Calgary-based Stratabound Minerals (ASE) expects to bank revenues of $1-1.5 million from a recently completed bulk sample run at the Heath Steele Mines mill near Bathurst, N.B. The 12,000-ton sample, taken from Stratabound’s Captain North Extension zinc-lead-silver deposit, 10 miles from the mill, produced an average grade of 12% zinc, 5.57% lead and 5 oz. per ton silver.
The concentrates will be sold to Heath Steele, a joint venture of Noranda (TSE) and Brunswick Mining and Smelting (TSE). Final settlement will depend on average London Metals Exchange (LME) prices for standard lead and special high-grade zinc, and the London spot price for bar silver.
Assay results from the 5-day mill run include: zinc lead copper tons (%) (%) (%) Mill feed 12,232 11.4 5.3 0.17 Lead conc. 908 15.2 46.0 0.91 Bulk conc. 229 43.1 16.4 0.28 Zinc Conc. 1,991 53.4 3.2 0.26 Tails 9,204 1.6 1.4 0.07
As Stratabound and Heath discuss the possibility of a 1991-92 milling contract, a feasibility study to determine the economic viability of the Captain North Extension project is getting under way. The deposit hosts reserves of 486,565 tons grading 5.6% zinc, 2% lead and 1.98 oz. silver. An additional copper reserve of 48,285 tons grading 1.42% copper and 0.02 oz. gold lies adjacent to the lead-zinc block.
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