SLAM holds a 100% interest in the Miminiska project that is comprised of 8 mineral claims on 2 claim blocks covering 1,744 hectares that contain several large gold bearing structures and individual gold occurrences located near Miminiska Lake. The property is an early stage gold play with significant drilling intercepts that require follow-up drilling.
SLAM drilled a 2 metre core interval grading up to 8.28 g/t gold over over 0.5 m in hole MK0819 on the KCR zone in 2008. The interval averaged 5.97 g/tonne gold over 2.0 metres. This interval was drilled beneath gold mineralization reported from historical trenches near Keezhik Creek.
This was followed by hole MM10-01 which cut multiple zones of gold mineralization in in 2010. These include a new zone grading 64.10 g/t gold over 1.0 m at a depth of 147 m, well below the original target. The original target zone was intersected at 18 m with an interval grading 19.75 g/t over 1.5 m. The KCR zone is open at depth and along strike.
Two holes MK0813 and MK0814 were completed in the BAR zone to verify and further delineate a gold occurrence discovered and drilled by Baroque Minerals in 1987. Significant results at BAR included 4.29 g/tonne gold over 2.0 metres and 2.64 g/tonne gold over 5.0 metres.
The KCR and BAR claim groups are on the flank of a regional scale synclinal structure consisting of a belt of predominantly mafic flows and tuffs that are bounded by clastic sediments to the south and the Troutfly Lake Granodiorite Batholith to the north. Laterally, there is a significant amount of interflow sediments interlayered with mafic volcanics. These sedimentary layers are mudstone and sulphide/graphite argillite beds with intercalated chemical sediments such as chert and oxide iron formation. Locally there are porphyry bodies intruding both the mafic and sedimentary units.
Widespread areas of alteration and mineralization occur within the mafic flow and sedimentary horizons. The alteration is typically carbonatization, silicification, sericitization and sulphidization. Gold is present in quartz and quartz-carbonate veining and altered shear zones in the volcanics and sediments. Gold-in-iron formation is one of the primary target models in the Miminiska area. Strong electromagnetic (EM) anomalies coincident with magnetic low signatures in otherwise strongly magnetic iron formations could indicate a gold bearing sulphidization event and represent potential auriferous stratigraphy. There is a strong correlation of the gold zones with weak to strong EM conductors and a possible relationship of the stronger gold zones with breaks in the magnetic high trends. The magnetic high trends are interpreted to be associated with horizons of interbedded oxide iron formation and/or silicate iron formation with greywacke units.
The area northwest of Miminiska Lake has been explored sporadically by a number of companies since the early 1930’s. Extensive exploration has been carried out by previous operators in this area including cut grid, humus geochemistry, induced polarization, magnetometer, VLF and Max-Min electromagnetic surveys. The area has seen multiple drill programs with a total of 169 holes completed to date. Approximately 21% of all exploration drill holes in this area returned gold values greater than 0.5 g/tonne.
Significant discoveries in the immediate area include the Felmont-Baroque zone in 1978 by New Jersey Zinc Exploration Co. Values returned included 0.23 ounces of gold per ton over 6.0 feet in drill hole 78-1A/1B and three significant intersections in the Felmont-Baroque zone hole 86-05 of 0.17 ounces of gold per ton over 12.0 feet, 0.15 ounces of gold per ton over 9.2 feet and 0.16 ounces of gold per ton over 8.8 feet. As well, a channel sample from the historic Szetsu-Bayne (“KCR”) shear zone at Keezhik Creek returned a high value of 15.6 g/tonne gold over 3.4 metres.