Stratabound Minerals Corp. (TSXV: SB) has released its updated Mineral Resource Estimate (MRE) for its wholly owned Fremont Gold Project in California’s Mother Lode Gold Belt resulting in increases in both Indicated and Inferred Mineral Resource classifications.
Highlights of the 2022 updated MRE include:
- Indicated Mineral Resource increased by 121% to 1,163,000 oz Au (19,011 kt at 1.90 g/t Au)
- Inferred Mineral Resource increased by 348% to 2,024,000 oz Au (28,323 kt at 2.22 g/t Au)
- Pit Component (pit-constrained) consists of 1.15 M oz Au Indicated (18,891 kt at 1.90 g/t Au) and 1.49 M oz Au Inferred (22,507 kt at 2.06 g/t Au) Mineral Resource classifications
- Underground Component (out-of-pit) consists of 9 k oz Au Indicated (121 kt at 2.21 g/t Au) and 536 k oz Au Inferred (5,816 kt at 2.87 g/t Au) Mineral Resource classifications
The updated MRE replaces the company’s previous mineral resource estimate dated Sept. 30, 2021 which extended along 960 metres of strike, 350 metres below surface and included only the Pine Tree/Josephine open pit component.
The updated MRE now extends along 1,400 metres of combined strike length and up to 600 metres below surface as it additionally includes the satellite Queen Specimen open pit plus the Pine Tree/Josephine underground components. Historical mining commencing in 1849 subsequent to the California Gold Rush at the Pine Tree/Josephine underground mines extended across 800 metres of strike, 600 metres vertical depth and produced 126 k oz of gold in 540 k tons, (8.0 g/t gold) at the historical gold price of US$35 per ounce before closing in 1944.
The updated MRE is based on 33,982 metres of drilling, 518 metres of trench sampling, and 5,760 metres of underground channel sampling.
“This updated Fremont MRE provides a solid foundation from which the Company can advance towards completing a Preliminary Economic Assessment (PEA) and developing this gold project towards a production decision,” President and CEO, R. Kim Tyler.
“The project is enhanced over the previous Mineral Resource Estimate by the inclusion of the Queen Specimen and underground component of the Pine Tree/Josephine deposit; however, this only evaluates 1.4 km of the entire 4-km strike length of the Fremont Property that features four gold-mineralised zones and a recently announced 285-metre wide, 30-5,210 ppb gold averaging 412 ppb gold-in-soil anomaly connected over all the zones across the full extent of the Property.”
Updated Fremont Gold Project Mineral Resource Estimate
The updated Fremont Gold Project Mineral Resource Estimate was prepared by P&E Mining Consultants Inc. with an effective date of June 30, 2022 in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Reserves (2014) and Best Practices Guidelines (2019).
Pit-constrained Mineral Resources are reported using a cut-off grade of 0.25 g/t Au for oxide material, and 0.45 g/t Au for sulphide material. Out-of-Pit (underground) Mineral Resources are reported using a cut-off grade of 1.45 g/t Au.
Underground Mineral Resources have been constrained within potentially mineable longhole shapes based on block grade and continuity. Historical mining has been depleted from the updated Mineral Resource Estimate by assigning a zero-volume percentage block inclusion for known areas of mining and development.
Next Steps
The advancement of the Fremont Gold Project includes ongoing technical studies and economic analyses for a Preliminary Economic Assessment (PEA), mine permitting, and engagement with the community and all stakeholders.
The PEA will provide an evaluation of preliminary Project components and alternatives, including an economic analysis of the potential viability of the updated Mineral Resource Estimate. The ongoing studies that lead to Stratabound’s PEA will evaluate various mining scenarios that will consider the environmental and socioeconomic impact of the Project for all stakeholders. The PEA will allow Stratabound to explore and reveal the potential of this Project.
The company continues to work with its environmental consultants to develop a plan for permitting the Project. The company reports that its baseline environmental program is progressing including biological studies, surface water and monitoring groundwater wells for routine sampling. Other planned evaluations for the permitting strategy will necessarily consider mine design, processing, and reclamation plan development.
Meanwhile, Stratabound views this development in terms of its benefits to the California economy, as well as the local Mariposa community through re-invigorating the production of California’s mineral wealth under modern regulatory requirements and environmental awareness.
“We look forward to our continued work with community members, elected officials and other stakeholders in Mariposa County as this project progresses. Stratabound is committed to being a responsible and welcome corporate citizen, to protecting the environment while developing a project that provides sustainable social and economic benefits that go beyond the life of a mining enterprise, and of which the County and community can be proud. Our team on the ground in Mariposa are actively meeting with community leaders to provide project planning updates so that Fremont Mine can be an asset to the County through increasing economic diversity,” Tyler said.
For further information please visit: https://stratabound.com/
