Toronto, Ontario--(Newsfile Corp. - August 24, 2020) - Stratabound Minerals Corp. (TSXV: SB) ("Stratabound" or "the Company") is pleased to announce that, following the Company's recent announcement on closing the first tranche of $1,194,990 (5,974,950 units) of its non-brokered private placement ("Private Placement") and $115,000 (460,000 units) of its non-brokered Flow Through Units private placement (press release August 21, 2020), it has also commenced diamond drilling at its flagship Golden Culvert Project (the "Culvert") located in the southeastern Yukon Territory. The drill program is the second phase of the 2020 exploration program that the Company announced on July 13, 2020. The Company has established a drill camp on site and drilling has commenced on the first hole. A second drill is planned to arrive on site in the coming weeks. Eight diamond drill holes totaling 1,370m and 24 surface trenches, reported in previous exploration programs, have intersected and outlined a 530m-long by 130m-wide mineralized corridor containing six parallel gold-bearing structures that are targeted for definition and extensional drilling this season.
The objectives of the 2020 drill program are:
- Infill definition drilling within the previously drilled and trenched area to define an initial NI 43-101 resource estimate.
- Extensional drilling beyond the open-ended strike length to extend knowledge from 530m to about 800m of strike.
- Drilling below the 150m vertical depth previously drilled from surface.
Phase 1 Program
The season's first phase which included preparation for the drilling program has concluded. The Phase 1 program also consisted of collecting 116 soil and 157 rock samples, ground geophysics and geological surveys on property-wide targets across the remaining underexplored 24 km strike length extending either side of the Main Discovery area that has been the focus of close-spaced, detailed work conducted to date. The Company expects to receive and report on assay results from this phase in the coming weeks.
The Company has received approval from the Yukon Ministry of Community Services for the Company's COVID-19 Alternative Self-isolation Plan and has also been approved for government funding through the Yukon Mining and Exploration Program (YMEP). All permits, notices and approvals are in place to conduct the planned work.
Mr. R. Kim Tyler, President and CEO of the Company stated, "We have now secured the necessary funding and are pleased to embark on this inaugural definition drilling program at the Culvert. We are more mine developers and operators by experience than explorationists and, as evidence continues to support it, we view the Golden Culvert through the perspective of moving it from advanced exploration to a development stage gold mining project."
Retail investors wishing to participate in the remaining tranche of the private placement should contact management before Aug. 31, 2020.
About Stratabound
Stratabound Minerals Corp. is a Canadian exploration and development company focused on gold exploration at its flagship Golden Culvert Project, Yukon Territory and its new McIntyre Brook Gold 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 100% owned 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. For further information, please visit the Stratabound web site at .
For further information contact:
R. Kim Tyler, President and CEO
416-915-4157
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.
Not for distribution to U.S. newswire services for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U. S. securities law. All figures are in CDN Dollars, unless otherwise expressed.
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