Stratabound Provides 2023 Update and Outlines 2024 Restructuring and Growth Strategy and Plans
Newsfile Corp.
7 min read
Toronto, Ontario--(Newsfile Corp. - January 9, 2024) - Stratabound Minerals Corp. (TSXV: SB) (OTCQB: SBMIF) ("Stratabound" or the "Company") is pleased to provide a summary of the key activities completed in 2023 and to outline Stratabound's strategic direction in 2024.
2023 Highlights:
Appointment of Wendy T. Chan as Interim CEO and Director, to lead the Company's restructuring and growth strategy and plans
Appointment of Buddy Doyle as VP Exploration to lead exploration of several of its key assets
Appointment of Marty Stratte, previously on the permitting team at Equinox Gold's Castle Mountain, California, as Director
Completion of a PEA for its Fremont Gold Project, California, located on the Mother Lode Gold Belt which has produced 50,000,000 oz of gold
Balance sheet improved by $2,426,593 in part due to conversion of The Tomlinson Group's secured debt to shares and dismissal of a lawsuit. Romspen's debt was restructured by adding a provision to make the debt convertible to shares at $0.07/share
Addition of a new strategic shareholder, The Tomlinson Group as the second largest shareholder of Stratabound. Together with Coast Capital Management, a notable engaged investor behind Jaguar Mining, TMAC, Tahoe, Oceanagold, Rubicon and Argonaut, among others, Stratabound has two important long-term shareholders
Confirmation of the presence of a Reduced Intrusion-Related Gold System (RIRGS) at Win Gold Project, Southern Tombstone Belt, Yukon, yielding up to 8.53 g/t Au and 155 g/t Ag (similar intrusive systems discovered at Snowline, Fort Knox, Banyan Gold and Rackla)
Technical review of the key geological controls at the Fremont Gold Project:
Identify exploration targets from the old underground workings for drill testing within this regionally important orogenic system which have the potential to define, delineate and extend the structurally controlled, plunging "oreshoots" of higher-grade mineralization (at grades equivalent to historical grades > 8 g/t Au) to depth
Ensure drilling to be targeted at multiple equivalent zones of mineralization, to build a significant mineral resource along the significant open and untested strike potential on the property
Of note, MRE evaluates only 1.4km of the 4km strike. Limited drilling has previously confirmed the presence of the main mineralized structure to a depth of over 1,000m vertically below surface
Hashim Ahmed, Chairman of Stratabound commented: "2023 was a transformative year for Stratabound, with many changes to set the stage for further growth and development."
Ending the year, the Company appointed a dynamic new leader, Wendy T. Chan, who has a diverse background of successfully completing many strategic reorganization, marketing, and corporate development initiatives at mining and other companies. Adding technical depths and new perspective to the entire portfolio is Buddy Doyle, who has a proven track record in exploration and discoveries. He founded and led the exploration and development efforts at Amarillo, a gold mine in Brazil, successfully raising capital at each stage. He was instrumental in its successful sale to a major mining company.
Wendy T. Chan, interim CEO, comments, "Stratabound's new strategic direction, and the key to unlocking shareholder value, focuses on separating its key assets, positioning new investors and building a strong team. We are putting together an execution-focused team of professionals at the corporate and Board level to rebuild Stratabound. As gold hovers near historic highs, we are excited with the possibilities. Stay tuned for more updates as we move into 2024."
ABOUT STRATABOUND MINERALS
Stratabound Minerals Corp. is a Canadian exploration and development company with grassroots and advanced exploration properties in highly prospective and safe mining jurisdictions.
Its Golden Culvert and Win Projects, Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high-grade-gold-mineralized trend within the southern portion of the Tombstone Gold Belt. Gold deposits and occurrences within the Belt include Fort Knox, Pogo, Brewery Creek and Dublin Gulch, and Snowline Gold's Valley target on its Rogue property in the Selwyn Basin.
Its McIntyre Brook Project, New Brunswick, covering 120 km2 and a 17-km strike length in the emerging Triple Fault Gold Belt, is surrounded by Puma Exploration's Williams Brook Project (5.55 g/t Au over 50m) and is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project.
The Company is also advancing its Fremont Gold development project in the historic Mother Lode Gold Belt of California where 50,000,000 oz of gold has been produced. Fremont, located 500km north of Equinox Gold's Castle Mountain and Mesquite mines, has a PEA with an after-tax NPV of USD $217MM, a 21% IRR, 11-year LOM, averaging 118k ounces per annum at USD $1,750 gold. The project hosts an NI 43-101 resource of 1.16 MMoz at 1.90 g/t Au within 19.0 MMt Indicated, and 2.02 MMoz at 2.22 g/t Au within 28.3 MMt Inferred. The MRE evaluates only 1.4 km of the 4 km strike length of the Fremont property that features 4 gold-mineralized zones.Significantly, three step-out holes at depth hit structure, typical of orogenic deposits that often occur at depth. Fremont is located on private landin Mariposa, the original gold rush county and is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail. Please refer to the Fremont Gold project PEA dated Apr. 4, 2023 under NI 43-101 guidelines. The technical report has been reviewed and approved by independent "Qualified Persons" Eugene Puritch, P.Eng., FEC, CET, and Andrew Bradfield, P.Eng. both of P&E, and Travis Manning, P.E. of KCA.
The Company also holds a pipeline of early-stage exploration projects including the critical mineral Captain Cobalt-Copper-Gold Deposit in New Brunswick and the Dingman Gold Project, Ontario.
QUALIFIED PERSON STATEMENT
The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology - UCT), FAusIMM, and who is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
For more information, please visit the Company's website at www.stratabound.com or contact:
Gary Nassif Senior Vice President, Director info@stratabound.com +1 (416) 915-4157
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.
