Captain North Extension (CNE) Zinc-Lead-Silver Deposit - 100% Owned
Stratabound acquired the CNE claims in 1988. Following an accelerated drilling and development program which defined a small but high grade zinc-lead-silver massive sulphide deposit within six metres of surface, in 1990 and 1991 the company succeeded in obtaining contracts with Noranda’s Heath Steele Mines for delivery of a bulk sample and two additional shipments of ore totaling 39,622 tonnes. Excellent recoveries were obtained at the mill, and the resulting concentrates were purchased by Noranda.
During the period March 6 to April 12, 2013, an additional 62,720 tonnes of lead-zinc-silver ore was mined from the CNE deposit, taking advantage of a short-term opportunity to utilize Xstrata Zinc’s Brunswick #12 mill to produce concentrates which were purchased by Xstrata.
In total, Stratabound extracted 102,342 tonnes of high-grade mineralization in the 1990/91 and 2013 campaigns, with a weighted-average production grade of 8.84% zinc, 3.68% lead, and 120.18 g/t silver, plus copper and gold credits.
As the remaining resource is currently uneconomic in the absence of a local toll milling facility, reclamation of the 2013 open pit was undertaken in September of 2013 and continues to be ongoing. The Company recently pleaded guilty to two environmental charges brought by Environment Canada: one under the Fisheries Act and one under the Metal Mining Effluent Regulations (MMER). The New Brunswick Provincial Court established fines against the Company totaling $75,000, payable in installments of $25,000 on January 29, 2016, $20,000 on October 14, 2016, $20,000 on April 14, 2017, and the remaining $10,000 on October 14, 2017.
Stratabound was presented the 2013 Developer of the Year Award by the Hon. Craig Leonard, Minister of Natural Resources, following a unanimous vote by the New Brunswick Prospectors and Developers Association "in recognition of valuable contributions to the mining and minerals industry of New Brunswick” for achievements in developing, mining, and reclaiming the CNE Mine.
Stratabound is seeking a joint venture partner to further explore this property.