Stratabound Announces Completion of Definitive Option Agreement and Commencement of Diamond Drilling on McIntyre Gold Project, as well as Renegotiation of Golden Culvert Option Agreements

TORONTO, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Stratabound Minerals Corp. (TSXV: SB) (“Stratabound” or “the Company”) is pleased to announce it has completed the transaction for an option to acquire 100% of the mineral rights to the McIntyre Gold Project located adjacent to Highway 180 about 80 kilometres west of Bathurst, New Brunswick as previously announced November 13, 2019. 

Stratabound and the owner of the claims have signed a definitive option agreement which sets out the terms under which Stratabound has the right and option to earn 100% interest in the claims through cash payments, share issuances and work commitments. Stratabound issued 300,000 common shares to the owner upon signing the option agreement, and by the first anniversary of signing Stratabound has committed to complete $50,000 in exploration work at the property. Payments on the first, second, third and fourth anniversaries of signing of $15,000, $15,000, $30,000 and $40,000 respectively, are required to maintain the option, which may be paid, at Stratabound’s election, up to 50% in shares. Upon completion of the fourth anniversary payment Stratabound will have earned 100% ownership in the claims. Stratabound has also agreed to pay the owner a 2% net smelter return royalty on production from the claims.

McIntyre Brook Diamond Drilling Program Commenced

The Company is further pleased to announce it has already commenced an initial diamond drilling program of about 500 metres over five holes across 300 metres of open-ended strike of gold mineralization previously exposed by trenching and a gold-in-soil anomaly at McIntyre Brook. As noted in the press release of Nov. 13, 2019, The McIntyre Gold Project consists of two known gold occurrences that occur 1.5 kilometres along strike of each other, the McIntyre Brook and the Big Pit. The McIntyre Brook occurrence features 40 significant gold values between 0.20 and 41.56 gpt gold out of a total 46 grab samples collected from bedrock exposed in trenches along 300 metres of strike length. The zone remains open at both ends and occurs within a 480 metre wide, 8 to 165 ppb gold-in-soil anomaly that remains open beyond 500 metres of strike length.