Toronto, Ontario -- InvestorsHub NewsWire - 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
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 info@stratabound.com
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.
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