SLAM Exploration Ltd. [SXL-TSXV] has identified a 20-km trend of gold and copper mineralization associated with volcanic and intrusive rocks on the Shadow Lake gold project located 30 km west of Saint John, New Brunswick.
The company has received assays grading up to 3.39% copper and 0.17% molybdenum for grab samples that were collected from a breccia zone during a follow-up visit to the Shadow Lake gold project. This copper-molybdenum breccia zone is located 2,000 metres northwest of the LLP vein where Company geologists had reported visible gold in 2 grab samples. These 2 samples returned assays of 31.50 g/t gold and 9.93 g/t gold respectively.
Previous workers traced this vein over a strike length of 150 metres and reported grab samples up to 54.9 g/t gold. In addition, they reported grab samples grading up to 70.4 g/t gold at one of six gold occurrences approximately 15 km east of the LLP vein. Assays are pending on 250 soil samples collected in the vicinity of these gold occurrences.
SLAM President Mike Taylor states, “This area has seen very little previous exploration and the Company plans to further delineate the size of these discoveries.”
The Shadow Lake Gold Project comprises six claims covering 3,782 hectares along a 20-km stretch of granitic and sedimentary rocks associated with the Fundy fault zone. The Fundy fault zone is the name for a series of regional fault structures cutting through SLAM’s Shadow Lake, Rogers Lake, Jake Lee and Highway claim groups. The discovery of gold mineralization in the vicinity of these faults is similar to recent gold discoveries by Newfound Gold Corp. along the Appleton and JBP faults as well as other structures in Newfoundland.
Exploration for gold along regional fault structures has resulted in significant gold discoveries in the mineral-rich province of New Brunswick. These include the Maisie gold vein system at SLAM’s wholly owned Menneval project. With gold and copper trends up to 20 km long, SLAM has identified an area with high potential for additional gold discoveries and acquired the Shadow Lake, Jake Lee, Rogers Lake and Highway projects. Gold assays are pending on 250 soil samples collected in the vicinity of the Shadow Lake gold occurrences.
These projects are associated with the Fundy fault zone and located in southwestern New Brunswick where Galway Metals recently announced a 2.3-million-ounce gold deposit at Clarence stream. Targeting critical elements as well as gold, the Company aggressively pursues new exploration opportunities such as the recently staked Highway project with has known occurrences of cobalt, copper, zinc and silver as well as gold. The company is evaluating the Cumberland Bay rare earth element (REE) project in central New Brunswick.