A Toronto-based junior miner turned heads during Thursday’s session after the company announced the release of its updated NI 43-101 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. Traders were extremely optimistic on the updated MRE as shares of Stratabound Minerals Corp (TSX-Venture:SB) rallied strongly following the announcement.
Stratabound Minerals Corp is a mineral development company developing an advanced-stage Fremont Gold Project in the Mother Lode Gold Belt of California. The project features an NI 43-101 Mineral Resource of 526k ounces at an average grade of 1.60 g/t Au in the Indicated plus 452k ounces at an average grade of 1.29 g/t Au in the inferred mineral resource categories encompassing two historic high-grade U/G gold mines. Additionally, Fremont hosts three other undeveloped gold occurrences across 4-km of strike along the prolific Mother Lode Gold Belt. The company is also advancing its other early-stage gold projects; the Golden Culvert, YT, McIntyre Brook, NB, and Dingman, ON gold projects and holds three base metals deposits in the Bathurst base metals camp of New Brunswick.
As previously mentioned, traders were bullish on the update as shares rose up to $0.09/share (+125.00%) at the session high.