SLAM announced a private placement of up to 2,000,000 non-flow-through units at a price of $0.05 per Unit and up to 10,000,000 flow-through units at a price of $0.05 per FT Unit for gross proceeds of up to $600,000 .
The Private Placement is offered to potential investors on a non-brokered basis. The Company may pay finder’s fees to agents and/or brokers. For additional information about this financing call Mike Taylor at 506-623-8960.
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.