Vancouver – Stratabound Minerals (SB-V) continues to pull good-grade, near-surface zinc and silver intercepts from its Captain North Extension claim near Bathurst New Brunswick.
The company previous open-pit mined a small section of the area between 1990 and 1992, and is now looking to see how much mineralization it left behind.
Stratabound started work on the project in 2007 after securing a $100,000 grant from the New Brunswick Deposit Evaluation Program. The company curtailed operations during the recession but multiple rounds of financing has the company exploring again.
Recent drill results continue to trace base and precious metal sulphide intersections on a roughly north south strike at the North Extension claim. The mineralization is open along strike, down dip and down plunge.
Hole 6 cut 11 metres grading 5.03% zinc, 2.85% lea, 136.6 grams silver per tonne and 0.34 gram gold per tonne starting at 44.5 metres, and then a further 6.5 metres carrying 7% zinc, 2.99% lead, 122.4 grams silver and 0.25 gram gold from 63.5 metres.
South of hole 6, Hole 8 returned 57 metres carrying 3.43% zinc, 1.09% lead, 69.2 grams silver and 0.37 gram gold from 45 metres, and included 6 metres carrying 10.31% zinc, 4.01% lead, 188.9 grams silver and 0.76 gram gold.
Hole 8 undercuts hole 3 from last year’s drill program and was collared 38 metres west of it. Hole 3 previously intersected 45 metres averaging 4.3% zinc, 0.98% lead, 47.6 grams silver and 0.24 gram gold from 15.5 metres, including 9 metres grading 11.6% zinc, 3% lead, 144 grams silver and 0.37 gram gold.
The most recent results indicate that mineralization extends at least 100 metres west of the old mine workings. The company has more drilling planned for the summer.
The Bathurst camp spans 4,234 hectares over several claim groups. The camp hosts three known base metal sulphide bodies: the Captain, the Captain Northern Extension and the Taylor Brook deposits.
The project is located 20 km south of Xstrata’s (XTA-L, XTA-S) Brunswick zinc mine, and 10 km east of the past producing Heath Steele mine.
Stratabound is currently concentrating exploration on the Capitan North Extension. The main Captain claim currently hosts a resource of 861,000 measured and indicated tonnes grading 1.1% copper, 0.052% cobalt and 0.22 gram gold and 681,000 inferred tonnes grading 0.6% copper, 0.039% cobalt and 0.12 grams gold.
Last month the company completed $1.5 million in private placements. MineralFields Group purchased 4.4 million units at 22.5¢ for $1 million, while the remaining $500,000 came from a non-brokered private placement of 2.4 million units at the same price. Each unit consisted of one share and one half-warrant, with the warrant exercisable at 35¢ for the first 12 months and 40¢ for the second year.
Stratabound’s share price was up 2¢ on the day to close at 17¢. The company has a 52-week share price between 4.5¢ and 24¢ and 62 million shares outstanding.