Stratabound Releases Trenching Results on Golden Culvert Project, Yukon Territory
TORONTO, Aug. 23, 2018 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV: SB) (“Stratabound” or “the Company”) is pleased to provide a further update on the gold exploration program at its Golden Culvert Project located in the Hyland Valley Gold District of the southeastern Yukon Territory. Trenching is complete and diamond drilling of eight holes across 500 metres of strike length is nearing completion. Based on early positive visual indications of intense quartz-sulphide veining in the drill results to date, the diamond drilling has been increased from 1,000 metres originally planned to 1,700 metres. Logging and sampling of the core is in progress. First core assays are expected in early September.
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Highlights of the trenching program as shown on the attached map include 1.43 gpt gold over 12.0 metres including 4.23 gpt gold over 3.0 metres in trench 1805. Trench 1801 returned 1.49 gpt gold over 10.0 metres including 6.11 gpt gold over 1.5 metres, and 2.76 gpt gold over 7.0 metres including 6.67 gpt gold over 2.5 metres. Trench 1804 returned 2.33 gpt gold over 3.0 metres including 5.32 gpt gold over 1.0 metre. The trenches are located approximately 100 metres apart along the 500 metre strike length and with the above intervals only at the margins of the >200 ppb Au soil anomaly. Trenching has only been able to expose the margin of the soil anomaly peak due to sloughing of highly oxidized material that forms thick scree/talus cover on the steep mountain slopes. Therefore, trenching has been only partially effective as an exploration tool, but has provided essential geological information, including structural orientations and confirmation of the gold anomaly trend.
To view the Golden Culvert Project trenching and drilling map, please visit the following link:
http://www.globenewswire.com/NewsRoom/AttachmentNg/f4570ac6-9e6f-4ea8-93b1-c5328986cddf
The first diamond drill holes, however, have encountered sulphide mineralized quartz veins and quartz breccia, with sulphide mineralized phyllite host rock underlying the >200 ppb gold-in-soils anomaly zones.
President and CEO R. Kim Tyler commented, "With the trenching we would like to have uncovered more bedrock exposure below the deep oxidized talus around the higher grade portions of the gold-in-soils anomaly. We are nevertheless very encouraged by what we have seen in the drill core and the partially effective trench results, and as a result of these positive results we have increased the drill program to include the 700 additional metres of drilling.”
Analytical, QA/QC Methods and Protocol:
All trench samples were delivered to the ALS Global preparation facility in Whitehorse, Yukon Territory where they were crushed to 70% passing a 2mm sieve, then a 250g split was pulverized to better than 85% passing a 75 micron screen. Gold was determined by a 30 gram fire assay method with an atomic absorption finish at the Vancouver ALS lab facility. In addition to the quality assurance and quality control program performed by ALS, Stratabound personnel inserted blind, laboratory certified standards into the sample batches at the rate of one standard for every 15 samples.
About the Golden Culvert and Little Hyland Properties
Golden Culvert and Little Hyland cover 83.8 square kilometres in the southeast Yukon Territory 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.
Prior to this summer’s exploration program a total of $564,400 of work had 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. This summer’s program of $1.1 million includes the completed trenching and ongoing drilling to further define the highly mineralized areas of the property.
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 management has a diversified track record of exploration, development and operating successes that will facilitate the development of the Company’s exploration projects.
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:
Ritu Gupte, Investor Relations Consultant
647-267-5380
rgupte@stratabound.com
info@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.