Toronto, Ontario–(Newsfile Corp. – September 28, 2020) – Stratabound Minerals Corp. (TSXV: SB) (“Stratabound” or the “Company”) is pleased to provide an update on its Golden Culvert, Yukon Territory and McIntyre Brook, New Brunswick gold projects. The Company announced on September 24th that it had raised a total of $5,112,990 through the sale of Units in the final tranche of a non-brokered private placement and $355,000 in Flow-Through units which has been extended to October 7th. The successful funding to date has allowed the Company to accelerate its exploration plans at its flagship Golden Culvert gold project in the Yukon.
Golden Culvert, Yukon
A second diamond drill arrived on the Golden Culvert site on August 29th, 2020. Ten holes have been completed for a total of 2,109 metres to September 25th. Both drills are continuing on current holes GC20-11 and GC20-12. Drilling is planned to continue until mid-October, core logging is ongoing and first assay results are expected in late November. 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.
McIntyre Brook, New Brunswick
An exploration team has been engaged to complete an approximate 125 line-kilometre soil sampling program totalling 2,500 soil samples commencing in early October at McIntyre Brook intended to complete coverage over the entire 2,825 hectares covering the 12 kilometres of property strike. It is anticipated the program will take approximately one month to complete with results expected to be complete an additional month thereafter.
Stock Options Issued
The Company also announced that effective September 28, 2020, it has issued a total of 3,500,000 options pursuant to its incentive stock option plan (“Plan”) to management, directors and consultants. Each option entitles the holder to subscribe for one common share of Stratabound for $0.25 for a period of 5 years, subject to the terms of the Plan. The options will vest 50% immediately with the remaining 50% to vest in one year from grant date.
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 new 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].
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64722