Finding someone willing to custom mill ore from the CNE zinc- lead-silver property near Bathurst, N.B., appears to be the next logical step for Stratabound Minerals (ASE).
After releasing the last batch of holes from a 26-hole drill program, the Alberta company is involved in negotiations with Noranda (TSE), 75% owner of the Heath Steel mill. If those discussions aren’t successful, Stratabound President Stan Stricker says he will either meet with other mill owners in the area or find a major mining company to develop the CNE deposit.
Recent drilling at the wholly owned property appears to have increased the potential for open pit reserves which now stand at 210,000 tons of grade 7.60% zinc, 2.98% lead and 2.92 oz. silver per ton to a depth of 130 ft.
That was indicated by a batch of 13 holes, which had not been previously released by the company. The latest results include a 55.8-ft. intersection grading 17.29% zinc, 5.34% lead, 3.53 oz. silver and 0.031 oz. gold; 41.3 ft. of 17.98% zinc, 8.19% lead, 6.31 oz. silver and 0.034 oz. gold.
Other highlights include 61.4 ft. of 8.91% zinc, 2.84% lead, 2.01 oz. silver and 0.022 oz. gold.
The results, suggesting a potentially larger size of the deposit, confirm the down-plunge continuity of ore-grade mineralization below the proposed open pit floor, says Stratabound.
Stricker says an additional 18 claims have been staked on the western boundary of the Stratmat copper-lead-zinc mine property, which is being developed to production by Brunswick Mining and Smelting (TSE) and Noranda. The acquisition brings Stratabound’s holdings in the Bathurst area to 4,960 acres.
Further drilling is anticipated by Stricker on Stratabound’s Captain claims which are adjacent to the south of CNE.
Be the first to comment on "Custom milling agreement, next step for Stratabound"