An independent reserve estimate and metallurgical report has been received by Stratabound Minerals (ASE) for its CNE base metal deposit, 25 miles southwest of Bathurst, N.B. The reserve estimate, calculated by geological consultant John Goodwin, is based on 3,000 metres of drilling, including a 26-hole program completed in late 1989. In-situ reserves at a cutoff grade of 6% combined lead-zinc are reported as 468,565 tons grading 5.59% zinc, 2.0% lead and 1.98 oz. silver per ton. An additional 48,253 tons grading 1.42% copper and 0.02 oz. gold lie adjacent to the zinc- lead-silver block.
At a higher cutoff grade of 8% combined lead-zinc, reserves are estimated at 325,523 tons grading 7.09% zinc, 2.65% lead and 2.55 oz. silver, with an additional 55,556 tons of 1.31% copper and 0.019 oz. gold.
The CNE deposit is open both along strike and to depth, and 88% of the reserves defined to date are situated within 45 metres of surface.
Metallurgical tests conducted by Brunswick Mining and Smelting (TSE) have yielded overall recoveries of 90.3% zinc, 81.0% lead and 86% silver into zinc and lead- silver concentrates.
Stratabound recently optioned its Capital property, which adjoins the CNE claims, to Consolidated Rhodes Resources (VSE). The latter company can earn a 60% interest in the Capital property by making cash payments of $100,000 and spending $1.05 million on exploration over a 3-year period. The agreement is subject to regulatory approval.
The Capital property hosts a near- surface copper-gold deposit with reserves of 197,220 tons grading 2.12% copper, including 48,939 tons grading 0.05 oz. gold. Cons. Rhodes will conduct a diamond drilling and geophysical program to test for strike extensions of the Capital deposit.
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