SB: TSX Venture Exchange
Issued: 30,736,609 shares
CALGARY, Sept. 7 /CNW/ - Stratabound Minerals Corp. (TSX.V:SB) announces that the first drill hole on the Captain copper-gold property has encountered a significant interval of disseminated to massive sulphide mineralization.
The Captain Property is owned 100% by Stratabound and is situated in the Bathurst base metals/silver mining camp of northern New Brunswick, 20 kilometres south of the world-class Brunswick No. 12 Mine and ten kilometres east of Heath Steele Mines, a major past producer.
Site geologists report that the first hole intersected copper sulphide mineralization (chalcopyrite) in a pyrrhotite-chlorite-chalcopyrite assemblage within the Nepisiguit Falls Formation, a unit that is interpreted to be time-equivalent to the productive Brunswick Horizon. The hole was drilled vertically to a depth of 215 metres, and exhibits varying degrees of mineralization throughout its length, ranging from intermittent specks and splashes (trace to 1% total sulphides) to semi-massive and massive sulphide intervals over core lengths of several metres which carry as much as 60% to 85% total sulphides.
The drill encountered six metres of overburden before entering a weakly mineralized sequence of tuffaceous sediments and phyllites to a depth of 88.5 metres. Sulphide content is generally low in this interval, with specks, patches and one- to two-centimetre bands and pods containing up to 20% pyrrhotite and trace chalcopyrite. After this is a well-mineralized zone, from 88.5 to 121.9 metres within chloritic quartz-augen schist of the Nepisiguit Falls Formation.
The Captain copper-gold deposit is covered by overburden and is known only from assessment records that provide descriptions of holes drilled in 1956 and 1965 by Captain Gold Mines Ltd. The drill cores were destroyed in a 1978 forest fire.
In preparation for drilling, Stratabound completed a MaxMin electromagnetic survey and believes it has accurately located the position of the Captain deposit on the ground. Cross-sections prepared from the historic records indicate the deposit should dip to the west at about 60 degrees.
Stratabound is drilling a series of closely-spaced (10 to 20 metres) vertical holes to confirm the existence of the reported mineralization and to test its potential at depths amenable to open pit mining. Hole 1 is testing the 100-metre level, and holes 2 and 3 will progress up-section. Subsequent holes will comprise step-out and undercutting holes that are expected to establish the nature and extent of the Captain zone.
The exploration at Captain is under the supervision of John Duncan, P.Geo. Drill core is securely stored at Stratabound's core shack facility in Bathurst. 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.
The company is pleased to acknowledge the support of the Province of New Brunswick, which has awarded it a $100,000 grant under the new Deposit Evaluation Program (NBDEP), for work on the Captain property.
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.