Slam Exploration Ltd. [SXL-TSXV; SLMXF-OTC] discovered a quartz boulder grading 39.3 g/t gold on its Jake Lee gold project, located 30 km west of Saint John, New Brunswick. The gold-bearing boulder is located 250 metres south of a slab of road rubble that grades 1.49 g/t gold. The road rubble sample is comprised of sedimentary rock with quartz veining near an outcrop of similar sedimentary rock.
These two grab samples of float grading 39.3 and 1.49 g/t gold respectively are located on a ridge 1,600 metres northwest of the Cranford-Taylor vein. All 13 grab samples collected from boulders associated with the Cranford-Taylor vein contain anomalous levels of gold ranging from 0.004 g/t to 0.125 g/t gold. These samples were collected during a recent prospecting expedition by SLAM’s advance scout team.
The company is planning a follow-up expedition to further evaluate these new gold discoveries.
Slam also intends to prospect an area on the recently acquired Roger Lake claim where elevated gold levels range up to 16,200 parts per billion (ppb) gold in a soil geochemical survey by previous workers. Targets include the site of one sample at 16,200 ppb gold and 121 sample sites ranging from 10 to 173 ppb gold that were detected in a soil geochemical survey of 1904 samples collected in 2021.
Another target is a historic placer gold site known as the Lepreau river gold occurrence. The following quotations are copied from this reference: “Large flakes of gold (up to 5 mm) were found in the gravels of the Lepreau River about 4 km north of the village of Lepreau…” and, in the St. Croix Courier – Jul. 13, 1899, Lepreau, “Mr. Stafford has a fine piece of gold which was found on the Lepreau river and is about as fine a specimen as has been seen in the province.” These gold targets are associated with volcano-sedimentary and intrusive rocks in the vicinity of the Belleisle Bay fault zone.
Slam’s Jake Lee gold project is comprised of six claims covering 9,508 hectares spread over a 20-km stretch of volcano-sedimentary rocks along the Wheaton Brook and St George fault zones. Five of the six mineral claims are wholly owned by SLAM. The other one is the recently acquired Roger Lake claim which is subject to completion of cash and share payments over a 4-year period and a 2% NSR royalty retained by the optionor. The Company may purchase one half of the royalty for $1,000,000 at any time and the remaining half of the royalty for $2,000,000 at any time. The option agreement to acquire the Roger Lake claims remains subject to approval by the TSX Venture Exchange.
The company holds NSR royalties on the Ferguson Brook and Ramsay Brook gold properties and on the Superjack, Nash Creek and Coulee zinc-lead-copper-silver properties in the Bathurts Mining Camp. The company also holds NSR royalties on the Reserve Creek and Opikeigen gold properties and also owns the Keezhik and Miminiska gold projects in Ontario.
The company has generated cash from the sale of securities received from mineral property option agreements with other companies and has sufficient funds for the work currently in progress.