Saturday 22nd October 2016

Resource Clips

SLAM reports Ontario Gold Assays as high as 6.76 g/t over 10.5m

SLAM Exploration Ltd SXL:CA announced assays from its Reserve Creek Gold Project in the Fort Hope Gold Areas in Ontario. Results include 6.76 g/t gold over 10.5 metres (including 42.99 g/t over 1 metre, 5.11 g/t over 1 metre and 5.67 g/t over 1 metre).

President/CEO Mike Taylor tells, “SLAM’s owned Reserve Creek since 2002. Historically, it goes back to the original discovery made by Dome Mines in 1941. Before we got the property there were probably 80 holes, all of them shallow, mostly near-surface gold intercepts. Every time somebody came back [to the site] they’d pretty well redrill the old stuff. But we’ve been trying to expand it. We drilled 13 holes—our first seven holes in ’03, another six in ’08—and 12 of those had gold intercepts in them. Significant gold intercepts, with here and there some high-grade, but averaging 4 g/t.

“But those were mainly drilled from the north,” Taylor continues. “This time around we came back and decided that rather than focus on the stratigraphy—there is consistently about a 20-metre thick iron formation unit there that’s usually mineralized that we were chasing—this time we decided we’d drill from the south side and see if maybe we could hone in more on structure rather than stratigraphy. As soon as we started on that we started hitting higher grades, as with last June when we had 16.85 g/t over 16.5 metres. We moved back in December and we released three holes on Thursday and Friday and we’re starting to get back into the high grade zone as you can see.

“When I consider all three holes I certainly am happy with the results. I’d love to hit the bonanza-grade stuff every hole, but we’re hitting the mineralized system as we step-out eastward, and we want to chase that as well as the high-grade. So I’m encouraged. I think we still need to drill beneath the section (released Thursday) and we need to back up further and look at the bigger picture. Hole 21, which was west of the high-grade—we’re definitely on track there. We’re waiting for assay on the other holes we drilled on that section as well as 200 metres further west, and we’re expecting more big numbers there.

“Our original contract that we started in December was for 2,000 metres, and we’ll probably finish that by the end of January. So we’re hoping to continue that and drill at least 5,000 metres this winter. We haven’t really put a number on it yet. We’re planning to expand the contract considerably, but we want to keep our options open,” concludes Taylor. “Drill a few weeks, then assess our situation, rather than sign ourselves into a longer contract.”

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Mike Taylor

or Brian Jones
Investor Relations

by Ted Niles

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