SLAM encouraged by drilling results at TSN
Wed Apr 22, 11:09 AM
ca.news.finance.yahoo.com
Copper, lead, zinc, silver, cobalt and gold detected;
More information available on revamped website.
MIRAMICHI, NB, April 22 /CNW/ - SLAM Exploration Ltd. ("SLAM") (TSX-V: SXL.V) announces results from 3 holes completed at the TSN property located in the Bathurst Mining Camp in New Brunswick, Canada.
Hole TS0901 intersected broad zones of sulphide stringer mineralization comprised of up to 10% pyrite-pyrrhotite with visible base metals. The 43.3 metre interval starting at 132.2 metres contains 406.5 ppm copper, 322.8 ppm lead, 556.6 ppm zinc, 120.5 ppm cobalt, 1.8 ppm silver and 56.4 ppb gold. Individual samples range up to 1% zinc, 0.29% lead, 0.19% copper, 539 ppm cobalt, 10.5 ppm silver and 1370 ppb gold over widths varying from 0.3 to 1.5 metres. This hole was designed to test a VTEM conductor coincident with aeromagnetic, ground gravity and soil geochemical anomalies. These correlate with the TSN volcanogenic massive sulphide discovery and with a gossan zone exposed by trenching (press release 29 October 2008).
Hole TS0902 and 03 were drilled on separate VTEM conductors approximately 5 km west of TSN1. Similar stratigraphy was intersected with greywacke, argillite, quartzite, crystal tuff and chert. Up to 5% pyrite-pyrrhotite stringers and minor graphite occur in some sections. Anomalous base metals occur in hole TS0903 with a 20.0 metre interval averaging 0.14% zinc and individual samples ranging up to 0.59% zinc over 1.5 metres.
Management is very encouraged by the results to date with 3 new base metal occurrences over a strike length of 5 km. Drilling has identified stringer-type mineralization containing base metals and gold within sedimentary rocks of the Knights Brook Formation. At the 175 million tonne BMS No. 12 Mine located 50 km to the north, footwall stringer mineralization extends down into the Knights Brook sediments that lie beneath the BMS horizon.
The drilling program was postponed due to deep snow conditions after drilling a total of 807 metres in 3 holes. The Company expects to resume the 2,000 metre program at a later date.
SLAM's wholly owned TSN property comprises 810 claims, covering 12,960 hectares located 50 kilometres west of Miramichi. Along with TSN, the Company owns the Nash Creek, Costigan and Nepisiguit base metal deposits proximal to the world class BMS No. 12 mine operated by Xstrata in New Brunswick. The most advanced is Nash Creek with an indicated resource of 468M lbs zinc, 95M lbs lead and 4.6M oz silver plus an inferred resource of 71.0M lbs zinc, 14M lbs lead and 0.7M oz silver after mill recoveries are factored in. Wardrop Engineering Inc. estimated the indicated resource of 7,807,900 tonnes grading 2.72% zinc, 0.55% lead and 18.26 g/t silver and the inferred resource of 1,211,700 tonnes grading 2.66% zinc, 0.52% lead and 18.00 g/t silver as reported by press release 12 February 2009.
The lengths tabulated above are measured core intervals. The true thicknesses are unknown. Drill cores were delivered from the drill to a secure site for logging and sampling. Selected drill cores were split with one half retained for reference and one half sent to Activation Laboratories for analysis. Laboratory methods were 30+ element aqua regia ICP analysis (code 1E3) and fire assay AA finish for gold (code 1A2). The Company used blank and standard samples for quality assurance and control. Derek F. Brown, P.Geo., SLAM's Exploration Manager, is the Qualified Person, as defined under National Instrument 43-101, responsible for management of the TSN project and for the results reported in this news release.
Additional information about SLAM can be viewed at its recently updated website slamexploration.com as well at www.sedar.com. SLAM Exploration Ltd. is a mineral resource company based in Miramichi, New Brunswick. It is extremely active in base metal and gold exploration in New Brunswick and Ontario. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
On behalf of the Board,
Mike Taylor, P. Geo.
President & CEO
SLAM Exploration Ltd.
SEDAR: 00012459E
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward looking statements. Please see our public filings at www.sedar.com for further information.
Contacts
Corporate Inquiries & Investor Relations: Mike Taylor
President & CEO
(506) 627-1353
Toll Free: (866) 523-6719
miketaylor@slamexploration.com |
