Toronto, Ontario–(Newsfile Corp. – November 10, 2020) – Stratabound Minerals Corp. (TSXV: SB) (OTC Pink: SBMIF) (“Stratabound” or the “Company”) announced today it has concluded an arms-length option agreement (the “Tardiff Brook Option”) to acquire an additional 7 claims covering an area of 26.75 km2 of prospective ground adjacent to its already optioned McIntyre Brook Iron Oxide-Copper-Gold, (IOCG), project (“the “Project“) in northern New Brunswick. The Company also announced it has amended the terms of its existing McIntyre Brook option agreement to include an additional adjacent claim totaling 4.5 km2 bringing the total package to 59.5 km2, an overall increase of 110.6%. The total acquisition package will extend the width component from an average 1.5 km to approximately 7 km along the 12 km of favourable strike of the original claim group. The Project features the Main Showing, as defined in Figure 1 below, featuring 40 grab and trench samples grading between 0.25 to 43.1 gpt gold* in a newly recognized Iron oxide-Copper-Gold (IOCG) style of mineralization hosted in brecciated rhyolite host rocks along 300m of open-ended strike as reported in previous press releases. The new ground acquired features grab samples of quartz veins in bedrock grading 2.4, 2.5 and 7.9 g/t Au taken by the owner in 2019, plus mineralized float of 16 g/t Au located approximately 3.5 km south-east of the McIntyre Brook Main Showing. See Figure 1 below.
Puma Exploration Inc. have recently announced high-grade gold values from 7 selective rock samples between 109.5 g/t to 2.94 g/t gold* taken from outcrop located approximately 2.5km west of Stratabound’s newly enlarged McIntyre Brook Property, (Puma Exploration Inc. September 1, 2020 press release).
(*NOTE: Grab samples are selective by nature and may not represent the true grade or style of mineralization.)
Tardiff Brook Option Agreement:
Stratabound has signed a definitive option agreement which sets out the terms under which Stratabound has the option to earn 100% interest in 7 claims comprising 2,675 hectares (26.75 km2) located north and south of the Company’s existing optioned claims through cash payments and share issuances. Stratabound will issue 200,000 common shares to the owners, subject to TSXV approval. Payments on the first, second, third and fourth anniversaries of signing of $15,000, $15,000, $30,000 and $40,000 respectively, are required to maintain the option, which may be paid, at Stratabound’s election, up to 50% in shares. Upon completion of the fourth anniversary payment Stratabound will have earned 100% ownership in the claims. Stratabound has the option to accelerate the payments to exercise the Option sooner if it so desires. Stratabound has also agreed to pay the owner a 2% net smelter return royalty on production from the claims of which may be bought back in increments of $1M for each 1% of the NSR.
McIntyre Brook Option Agreement Amendment:
The Company and the arms-length optionor have completed an amendment to include an additional claim adjacent to the main McIntyre Brook claim group that was originally subject to acquisition by a right of first refusal. The parties have agreed to include the additional claim, remove the clause allowing for annual cash payments to be paid 50% in common shares in the Company’s capital stock at the Company’s election, and to include the issuance of an additional 400,000 common shares in the Company’s capital stock subject to TSXV approval, for an aggregate total of 700,000 common shares as detailed in the revised payment schedule shown below:
| Cash | Shares | Expenditures | Stratabound earn-in | |
| on signing | $0.00 | 300,000 (issued) | ||
| 1st anniversary | $15,000.00 | 200,000 | $50,000 | |
| 2nd anniversary | $20,000.00 | 100,000 | ||
| 3rd anniversary | $25,000.00 | 50,000 | ||
| 4th anniversary | $40,000.00 | 50,000 | 100% | |
| Totals: | $100,000 | 700,000 | 50,000 |
McIntyre Brook 2020 Exploration Program Update
A program of 2,500 soil geochemistry samples across the entire 12 km of strike has now concluded on the optioned property acquired prior to the acquisition of new ground referenced in this press release and highlighted in light-blue in Figure 1 below. All the samples have been submitted to the assay lab. Results are expected in late November-early December that will direct the Company’s exploration plans going forward.
Figure 1
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4064/67846_df8d25824483aa7b_002full.jpg
Mr. R. Kim Tyler, President and CEO of the Company, stated, “We believe we are in yet another newly developing gold camp in northern New Brunswick that is validated, further to our own results, by the successes that our neighbours Puma Exploration have recently reported. Stratabound seeks to acquire and develop new, fast-breaking opportunities in safe, mineral development-savvy jurisdictions such as that provided in the Yukon Territory and New Brunswick where our flagship Golden Culvert and McIntyre Brook Projects are respectively located.”
About Stratabound Minerals Corp.
Stratabound Minerals Corp. is a 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.
For more information please visit the company’s website at www.stratabound.ca or contact: R. Kim Tyler, President and CEO 416-915-4157 [email protected]
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67846