Stratabound gets funds for Indin Lake drilling program

Through a number of private placements and flow-through share agreements, Calgary-based Stratabound Minerals (ASE) has raised about $800,000 to finance exploration on its New Brunswick and Northwest Territories projects.

Under a flow-through financing agreement with Sofimines 1988 and Co. Ltd. of Montreal, Stratabound will receive $500,000 in exploration funds.

The company recently sold its interest in two Northwest Territories exploration permits to Ardic Exploration of New York and Borealis Exploration (ASE) for $175,000.

Stratabound has also completed a $68,100 private placement of flow- through shares at 75 cents per share for a June drilling program at the company’s wholly-owned Indin Lake project in the Northwest Territories.

Initial work at Indin Lake in 1986 detected several areas of actual or potential gold mineralization. Follow-up work in 1987 on the NAM 3 claim, including three small trenches, uncovered a gold-bearing quartz vein network like those at Echo Bay Mines’ (TSE) Lex Lake and Cass gold deposits, Stratabound says.

Assays from the NSM 3 trenches include 0.12 oz gold per ton across a 1.2 m chip sample and grab samples up to 0.174 oz. “This showing occurs on a talus-covered slope and is largely obscured by rubble,” Stratabound says.

“The next program will include Winkie drilling to test the central part of the discovery vein at depths of 50 and 100 ft below surface.”

Stratabound has also budgeted $45,000 for mapping and surveying at the company’s 800-acre Alma claims in Albert Co., N.B., where previous work by Billiton Canada in 1983-84 located a small showing containing 4% copper and 0. 22 oz gold in selected grab samples.

Exploration is also planned at the 19-claim Taylor Brook property 30 miles southwest of Bathurst, N.B., which Stratabound acquired last December under an option agreement for $50,150.

According to Stratabound, the property hosts a partially-drilled, lenticular, stratabound deposit of massive to disseminated sulphides which was traced for 1,300 ft along strike and to a depth of 300 ft.

Previous drilling has indicated 325,000 tons grading 2.3% combined lead/zinc and 0.4 oz silver with the best section grading 5.81% zinc, 1.26% lead and 1.24 oz silver across 3.3 ft.