SLAM is a project generator with a large portfolio of gold and base metal properties in New Brunswick and Ontario. Our focus is a new potential gold district in northwestern New Brunswick where SLAM is leading the way with our recent Maisie zone gold discovery. The Maisie is one of several road-accessible new gold discoveries on our extensive, wholly owned Menneval property in New Brunswick. SLAM launched a diamond drilling campaign in December 2012 and put down 47 diamond drill holes that have traced the Maisie zone to a depth of 40m.
Visible gold occurs in several holes drilled in the vicinity of trench Men12-01 where bonanza grades up to 1100 g/t gold over 1.1 m were reported from chip samples. Trench Men12-01 is near the original discovery site where the Company found boulders grading up to 118 g/t gold.
Visible gold was reported at approximately 15 sites along the 700 m strike length of of the vein system excavated during the 2012 work program. The sample shown to the right is a 2 cm chip found in a trench apout 50 m southwest of the discovery site.
SLAM signed an agreement for sale of the Superjack and Nash base metal projects to Callinex Mines Inc. for a total of $750,000 in cash and share payments. SLAM will receive $425,000 in cash or shares and $200,000 in cash over a 3 year period. In addition, SLAM will receive $125,000 upon completion of a Preliminary Economic Assessment on the Nash Creek property. The initial payment of $100,000 cash and $150,000 in cash or shares are due on closing.
The Company retains a 1% NSR royalty on the Superjack and Nash projects subject to a buy back of 0.5% NSR for $500,000. The royalty will increase by 0.25% NSR when zinc prices exceed US $1.25 per pound and an additional 0.25% NSR when zinc rises above US $1.50 per pound.
The company owns the Costigan, TSN, A’Hearn, Strachens East and Strachens volcanogenic massive sulphide (VMS) deposits all located in or near the Bathurst Mining camp. The Bathurst Mining Camp of Northern New Brunswick is noted for large zinc deposits such as Glencore’s 150M tonne BMS No. 12 mine that closed in 2013.
SLAM owns 4 projects in the gold producing Uchi sub-province of northwest Ontario These include the Reserve Creek project where the Company drilled a high grade gold deposit with bonanza grade assays ranging up to 274 g/t gold over 0.5 m and 16.45 g/t gold over 16.85 m as summarized at Ontario Projects.
SLAM and its joint venture partners are required to follow national policy instrument NI-43-101 published by the Canadian Securities Administrator and adopted by Canadian provincial securities commissions .Material information about SLAM’s operations and financial performance will be publicly disclosed in a timely manner at or on www.sedar.com and in accordance with federal and provincial regulations and the policies of the TSX Venture Exchange.
Security of information, particularly as it refers to the results of exploration programs, will comply with all pertinent regulations. Core samples must be secured from outside inspection and interference, or accidental internal interference. This means chain of custody must be strictly maintained during transportation, sample collection, shipping and preparation to avoid tampering or inappropriate release of privileged information. As well, assay results must be kept confidential and released only to those on a need-to-know basis. Public release of results will be conducted through appropriate news release and disclosure documents as approved by the management of the Company.