Toronto, Ontario--(Newsfile Corp. - January 14, 2021) - Stratabound Minerals Corp. (TSXV: SB) (OTC Pink: SBMIF) ("Stratabound" or the "Company") announced today it has concluded an arms-length option agreement (the "Win Option") to acquire an additional 78 quartz mining claims covering an area of 15.7 km2 adjacent to and along strike of its Golden Culvert and Little Hyland projects in the southeastern Yukon Territory. The Company now controls a total of 99.1 km2 along approximately 28 km of favourable strike in the developing Hyland Gold Trend.
The Win Option lies strategically along the main Golden Culvert Gold Trend where it projects approximately 11 km directly southeast of the Main Discovery area (Figure 1). The Win Option has been subjected to minimal historic exploration which has neither been gold-focussed nor occurring within the projected gold trend. Even so, one historic off-trend grab* sample yielding 0.52 g/t gold,100 g/t silver and 0.63% lead has been confirmed by the Company's 2020 due diligence site investigation which yielded two outcrop samples assaying 0.64 g/t gold, 155 g/t silver,1.25% lead and, 0.46 g/t gold, 28.8 g/t silver, respectively.
(*Note: Grab samples are selective by nature and may not represent the true grade or style of mineralization)
Figure 1. To view an enhanced version of this graphic, please visit:
Mr. R. Kim Tyler, President and CEO of the Company stated, "We are very pleased to have concluded a successful option agreement on the Win Property and the increased opportunity it affords to find more gold occurrences such as found to date along the Golden Culvert and the parallel 3 Aces trends. We look forward to including it in our exploration plans along with the Golden Culvert and Little Hyland Projects in 2021."
Win Option Agreement:
Stratabound has signed a definitive option agreement (the "Agreement") which sets out the terms under which Stratabound has the option to earn 100% interest in 78 claims comprising 15.7 km2 located south of the Company's existing optioned claims through cash payments and share issuances. Upon execution of the Agreement, Stratabound shall make a cash payment of $13,400 and within 10 days of execution of the Agreement, Stratabound shall issue 117,300 common shares to the owner, subject to TSXV approval. Payments on the first, second, third, fourth and fifth anniversaries of execution of the Agreement of $13,400, $20,100, $20,100, $26,800 and $40,200 respectively, totaling $134,000 in the aggregate, are required to maintain the option. Stratabound shall also incur exploration expenses of at least $35,000 on or before the first anniversary date of the execution of the Agreement. Upon completion of all payments, issuing shares and incurring the required exploration expenditures up to and including the third anniversary payment, Stratabound shall have earned 50% ownership in the claims. Upon completion of all payments up to and including the fifth anniversary payment, Stratabound shall have earned 100% ownership in the claims.
Stratabound has the option to accelerate the payments to exercise the option sooner.
Stratabound has also agreed to pay the owner a 2% net smelter return royalty ("NSR") on production from the claims of which 1.5% may be bought back in increments of $0.5M for each 0.5% of the NSR.
Quality Assurance/Quality Control
The samples referenced in this press release were collected and hand-delivered by Stratabound personnel to the ALS Canada laboratory in Whitehorse, YT where they were crushed to 70% less than 2mm. A riffle split of 250 grams was then taken and pulverized to an 85% passing 75 microns pulp sub-sample. The pulps were then shipped by ALS Canada to its Vancouver laboratory for gold and multi-element analyses. The Au-AA26 gold assaying procedure used is a standard fire assay with AA finish technique on a 50-gram sub-sample taken from the 250-gram pulp split.
The samples were also tested for 51 other elements using the ME-MS41 Ultra Trace Aqua Regia ICP-MS method. Over-limit results of silver and lead on one sample reported in this release were re-assayed by the Ag-OG46 and Pb-OG46 ore grade methods. ALS uses a procedure of standards, blanks and duplicates inserted into the sample stream results for which all fell within satisfactory confidence limits. ALS is an independent internationally recognized and ISO/IEC 17025:2017 accredited chemical analysis company.
About Stratabound Minerals Corp.
Stratabound Minerals Corp. is a fully-funded Canadian exploration and development company focused on gold exploration at its flagship 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 an NI 43-101 Measured and Indicated Resource.
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 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. SOURCE