SLAM Exploration samples 31.5 g/t gold at Shadow Lake, New Brunswick
SLAM Exploration Ltd. [SXL-TSXV] reported assays ranging up to 31.5 g/t gold from grab samples collected from a vein on the Shadow Lake gold project located 30 km west of Saint John, N.B.
SLAM acquired the Shadow Lake gold property after company geologists reported the presence of visible gold in 2 grab samples collected from the LLP vein near the west end of the property. These two samples returned assays of 31.50 g/t gold and 9.93 g/t gold respectively. Previous workers reported a grab sample grading 54.9 g/t gold from this vein which was traced over a strike length of 150 metres.
Previous workers reported six additional gold occurrences including a grab sample grading 70.4 g/t gold at a site 15 km east of the LLP vein. Assays are pending on 14 samples collected from multiple sites during a second visit by SLAM’s advance scout team. The company has commissioned a soil geochemical survey on two grids to test the strike potential of these gold veins.
The Shadow Lake Gold Project: The Property comprises six claims covering 3782 hectares along a 20 kilometre 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 and Jake Lee 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.
SLAM President Mike Taylor stated, “Exploration of similar structures in New Brunswick is generating gold discoveries. The Company has already identified a 20 kilometre gold generating fault system at Shadow Lake. This acquisition expands SLAM’s mineral holdings to 1377 claim units covering 37,732 hectares spread along these fault zones with the possibility for an emerging gold district.”
SLAM intends to complete soil geochemical surveys to further test 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. The Company plans further work at its drill-ready Menneval gold project in northern New Brunswick.
Targeting critical elements as well as gold, the company pursues new exploration opportunities such as the recently staked Highway project with has known occurrences of cobalt, copper and silver as well as gold. SLAM also intends to explore cobalt, nickel and copper geochemical anomalies on its Portage project in the Bathurst Mining Camp, New Brunswick. The company is evaluating the Cumberland Bay rare earth element (REE) project in central New Brunswick and the Keezhik gold project in Ontario.
The company has sufficient funds for the work currently in progress.