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Stratabound receives upgraded CNE resource estimate; Xstrata Zinc provides Letter of Intent re toll milling
SB: TSX Venture Exchange Issued: 65,145,111 shares Xstrata mill willing to process CN...
About this update from Lode Gold Resources Inc
[{"type":"text","content":"\n\n\n\n\n\nSB: TSX Venture Exchange\nIssued: 65,145,111 shares\n\n\nXstrata mill willing to process CNE lead-zinc-silver deposit\n\n\nSilver resource upgraded from Inferred to Measured and Indicated\n\n\nPermitting process initiated\n\n\nCALGARY, Dec. 1, 2011 /CNW/ - Stratabound Minerals Corp. is pleased to\n announce that it has received a Letter of Intent from Xstrata Zinc\n stating it is willing to process ore from Stratabound's Captain North\n Extension (CNE) zinc-lead-silver deposit at Xstrata's nearby mill.  The\n mill is located about 20 kilometres north of CNE, at the Brunswick #12\n mine site.\n\n\nOn November 28, 2011, Stratabound received the complete and final\n results of an independent, National Instrument 43-101 compliant\n Preliminary Economic Assessment (PEA) of its 100%-owned base metal\n properties near the city of Bathurst and the port of Belledune, New\n Brunswick. The PEA was done by Tetra Tech WEI Inc. (formerly Wardrop\n Engineering) of Toronto, Ontario in order to determine baseline\n economics of the properties.\n\n\nWith the inclusion of additional assays, Tetra Tech has upgraded the CNE\n silver resource from the Inferred category initially reported in\n Stratabound's news release of October 20, 2011.  Like the lead and\n zinc, over 95% of the silver resource is now classified as Measured and\n Indicated, and at slightly higher grades than previously reported.\n\n\nAt a cut-off of 1.5% Zinc Equivalent (for definition see October 20,\n 2011 news release), the CNE deposit reports a Measured resource of\n 37,710 tonnes at 5.77% Zn, 1.91% Pb, 0.06% Cu and 63.91 g/t Ag; an\n Indicated resource of 277,044 tonnes at 4.54% Zn, 1.66% Pb, 0.11% Cu\n and 60.40 g/t Ag; and an Inferred resource of 16,517 tonnes at 2.74%\n Zn, 1.20% Pb, 0.06% Cu and 37.50 g/t Ag.\n\n\nThe PEA concludes that CNE demonstrates robust economics as a potential\n open pit toll-milling operation, with the base case showing an Internal\n Rate of Return of 292%.\n\n\nStratabound is now initiating the permitting process required to mine\n the CNE deposit.  Mr. Stan Stricker, President of Stratabound, states:\n \"We are optimistic that our previous history of open pit production\n from the CNE deposit, which was achieved without any operational,\n metallurgical, environmental, or reclamation issues, will stand us in\n good ste...