed grid with 100 meter line spacing will be cut and picketed across the airborne EM and soil anomalies northwesterly for 1,200 metres to the property boundary. A gradient IP survey along these lines will cover the airborne EM and soil anomalies.
Commander Option – 35 km south of Bathurst Plans for these optioned claims during the 2014 field season include drilling in two separate areas.
During 2012 and 2013 Stratabound completed gravity surveys which outlined a large (1.5 km N-S x 1 km E-W) gravity anomaly of 0.6 to 0.8 milligals. This large gravity anomaly appears to reflect widespread chloritic alteration and disseminated and stringer iron and copper sulphide mineralization of the type commonly associated with massive sulphide deposits in the Bathurst area. A drill hole is planned to intersect 150 metres below the peak gravity response to test for zinc-lead mineralization.
A second area of interest for the 2014 field season is a two-kilometre long geophysical anomaly (induced polarization resistivity low) representing a massive sulphide target. Drilling by Commander Resources in 1997 tested a portion of this target, with one of their holes intersecting semi-massive sulphide mineralization with grades of 1.44% zinc, 0.70% lead and 8.6 g/t silver over 15.5 metres, and another with a 16.8 metre intersection of 1.60% % zinc, 0.16% lead 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 mineralization occurs in chloritic magnetite iron formation which Commander interpreted to represent the Brunswick Mine horizon. The significant sulphidation within the iron formation and underlying rocks provides encouragement that a massive sulphide deposit could be present along strike or at depth.
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.