Stratabound updates Captain copper-cobalt project, begins drilling Commander
copper prospect
SB: TSX Venture Exchange
Issued: 62,145,111 shares
CALGARY, Nov. 2 /CNW/ - Stratabound Minerals Corp. is pleased to report additional drill results from its 100%-owned Captain copper-cobalt deposit, located within the infrastructure-rich Bathurst mining camp of northern New Brunswick.
The company has commissioned Mercator Geological Services Limited, to update the 2009 National Instrument 43-101 compliant Captain resource estimate (see Technical Report on website, www.stratabound.com) to include results of the last five drillholes. The company anticipates the updated resource estimate will be available this month. This resource will form part of the Preliminary Economic Assessment (PEA) of the combined resources of this deposit and Stratabound's nearby, wholly-owned CNE and Taylor Brook zinc-lead-silver deposits. The PEA is being conducted by Wardrop, A Tetra Tech Company.
Four additional holes have been completed at Captain since the positive results of Hole 26, a 100-metre downdip extension, reported on March 24, 2010. Hole 26 intersected 19.5 metres grading 1.12% copper and 0.034% cobalt, including 8.5 metres of 2.11% copper and 0.052% cobalt.
Hole CP-10-28 was collared 50 metres west of previously reported drillhole CP-15 (news release August 7, 2008). The hole flattened with depth, intersecting the mineralized zone at right angles, so the intervals reported below are approximate true thicknesses. The hole intersected a strong cobalt zone, 85.5 metres in thickness, averaging 0.035% Co and containing some of the highest cobalt grades seen to date. This interval of cobalt enrichment envelops a 32.5 metre zone of copper mineralization.
Hole CP-10-30 was collared 25 metres west of hole 28, and intersected a wider but weaker cobalt zone containing several relatively thin (0.5m to 3.5m) higher-grade copper intervals:
------------------------------------------------------------------------- Captain-10-28 ------------------------------------------------------------------------- From To Interval Copper Cobalt Metres Metres Metres % %* ------------------------------------------------------------------------- Cobalt zone ------------------------------------------------------------------------- 193.5 279 85.5 0.40 0.035 ------------------------------------------------------------------------- Copper intervals ------------------------------------------------------------------------- 133 134 1 1.29 ------------------------------------------------------------------------- and 193.5 226 32.5 0.92 0.061 ------------------------------------------------------------------------- incl 203 217.5 14.5 1.31 0.083 ------------------------------------------------------------------------- incl 206 211 5 2.08 0.088 ------------------------------------------------------------------------- & incl 224 226 2 2.13 0.048 ------------------------------------------------------------------------- and 236 237 1 2.14 0.085 ------------------------------------------------------------------------- Captain-10-30 ------------------------------------------------------------------------- Cobalt zone ------------------------------------------------------------------------- 297 430.5 133.5 0.09 0.018 ------------------------------------------------------------------------- Copper intervals ------------------------------------------------------------------------- 305 305.5 0.5 1.80 0.063 ------------------------------------------------------------------------- and 317.5 320 2.5 0.96 0.026 ------------------------------------------------------------------------- and 350 353.5 3.5 1.21 0.036 ------------------------------------------------------------------------- incl 350.5 352 1.5 2.15 0.059 ------------------------------------------------------------------------- * 0.050% cobalt = 1.0 lb per ton; 0.0454% cobalt = 1.0 lb per tonne
Hole CP-10-27 was drilled 20 metres south of Hole 26. A seven-metre interval of drill core contains anomalously high zinc and lead levels of 0.34% Zn and 0.11% Pb from 184m to 191m, possibly indicating proximity to undiscovered lead-zinc mineralization. A few cobaltiferous streaks are present, the best of which grades 0.073% cobalt across 3 metres.
Hole CP-10-29, located 30 metres north of Hole 28, intersected several low-grade copper intervals ranging from one metre of 0.83% Cu to 5m of 0.21% Cu. Drillhole locations are shown on Map 15E on the Company's website, www.stratabound.com.
Additionally, Stratabound has begun a 1,000 metre drilling program on the Stewart copper occurrence on ground optioned from Commander Resources, situated adjacent to the north boundary of Stratabound's CNE/Captain claims.
Exploration of the Bathurst properties is under the supervision of John Duncan, P.Geo. Drill core is securely stored at Stratabound's core shack facility in Bathurst. Analysis of half-core samples is done by Eastern Analytical Limited of Springdale, Newfoundland. Stratabound has Quality Control and Quality Assurance protocols in place for drill core that include blank samples, duplicate samples, certified standards and third party check samples.
The technical information contained in this release has been reviewed by John Duncan, P.Geo. and Stan Stricker, P.Geol., Qualified Persons as defined in National Instrument 43-101.
About Stratabound Minerals Corp.
Stratabound is a Canadian natural resource company exploring and developing gold and base metal properties in eastern Canada. It is currently focused on building a resource base in the infrastructure-rich Bathurst Mining District of northern New Brunswick. Three world-class base metal mines occur within a 20 kilometre radius of Stratabound's Captain/CNE and Taylor Brook properties, namely Brunswick No. 12, Brunswick No. 6, and Heath Steele.
Neither 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.
Certain information regarding the Company contained herein may constitute forward looking statements. Forward looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward looking statements. The Company does not plan to update or alter any forward looking statement except where required by law. These risks include operational and geological risks and the ability of the Company to raise necessary funds for exploration. The Company's forward looking statements are expressly qualified in their entirety by this cautionary statement.
For further information: Stan Stricker, P. Geol, President, 403-258-3630, [email protected], www.stratabound.com
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