SLAM drilled into a new gold discovery known as KCR at Miminiska in 2010 and pulled spectacular gold intercepts ranging up to 274 g/t over 0.5 m in the 2010-2011 diamond drilling program at Reserve Creek. This bonanza grade intercept occurs within a 16.85 m core interval grading 16.45 g/t gold. Go to the Reserve Creek gold project for further information.
THE Company owns 3 significant gold projects in northwestern Ontario known as the Reserve Creek, Miminiska Lake and Opikeigen Lake gold properties. These projects are part of a regional play adjacent to the “Ring of Fire” in northwestern Ontario. This is the eastern extent of the Uchi sub-province, a prolific gold producing area that encompasses the Red Lake gold mining camp where Goldcorp operates one of the worlds most profitable gold mines.
The east end of the Uchi Sub-province is centered around the Eabametoong First Nation in the Fort Hope area. The geology here is very similar to Red Lake with greenstone belts of volcanics and sediments intruded by a wide range of intrusive bodies. Widespread and locally intense hydrothermal alteration with known gold mineralization controlled by major fault and fold structures are evidence that the East Uchi rocks of Fort Hope have been subject to the same ore forming processes that formed the Red Lake gold deposits.
Uchi Subprovince Geology
|Red Lake||Pickle Lake||Fort Hope|
SLAM has drilled 47 holes to date on the bonanza grade Reserve Creek gold deposit in northwestern Ontario. With intercepts ranging up to 16.45 g/t gold over 16.85 m and individual samples ranging up to 274 g/t gold over 0.5 m, this gold deposit shows potential for both grade and tonnage.
The Reserve Creek gold property consists of 5 mining claims with a total area of approximately 1,088 Ha situated approximately 110 km east of the mining community of Pickle Lake and 40 km west of the community of Eabamatoong. MERC will acquire 100% ownership of and Reserve Creek and Miminiska in return for $400,000 in payments. SLAM will retain 2% NSR for potential streaming revenue. MERC may purchase half the NSR for a $1M cash payment.
SLAM announced November 13, 2015 that the previously announced agreement for sale of Reserve Creek and Miminiska Lake gold properties to a private firm referred to as MERC and representing 2 First Nations had not been ratified by all parties and the agreement had been terminated by MERC. The company also announced that SLAM had not received the initial or any payment pursuant to this agreement.
Two holes drilled at Miminiska in 2010 resulted in discovery of the KCR gold occurrence. Hole MM10-01 cut a 1.5 m interval grading 64 g/t gold at a depth of 150 m below a gold soil anomaly. This bonanza gold zone occurs in a zone of biotite-silica alteration adjacent to a mineralized porphyry and is open in all directions.
The Mimniska gold property consists of 8 mining claims with a total area of approximately 1,744 Ha situated approximately 110 km east of the mining community of Pickle Lake and 40 km west of the community of Eabamatoong. MERC will acquire 100% ownership of Miminiska and Reserve Creek in return for $400,000 in payments. SLAM will retain 2% NSR for potential streaming revenue. MERC may purchase half the NSR for a $1M cash payment.
The Opikeigen Gold property is jointly owned and managed by SLAM and Beatrix Ventures. It encompasses 4112 hectares in 37 mineral claims located near Fort Hope, Ontario. Previous drilling at Opikeigen has resulted in discovery of 10 separate gold occurrences within the 10 km long claim block. Opikeigen is at the centre of an emerging gold camp with an expanding inventory of gold deposits located near Fort Hope approximately 150 km east of the former gold mining town of Pickle Lake.