• Stratabound Minerals (SB) has launched a diamond drill program at its flagship Golden Culvert Project in the southeast of the Yukon Territory
  • Drilling has already started on the first hole, with a second drill rig to be added in the coming weeks
  • This follows a phase one program which included eight drill holes over a total of 1,370 metres along with 24 surface trenches
  • The program is expected to include infill drilling ahead of an initial NI 43-101 resource estimate, as well as extensional drilling along strike
  • Stratabound Minerals (SB) is currently steady at C$0.21 per share

Stratabound Minerals (SB) has launched a diamond drill program at its flagship Golden Culvert Project in the southeast of the Yukon Territory.

The program represents the second phase of a larger campaign that was announced on July 13 this year.

During the initial phase, Stratabound completed eight diamond drill holes over a total of 1,370 metres as well as 24 surface trenches. This work outlined a 530-metre-long and 130-metre-wide corridor of mineralisation that contains six parallel gold-hosting structures.

A drill rig has already arrived on site and commenced work on the first hole, with a second rig to be added over the coming weeks. The program will focus on infill and definition drilling on the targets identified in the first phase, with a goal of completing an initial NI 43-101 resource estimate.

Extensional drilling will also be carried out to expand the mineralisation along strike, as well as drilling to deeper levels beyond the 150-metre holes that were previously completed.

R. Kim Tyler, President and CEO of Stratabound Minerals, commented on the commencement of the phase two program.

“We have now secured the necessary funding and are pleased to embark on this inaugural definition drilling program at the Culvert.

“We are more mine developers and operators by experience than explorationists and, as evidence continues to support it, we view the Golden Culvert through the perspective of moving it from advanced exploration to a development stage gold mining project,” he added.

The current campaign is funded by a recently completed private placement, in which the company raised C$1,309,990 in an initial tranche.

Stratabound Minerals (SB) is currently steady at $0.21 per share at 12:04pm EDT.

More From The Market Online

Q2 Metals stock soars on Cisco Lithium Property acquisition

Q2 Metals shares received a boost after announcing it will be acquiring a 100 per cent interest in the Cisco Lithium Property.
The Market Online Video

HotCopper webinar examines Australia’s uranium awakening

Our HotCopper colleagues brought together the leaders of six ASX companies for a webinar about the state of the uranium market in Australia.
Silver Storm Mining - Shot from underground drilling at La Parilla.

Eric Sprott decreases exposure to attractive silver stock

Mining magnate Eric Sprott allowed 2 million Silver Storm Mining (TSXV:SVRS) common share purchase warrants to expire unexercised.
New Found Gold - Shot from New Found Gold's Queensway project.

New Found Gold makes new discovery at Queensway project

New Found Gold has reported results from its drill program on the Queensway project in Newfoundland where 97 holes have been drilled.