Stratabound announces drill results
23.01.2014 | CNW
CALGARY, Jan. 23, 2014 /CNW/ - Stratabound Minerals Corp. (TSX.V:SB) announces results of its drilling program completed in late 2013 in northern New Brunswick.Eight holes totaling 1,160 metres were drilled to test non-outcropping electromagnetic conductors on the wholly owned CNE/Captain block of claims. Six of these were found to be caused by graphite or disseminated metallic sulphides of no economic interest. The other two holes appear to have passed above their intended targets near the CNE and Captain mineral deposits, and will require downhole geophysical surveying before completion of their testing. As a result of this drilling the CNE Mine footwall contact was established, trending northeasterly. Additional geophysics is required to follow the trend.
One hole was drilled on the optioned Commander claims located north of the CNE/Captain claim group. This hole intersected several narrow intervals carrying high copper and silver levels, and anomalously high amounts of zinc, lead, and gold. Results are shown in the following table:
From To (m) Length Cu % Pb % Ag g/t Zn % Au g/t
(m) (m)
48.5 49 0.5 3.54 0.13 12.90 0.27 0.47
54.5 55 0.5 4.31 0.77 26.40 1.90 1.07
133 137 4.0 1.33 0.02 2.29 0.03 0.122
incl 134 135.5 1.5 2.93 0.02 5.00 0.07 0.26
incl 134.5 135 0.5 4.95 0.05 9.40 0.11 0.46
141 144 3.0 0.31 0.56 26.00 0.50 0.12
incl 142 143 1.0 0.26 1.01 42.40 0.71 0.13
The Company further announces that, subject to exchange approval, it has agreed to issue 950,000 units, each unit consisting of one share and one warrant exercisable for 5 years at $0.05, in full settlement of an arms-length 1% net smelter return royalty debt of $70,948.15 payable following production from the CNE Mine. These shares and warrants will be subject to a 4 month hold period from the date of issue.
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.
For further information:
Stratabound Minerals Corp.
Stan Stricker, P. Geol, President,
403-258-3630
info@stratabound.com
www.stratabound.com