Stratabound Files Updated NI 43-101 Technical Report on Fremont Project, CA, Confirming Increases to Both Indicated and Inferred Mineral Resources
Toronto, Ontario--(Newsfile Corp. - October 15, 2021) - Stratabound Minerals Corp. (TSXV: SB) (OTCQB: SBMIF) ("Stratabound") announces that it has filed on SEDAR an updated National Instrument 43-101 technical report (the "Technical Report") relating to the Company's Fremont Gold Property (the "Property") located in the Mother Lode Gold Belt of California. The Technical Report, which was prepared by SLR Consulting (Canada) Ltd. (SLR), has an effective date of September 30, 2021 and is entitled "Technical Report on the Fremont Gold Project, Central California, USA, Report for NI 43-101". The Company acquired the Fremont Project through a plan of arrangement under the Business Corporations Act (Ontario) announced in its press release of August 16, 2021.
The Property hosts several gold-mineralized occurrences including the Pine Tree-Josephine deposit, (the "Deposit") for which an historic Mineral Resource estimate was prepared in 2016 by Roscoe Postle Associates Inc. (RPA), now part of SLR. The purpose of the Technical Report is to support the disclosure of an updated Mineral Resource estimate for the Pine Tree-Josephine deposit, to document subsequent exploration work done elsewhere on, and to document the change of ownership for the Property.
Open pit Mineral Resources estimated at a 0.4 g/t Au cut-off grade and based on a gold price of US$1,800 per ounce include 10,236,000 tonnes at an average grade of 1.60 g/t Au for 526,000 ounces in the Indicated Resource category and 10,920,000 tonnes at an average grade of 1.29 g/t Au for 452,000 ounces in the Inferred Mineral Resource category (Table 1). Mineral Resources conform to Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Resources dated May 10, 2014 (CIM (2014) definitions).
CIM (2014) definitions were followed for classification of Mineral Resources.
Mineral Resources are estimated at a cut-off grade of 0.4 g/t Au.
Mineral Resources are estimated using a gold price of US$1,800 per ounce.
The resources are constrained by a Whittle pit shell.
Numbers may not add due to rounding.
Highlights of the updated Technical Report:
The Deposit Indicated Mineral Resource increased by 2.1% to 526,000 ounces of gold (10,236,000 tonnes grading 1.60 g/t gold)
The Deposit Inferred Mineral Resource increased by 24.2% to 452,000 ounces of gold (10,920,000 tonnes grading 1.29 g/t gold)
The current resource spans approximately 950 m along strike and reaches 350 m below surface, remaining open along strike and at depth.
Subsequent to the preceding historical 2016 Mineral Resource estimate conducted by RPA a total of twenty-one diamond drill holes were completed on the Queen Specimen Zone located approximately one kilometre north of the Pine Tree-Josephine deposit. The Queen Specimen Zone drilling does not affect the updated resource estimate reported herein.
The Technical Report concludes, "There is good exploration potential remaining at the Property and elsewhere on the Property." It also recommends additional exploration programs and analysis of historical information for the Fremont Project, specifically to explore the strike and dip continuation of the existing gold mineralization, evaluate the potential of other gold targets on the Property and increase confidence in the location of historical underground workings.
The resource estimate was prepared by Tudorel Ciuculescu, M.Sc., P.Geo., who is a Consultant Geologist with SLR. Mr. Ciuculescu is an independent "qualified person", as defined by NI 43-101, and has reviewed and approved the technical contents of this press release.
ABOUT THE FREMONT PROJECT
The Fremont Gold Project located in Mariposa County, California lies within California's prolific Mother Lode Gold Belt. The Project hosts four gold occurrences including two historical underground gold mines across approximately one kilometre out of a total four kilometres of strike along the regional Mother Lode Shear Zone extending across and beyond the Property.
Stratabound Minerals Corp. is a Canadian exploration and development company that, in addition to developing its new flagship Fremont Gold Project is also focused on gold exploration at its Golden Culvert Project, Yukon Territory and its McIntyre Brook Project, New Brunswick, Canada. The Company also holds a significant land position that hosts three base metals deposits in the Bathurst base metals camp of New Brunswick featuring the Captain Copper-Cobalt-Gold Deposit that hosts a Measured and Indicated Resource prepared following CIM (2014) Definition Standards.
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.