SLAM recently announced results from a gold shaker table test on mineral samples from the Maisie gold deposit. The test produced 100 grams of gold-bearing concentrate and also showed that very high levels of gold were contained in two samples of tailings with 32.5 and 34.2 g/t gold respectively. To view the test, click Maisie Gold Video .
SLAM announced April 19 that it was raising $500,000 in a private placement of non-flow-through units (Units) and flow-through units (FT Units). Each Unit will comprise one common share and one warrant and each FT Unit will comprise of one common share and one-half warrant. Each full warrant entitles the holder to acquire one common share at a price of $0.06 for a period of 24 months. The securities are subject to a four-month hold period.
This follows a similar offering that closed March 21 when SLAM announced completion of $235,000 by placement of 2,200,000 Units and 2,500,000 FT Units. Directors of the Company subscribed for an aggregate 1,600,000 FT Units and 1,400,000 Units.
The New Brunswick Department of Energy and Mines has granted a License of Occupation authorizing SLAM to complete test mining and bulk sampling of the Maisie gold vein over a 2 year period. The Department of Environment has approved the removal and processing of the bulk sample. In the initial phase of the program, the Company plans to extract 2,000 tonnes from the high grade gold vein.
The Company proposes to extract the sample from known shoots of high grade gold mineralization at surface using an excavator. These high grade shoots are represented by channel samples ranging from 5.17 g/t gold over 1.0m up to 49.5 g/t gold over 0.45m cut during a 2013 trenching program by SLAM.
The initial discovery of this vein yielded a bonanza grade chip sample grading 1100 g/t gold over 1.1 m from a trench in 2012. Drilling indicates the high grade shoots extend to a depth of 30 m with a core interval grading 44.53 g/t gold over 0.85m in hole MG13-63. The Company has drilled 64 holes to date on the Maisie vein.
The Menneval Gold project was the site of a new gold discovery by SLAM in 2012. Since then we have drilled 64 holes with grades up to 121 g/t gold over 0.31 m. High grade to bonanza grade shoots have been outlined at surface and drilled to a vertical depth of 30 m.
The Company has drilled 86 holes to date on its wholly owned Superjack copper-lead-zinc-silver deposit. Our deepest hole, NP11-39 cut a 4.1 m interval of massive sulphide grading 10.11% zinc, 1.24% lead, 0.30% copper and 32.84 g/t silver at a vertical depth of 460 m. This high grade intercept is 230 m below any intercepts by previous workers and is open laterally and at depth.
The Superjack project is located on a major haulage road 15 km west of Glencorp’s 150M tonne BMS No. 12 mine, a large zinc-lead-silver producer that closed in 2013. Trevali’s Caribou mine is 30 km to the northwest. These base metal deposits are located in the prolific Bathurst Mining Camp (“BMC”) of Northern New Brunswick, an area known for large zinc deposits.