Stratabound Commences Exploration at McIntyre Brook in Emerging Triple Fault Gold District, Receives Approval of New Brunswick Funding Grant, Extends Loan and to Present During PDAC
Toronto, Ontario--(Newsfile Corp. - June 8, 2022) - Stratabound Minerals Corp. (TSXV: SB) (OTCQB: SBMIF) ("Stratabound" or the "Company") is pleased to announce it has commenced the 2022 field program at its McIntyre Brook Gold Project located adjacent to Puma Exploration Inc.'s Williams Brook high-grade gold project in northern New Brunswick. Both projects lie in the Triple Fault Gold Belt, the newest emergent Maritime gold district, that lies within the Iapetus Suture Zone, an intercontinental geological feature, that also encompasses New Found Gold's Queensway and Marathon Gold's Valentine Lake projects, amongst others in Newfoundland and Nova Scotia, as well as Dalradian Gold's high-grade Curraghinalt gold mine in Ireland. For more information follow this link: https://stratabound.com/projects/mcintyre-brook/.
New Brunswick Government Funding Approved The Company is also pleased to announce it has received approval for an exploration funding grant of up to CD$30,000 from the New Brunswick Junior Mining Assistance Program (NBJMAP) to be applied towards this season's expenditures on McIntyre Brook.
Stratabound to Speak at Atlantic Edge Forum During PDAC Interested persons are invited to attend a live-talk presented by R. Kim Tyler, President and CEO at 3:00pm on Tuesday, June 14, 2022 in Room 103 North Building at the Metro Toronto Convention Centre discussing the Company's New Brunswick properties and plans at the Atlantic Edge Forum. The Forum will be showcasing investment opportunities in Atlantic Canada during the PDAC. An invitation and link to the Forum is presented here: http://www.atlanticcanadaminingalliance.com/.
Figure 1. Stratabound Properties in the Triple Fault Gold Belt
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2022 Program Highlights The 2022 program has commenced with a first-phase ground-based geological investigation of anomalous gold-in-soil trends identified in the 2021 exploration program with the objective of target determination for follow-up trenching and drilling later in the year.
The Company recently more than doubled its land position to 119.6 km2 and completed the consolidation of 17 km of prospective strike in the Triple Fault Gold Belt between Puma Exploration's Williams Brook to the west and Portage Brook/Jonpol gold properties to the east. The 37 km-long Triple Fault Gold Belt features numerous new high-grade gold showings including Puma's O'Neil and Lynx gold zones with trench and outcrop values up to 371 g/t Au, 128 g/t Au; and drill results up to 5.50 g/t Au over 50.15m recently reported in Puma's first ever drill program. (Source: Puma Exploration Inc.). Stratabound's McIntyre Zone at the centre of the Belt features 40 grab sample* values between 0.20 and 41.56 g/t Au collected from bedrock exposed in trenches along 300 metres of strike length, (Figure 1.).
In March, 2022 Canadian Metals Inc., reported a new discovery of 30 grab samples* up to 455.0 g/t Au, 85.6 g/t Au 76.9 g/t Au, 63.6 g/t Au, 36.9 g/t Au, 15.4 g/t Au, and 14.8 g/t Au at its new LG Discovery Zone on its Goldstrike Property about 45 km east of McIntyre Brook on a splay off the same Rocky Brook Fault that transects the Triple Fault Belt, (Figure 1). Canadian Metals reports that the gold is hosted mostly in the sediment/rhyolite contact as occurs most elsewhere in the Belt. (Source: Canadian Metals press release March 9, 2022)
*Selected rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the property
Mr. R. Kim Tyler, President and CEO of the Company, stated, "To date, our McIntyre Brook ground has not seen the exploration coverage that has been advanced by our neighbours Puma Exploration and Canadian Metals along strike on either side of us. As we step-up our activities this season, we are hopeful in making similar exciting new discoveries as our neighbours continue to realize in what is firming up to be another district-scale Maritime Gold Belt. We are also very appreciative to receive the support and confidence of the New Brunswick Government in providing us with funding assistance."
Loan Extended and Warrants Replacement
The Company, (the Borrower") also announces it has arranged a loan extension with Romspen Investment Corporation, (the "Lender") to extend the maturity date of the loan payable to June 30, 2023 with the same prior terms, subject to a loan extension fee of $11,879. The Company will issue a warrant certificate on June 30, 2022 evidencing the issuance of 300,000 replacement share purchase warrants of Stratabound ("Warrants") which provides for (a) a Warrant Strike price equal to the greater of $0.085 and the market price of Stratabound shares on the date the warrants are issued, (b) a Warrant expiry date that is the same as the Maturity Date and (c) an acceleration clause providing that if Stratabound shares trade above $0.25 for more than a 10-day period, Stratabound has the ability to accelerate the expiry date of the Warrants, and any other additional documents executed by Borrower and/or Guarantor as required by Lender in connection with this Amendment.
Stratabound Minerals Corp. is a Canadian mineral exploration and development company that is developing its advanced-stage flagship Fremont Gold Project in the Mother Lode Gold Belt of California. The Project includes the Pine Tree/Josephine Deposit hosting an NI 43-101 Mineral Resource estimate of 526,000 ounces at an average grade of 1.60 g/t Au in the Indicated, plus 452,000 ounces at an average grade of 1.29 g/t Au in the Inferred Mineral Resource categories, respectively1). Additionally, Fremont also hosts three undeveloped gold occurrences across four kilometres of strike along the prolific Mother Lode Gold Belt.
The Company is also advancing its pipeline of other early-stage gold exploration projects including the Golden Culvert, YT and McIntyre Brook, NB in Canada. Additionally, the Company holds two other projects both of which feature NI 43-101 Mineral Resource Estimates. These include a significant land position in the Bathurst camp of New Brunswick including the Captain Cobalt-Copper-Gold Deposit.
1)(Technical Report on the Fremont Gold Project, Central California, USA. Report for NI 43-101 Stratabound Minerals Corp. SLR Project No: 233.33360.R0000 September 30, 2021, SLR Consulting (Canada) Ltd. Filed on SEDAR.
Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound, and a "Qualified Person" for the purpose of NI 43-101, has reviewed and approved the contents and technical information of this news release.
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.