SLAM Exploration up 20% on New Brunswick gold assays

SLAM Exploration Ltd. [SXL-TSXV; SLMXF-OTC] on Thursday December 3 announced assay results ranging up to 3,955 g/t gold from Trench M20-18 on its 100%-owned Menneval Gold Project in northwestern New Brunswick.

The shares jumped on the news, rising 20% or $0.015 to $0.09 on volume of 1.9 million. The shares are currently trading in a 52-week range of 16 cents and $0.01.

The company said Trench M20-18 traced a mineralized quartz vein referenced as Vein 18 intersected over a strike length of 114 metres with 12 sites of visible gold.

Gold was detected in all 17 samples collected from vein No. 18. Assay results range from 1.22 to 3,955 g/t gold over widths ranging from 0.04 to 0.12 metres thick.

The company owns the Menneval Gold project and Lewis Brook silver project in northern New Brunswick, as well as five gold projects located in the vicinity of Clarence Stream, where Galway Gold Inc. [GLW-TSXV] has reported successful gold drilling results.

On Thursday, SLAM said Vein No. 18 is part of a network of veins extending southwest of Zone 9 where a series of trenches have unearthed a swarm of crosscutting quartz veins located 700 metres southeast of the Maisie Zone. Trench 19 was a crosscut trench designed to find the extension of No. 18, where it was displaced by a fault.

SLAM said at least 40 additional quartz veins were discovered in an 800-metre extension of the vein system east of trench M20-22, where the company dug 20 crosscut trenches. After completion of trench M20-48, the excavator was demobilized pending receipt of assay results on samples collected from selected boulders as well as approximately 40 newly discovered veins.

Assay results are also pending on 600 soil samples collected between Zone 9 and the No. 11 gold occurrence.

Based on the results of recent work, the company said it staked 118 additional claim units covering an additional 2,530 at Menneval, which now consists of 480 claim units covering 10,640 hectares.