RE: Will SLAM report VG right away ?
Company News
Oct 11, 2010
SLAM UNCOVERS ADDITIONAL MINERALIZATION AT SILVERJACK> Potential extensions to high grade silver-copper-zinc-lead deposit.
Property
RESERVE CREEK GOLD PROJECT
SLAM hit visible gold with assays pending in all 3 holes of a recent diamond drilling program on its wholly owned Williamson gold deposit at Reserve Creek. Gold occurs within mineralized core intervals ranging from 10 feet to 41 feet (12.5 m) containing 10 % sulphides (pyrite-pyrrhotite). In the 3rd hole, this zone is flanked by 198 feet (60.5 m) of mineralized core with magnetite and 2% to 5% sulphides. Assays are pending on 368 samples of mineralized core from these intervals.
Twelve of 13 holes drilled in previous campaigns by SLAM reported gold bearing intercepts ranging up to 7.485 g/t (0.217 oz/t) over 4.58 m and individual samples as high as 0.72 oz/t gold over 1.6 feet (24.77 g/t over 0.5m). Previous workers reported similar results including some higher grade intercepts ranging up to 33.9 g/t (1.09 oz/t) gold over 0.8 metres. The gold deposit is open at depth and along strike.
SLAM’s wholly owned 22 claim Reserve Creek Gold Project covers 11,386 acres of favourable volcanic rocks. The property includes the historic Williamson zone discovered in 1941 by Dome Mines Ltd.
MIMINISKA-KEEZHIK GOLD PROJECT
SLAM drilled visible gold in the wallrock beside a 21 foot (6.40 m) zone of mineralized (2% pyrite/pyrrhotite) quartz porphyry with assays pending from hole MM10-01 on the Miminiska-Keezhik gold property. This hole also intersected a 10.8 foot (3.3 m) zone of silicified sediments from 17.9 to 21.2. A second hole was drilled beneath the first hole to test a near-surface intercept grading 0.17 oz per ton gold over 6.6 feet (5.97 g/t gold over 2.0 m) drilled by SLAM in 2008. An additional hole was drilled in the Keezhik porphyry zone where SLAM discovered widespread gold mineralization in a hole drilled in 2008. This previous hole included an interval grading 0.18 oz per ton gold over 5.0 feet (6.05 g/t gold over 1.5 metres). Assays are pending on 199 samples representing 803 feet (244.9 m) of core from the 3 holes. Based on the favourable results, the Miminiska-Keezhik gold property was expanded to comprise 29 claims covering 12,137 acres located east of the former gold mining town of Pickle Lake.
Assays are pending from 4 diamond drill holes recently completed by SLAM and Beatrix Ventures Ltd. (BXV on CNSX) on the Opikeigen gold joint venture. All 4 holes intersected sulphide zones and local quartz-carbonate veining with 686 samples submitted to the lab for gold analysis. The holes tested Zone 12 by stepping east and west of high grade gold intercepts in hole OL87-46 previously drilled in 1987. Hole 46 intersected mineralized samples containing visible gold and grading 3.29 oz per ton gold over 0.32 feet (113.57 g/t gold over 0.1 m) and 1.44 oz per ton gold over 0.64 feet (49.66 g/t gold over 0.2 m). These occurred within a core interval grading 0.18 oz per ton gold over 23 feet (6.22 g/t gold over 7.00 m) at a depth of 141 m. These results pre-date NI 43-101 regulations and can only be verified by additional drilling.
The Opikeigen Lake Gold Joint Venture property comprises 38 claims covering 10,240 acres located east of the former gold mining Town of Pickle Lake and held in 50/50 joint ownership between SLAM and Beatrix. The property hosts a number of high grade gold occurrences including Zone OL12, OL29, OL41, the Fort Hope Gold Mine and the California vein.
Seventeen recent diamond drill holes by SLAM intersected high grade silver and base metal values. The best results were in hole SJ09-14 with a 22 foot (6.6 m) core interval grading 7.82 oz/ton (268.20 g/t) silver, 1.27% copper, 5.65% lead, 4.53% zinc. This interval included samples grading up to 2.69% copper, 14.60% zinc, 12.8% lead and 19.05 oz/ton (653 g/t silver). SLAM drilled 20 holes in a 1780 metre diamond drilling program designed to test the Silverjack deposit.
The Silverjack project is comprised of 62 claims owned 100% by the Company plus 13 claims acquired through option agreements. These combine for a total of 75 claims covering 2,570 acres located adjacent to SLAM’s wholly owned Nash Creek zinc-lead-silver deposit and 12 kilometres southwest of the Belledune smelter and seaport in northern New Brunswick.
NASH CREEK ZINC-LEAD-SILVER PROJECT
SLAM’s wholly owned Nash Creek deposit contains an indicated resource of 468M lbs zinc, 95M lbs lead and 4.6M oz silver, plus inferred resource of 71.0M lbs zinc, 14M lbs lead and 0.7M oz silver. These metals are contained in an indicated resource of 7,807,900 tonnes grading 2.72% zinc, 0.55% lead and 18.26 g/t silver plus an inferred resource of 1,211,700 tonnes grading 2.66% zinc, 0.52% lead and 18.00 g/t silver after mill recoveries are factored in. This estimate is documented in an independent NI 43-101 Technical Report prepared by Wardrop Engineering Inc. and available for viewing at www.sedar.com.
The Nash Creek property comprises 406 claims covering 16,051 acres of highly prospective, volcano-sedimentary stratigraphy. A power-line, railway and major highway transect the property. These provide immediate access to the Belledune smelter and seaport located within 25 km as well as to Xstrata’s BMS No. 12 Mine within 75 km. With potential for open pit mining and excellent mill recoveries the Nash Creek deposit is expected to emerge as a low-cost producer of zinc, lead and silver.
Politics
Mining executives rate New Brunswick second behind Quebec as the world’s most attractive jurisdiction for mineral exploration and development, according to the annual Survey of Mining Companies 2009/2010 recently released by the Fraser Institute. New Brunswick is a large producer of silver, lead and zinc.
Ontario is a huge producer of gold and other metals and historically has been rated as an attractive jurisdiction for mining investment. Some of the richest gold mines in the world are operated in Ontario.