CALGARY, Alberta, March 21, 2018 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV:SB) (“Stratabound” or “the Company”) is pleased to announce that it has made the final cash payment required for the purchase of the option on the Golden Culvert and Little Hyland properties, the “Project” in the Watson Lake District of the Yukon Territory, Canada.
The $100,000 payment has been completed early as an expression of the Company’s commitment to the Project. To complete its obligations under the purchase agreement, the Company will issue tranches of 5,000,000 common shares on each of December 15, 2018 and December 15, 2019.
Having completed the cash payment, Stratabound is planning to conduct the Company’s initial exploration program on the Project this summer including building roads to the major current showings, trenching, and diamond core drilling to test the mineralization vertical and strike extent centred on and around the main showing at Golden Culvert. Also included in the 2018 exploration program are soil geochemical sampling and further prospecting, lithological and structural mapping; a Lidar topographic survey; and prospecting surveys over the entire Property.
The Golden Culvert and Little Hyland exploration programs will be conducted under the supervision of Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound. Mr. Tyler is a “Qualified Person” for the purpose of NI 43-101 and has reviewed and approved the contents of this news release.
R. Kim Tyler, President and CEO of Stratabound, commented, “We are extremely pleased to complete the cash payment to South Shore for the purchase of the Golden Culvert option. We have begun preparations for our exploration program for the 2018 season. The current 10 year, Class 3 Exploration Permit for the Golden Culvert claim group will allow us to upgrade the existing 2.5 km trail to the Main Discovery Vein so that we may also facilitate trenching, geological mapping and preparing for a diamond drill program before the end of the 2018 season. To facilitate exploration on the flanking Little Hyland claim groups, where the main 3 km gold-in-soil anomaly extends open in both directions, we are in the process of applying for a Class 1 Exploration Permit to complete soil geochemistry, prospecting and mapping. The Company is also in the process of closing working capital financing and will soon begin efforts to place the necessary flow-through financing to support its exploration activities.”
About the Golden Culvert and Little Hyland Properties
Golden Culvert and Little Hyland cover 83.8 square kilometres across a 24-kilometre strike located approximately 20 kilometres northeast of and parallel to Golden Predator Mining Corp.’s 3 Aces property. Work filed in Yukon mineral claims assessment reports has outlined a northerly trending, 3 kilometre by 250 metre, +30 ppb Au up to 791 ppb Au gold-in-soil anomaly that remains open at both ends. The soil anomaly is centred around partially exposed primary gold-bearing quartz veins grading between 7.7 to 22.8 gpt gold over 1 metre and complimentary gold-bearing quartz vein stockwork within a larger silicified, altered, sulphide and gold-bearing wallrock grading up to 2.27 gpt gold over 0.5 metre.
To date a total of $564,400 of work has been done on the Property, including 3,645 soil samples, 48 stream samples, 239 rock samples, 19.4 line-km of ground magnetic survey and 18.5 line-km of VLF survey.
About Stratabound
Stratabound Minerals Corp. is a Canadian exploration and development company focused on the Yukon Territory and to a lesser extent the Bathurst Mining Camp in New Brunswick. Stratabound has a portfolio of quality properties including:
- The Golden Culvert gold-silver property in the southeast Yukon.
- The Little Hyland gold-silver property in the southeast Yukon.
- The Captain copper-cobalt property in the Bathurst area of New Brunswick.
- The CNE base metal property in the Bathurst area of New Brunswick.
- The Taylor Brook base metal property in the Bathurst area of New Brunswick (currently under option to Bandera Gold Ltd.).
Stratabound management also has a diversified track record of exploration, development and operating successes that includes the Kemess mine in British Columbia; the Colomac mine in the Northwest Territories; the Nighthawk Lake mine in Timmins, Ontario; the Matachewan mine in Ontario; the Pine Point project in the Northwest Territories; rescuing the Caribou mine in New Brunswick from an insolvency auction; Olympic Dam mine in Australia, the Siguiri gold project in Guinea; Norilsk Nickel’s projects in Siberia and Western Australia; and Vale and Rio Tinto Minerals in North America.
For further information, please see the Golden Culvert presentation and the NI 43-101 technical report on the Stratabound web site, www.stratabound.com.
For further information contact:
R. Kim Tyler, President and CEO
416-915-4157
info@stratabound.com
www.stratabound.com
Neither the 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, failure to obtain regulatory, exchange or shareholder approval, 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.