CALGARY, Jan. 6 /CNW/ -- Stratabound Minerals Corp. has completed 11 drillholes totaling 2,520 metres on its Captain and Captain North Extension (CNE) claims in the Bathurst Mining Camp of New Brunswick. A number of different targets were tested. Results are very encouraging and additional drilling is planned.
At the Captain deposit, hole CP-09-26, the deepest hole to date was drilled 75 metres west of hole CP-08-20, to a depth of 534 metres. In 2008, CP-08-20 intersected 16 metres grading 2.01% copper, 0.045% cobalt (1.0 lb/tonne), 0.43 g/t gold and 11.58 g/t silver, within an 83 metre interval of 0.67% copper & 0.026% cobalt (news release dated September 25, 2008). True widths in CP-08-20 were 8.5 and 44 metres, respectively, with the deposit dipping at 65 degrees to the west. Copper sulphide mineralization has now been encountered in CP-09-26, extending the mineralized zone down the dip for at least 125 metres below CP-08-20. Assay results are pending, and will be reported when all have been received.
Induced polarization surveying detected a strong IP anomaly 400 metres to the east of the Captain Deposit. This new anomaly (Captain East) is an extremely attractive drill target, similar in size and intensity to the one over Captain (see cross section designated Map 15G on the company's website, www.stratabound.com).
At CNE, four holes (CNE-09-01 to CNE-09-04) have been drilled on the Mining Lease, collared 50 to 100 metres west and southwest of Stratabound's old open pit. During 1990 to 1992, Stratabound delivered 39,000 tonnes of massive sulphide ore from this pit to Noranda's Heath Steele mill, with production grades of 9.97% zinc, 4.42% lead and 134.7 g/t silver. The new holes have intersected significant base metal massive sulphide mineralization, and confirm the potential extension of the mineralized zone. Assays are pending.
Three holes have been drilled on a new IP anomaly in the northeast quadrant of the claim group ("Target B" in news release dated May 5, 2009), Two of them, B-09-02 and B-09-03, were drilled to probe up to 50 metres beneath a trench where backhoe sampling recently uncovered a grab sample grading 1.1 g/t gold. This target is situated about 1.5 kilometres northeast of the former CNE pit.
These two holes passed through several mineralized intervals, 0.5 to 4.5 metres in width, containing 8% to 20% pyrite which occurs as heavy disseminations, layers, stringers, and cherty sulphide iron formation. Two half-metre wide arsenopyrite-rich zones have been intersected in B-09-02 within the 61 to 63.5 metre interval. B-09-03 contains less arsenopyrite than B-09-02. The third hole testing Target B, B-09-01, was located 900 metres south of the other two, intersecting less abundant disseminated pyrite in cherty felsic tuffaceous sediments. Assays are pending on all three holes.
North of CNE, hole A-09-01 was drilled near the property's northern boundary to test Target A1, a magnetic anomaly flanking a weak gradient IP anomaly. The hole intersected the magnetic anomaly between 96 and 132 m, and shows it is caused by variable amounts of pyrrhotite. The most interesting interval occurs between 105 and 125 metres down the hole, where disseminations and veins of pyrite and pyrrhotite with minor chalcopyrite make up 2% to 10% of the host rock throughout the interval. Assays are pending.
The remaining two holes, SC-09-01 and SC-09-02, tested Target F, a magnetic/EM/basal till anomaly located 2.6 kilometres south of the Captain Deposit. The magnetic/EM anomaly is caused by unmineralized disseminated pyrrhotite. The basal till anomaly remains unexplained, and is likely caused by a source not related to the magnetic anomaly.
Up to 6,500 metres of additional drilling is proposed for 2010, on the Captain, Captain East IP anomaly, CNE, and other targets. The company is currently soliciting bids from a number of drilling contractors.
Exploration has been partly funded by a grant awarded to Stratabound under the Province of New Brunswick's Junior Mining Assistance Program.
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 natural resource company exploring and developing 100%-owned gold and base metal properties in eastern Canada. It is currently focused on building a resource base in the infrastructure-rich, world-class Bathurst Mining District of northern New Brunswick.
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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.