Stratabound Files NI 43-101 Technical Report on Updated Mineral Resource Estimate on Fremont Gold Project
Toronto, Ontario--(Newsfile Corp. - October 3, 2022) - Stratabound Minerals Corp. (TSXV: SB) (OTCQB: SBMIF)("Stratabound" or the "Company") is pleased to announce that it has filed on SEDAR the National Instrument 43-101 Technical Report (the "Technical Report") on the updated Mineral Resource Estimate (the "updated MRE") for its wholly owned Fremont Gold Project in California's Mother Lode Gold Belt. The Technical Report, which was prepared by P&E Mining Consultants Inc. ("P&E"), has an effective date of June 30, 2022 and is titled "Technical Report and Updated Mineral Resource Estimate of the PineTree-Josephine and Queen Specimen Deposits, Fremont Gold Project, Mariposa County, Central California, USA".
The updated MRE (previously announced August 18, 2022) confirms significant increases in both Indicated and Inferred Mineral Resource classifications.
Highlights of the 2022 updated MRE include:
- Indicated Mineral Resource increased by 121% to 1,163,000 oz Au (19,011 kt at 1.90 g/t Au)
- Inferred Mineral Resource increased by 348% to 2,024,000 oz Au (28,323 kt at 2.22 g/t Au)
- Pit Component (pit-constrained) consists of 1.15 M oz Au Indicated (18,891 kt at 1.90 g/t Au) and 1.49 M oz Au Inferred (22,507 kt at 2.06 g/t Au) Mineral Resource classifications
- Out-of-Pit Component (underground) consists of 9 k oz Au Indicated (121 kt at 2.21 g/t Au) and 536 k oz Au Inferred (5,816 kt at 2.87 g/t Au) Mineral Resource classifications
The updated MRE replaces the Company's previous Mineral Resource Estimate dated Sept. 30, 2021 (the "previous estimate") which extended along 960 metres of strike, 350 metres below surface and included only the Pine Tree/Josephine pit-constrained component.
The updated MRE now extends along 1,400 metres of combined strike length and up to 600 metres below surface as it additionally includes the satellite Queen Specimen pit-constrained plus the Pine Tree/Josephine out-of-pit components. Historical mining commencing in 1849 subsequent to the California Gold Rush at the Pine Tree/Josephine underground mines extended across 800 metres of strike, 600 metres vertical depth and produced 126 k oz of gold in 540 k tons, (8.0 g/t gold) at the historical gold price of US$35 per ounce before closing in 1944.
The updated MRE is based on 33,982 metres of drilling, 518 metres of trench sampling, and 5,760 metres of underground channel sampling.
Updated Fremont Gold Project Mineral Resource Estimate
The updated Fremont Gold Project Mineral Resource Estimate was prepared by P&E with an effective date of June 30, 2022 in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Reserves (2014) and Best Practices Guidelines (2019).
Pit-constrained Mineral Resources are reported using a cut-off grade of 0.25 g/t Au for oxide material, and 0.45 g/t Au for sulphide material. Out-of-Pit (underground) Mineral Resources are reported using a cut-off grade of 1.45 g/t Au. Out-of-pit Mineral Resources have been constrained within potentially mineable long hole shapes based on block grade and continuity. Historical mining has been depleted from the updated Mineral Resource Estimate by assigning a zero-volume percentage block inclusion for known areas of mining and development.
A summary of the MRE is provided in Table 1. The economic assumptions used for the updated MRE are provided in the notes to the table.
Table 1. Summary of Mineral Resource Estimate(1-12)
- Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
- The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources are reported within a constraining conceptual pit shell.
- Inverse distance weighting of capped composite grades within domains was used for grade estimation.
- Composite grade capping was implemented prior to grade estimation.
- Bulk density was assigned by redox domain.
- A gold price of US$1,700/oz was used.
- A cut-off grade of 0.25 g/t Au for oxide material, 0.45 g/t Au for sulphide material and 1.45 g/t Au for underground material was used.
- Pit-constrained Mineral Resources were determined to be potentially economic based on a mining cost of US$3/t mined, heap leach processing of US$9.16/t, flotation processing of US$10.02/t and G&A costs of US$2.50/t, with metallurgical recoveries of 85% by heap leach and 90% by flotation.
- Out-of-Pit Mineral Resources were determined to be potentially economic with the longhole mining method based on an underground mining cost of US$40/t mined, processing of US$10.02/t and G&A costs of US$2.50/t, with a metallurgical recovery of 90%. Out-of-Pit grade blocks that did not demonstrate potentially mineable configurations were removed from the Resource Estimate.
- Totals may not sum due to rounding.
All Mineral Resource estimation work reported herein was carried out by Fred Brown, P.Geo., and Eugene Puritch, P.Eng., FEC, CET both of P&E and Independent Qualified Persons in terms of NI 43-101.
Stratabound Minerals Corp. is a Canadian mineral exploration and development company that is developing its advanced-stage flagship Fremont Gold Project in the historic Mother Lode Gold Belt of California. The Fremont Property features an NI 43-101 Mineral Resource Estimate (MRE) of 1.16 million Au ounces at an average grade of 1.90 g/t Au in the Indicated, plus 2.02 million ounces at an average grade of 2.22 g/t Au in the Inferred Mineral Resource classifications. This current MRE evaluates only 1.4 km of the entire 4 km strike length of the Fremont Property that features four gold-mineralized zones and a recently announced 285-metre wide, 30 ppb to 5,210 ppb gold averaging 412 ppb gold-in-soil anomaly connected over all the zones across the full extent of the Property. The Company is also advancing its pipeline of early-stage exploration projects in Canada including the Golden Culvert, Yukon and McIntyre Brook gold projects, and the Captain Cobalt-Copper-Gold Deposit in New Brunswick.
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.
This press release uses the terms Indicated and Inferred Mineral Resources as a relative measure of the level of confidence in the Mineral Resource Estimate. Readers are cautioned that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to an Indicated or Measured Mineral Resource classification; however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. The potential development of the Mineral Resource Estimate disclosed in this press release may be materially affected by legal, political, environmental or other risks. The Mineral Resource Estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Mineral Reserves (2014) and Best Practices Guidelines (2019). Under NI 43-101, estimates of inferred mineral resources may not form the basis of Feasibility or Pre-Feasibility Studies or economic studies except for Preliminary Economic Assessments. Readers are cautioned not to assume that further work on the stated Mineral Resources will lead to Mineral Reserves that can be mined economically.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139136
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