- SLAM Exploration (SXL) has acquired two new separate mineral claims
- The claims cover till anomalies ranging up to 580 parts per billion gold
- SLAM Exploration acquired 100 interest in the two mineral claims in return for 70,000 shares of the company
- The claims are adjacent to the triple fault claims owned by Puma Exploration
- SLAM Exploration is unchanged on the day, with shares of the company trading at $0.06 at 9:30 am ET
SLAM Exploration (SXL) has acquired two new mineral claims.
The claims cover till anomalies ranging up to 580 parts per billion gold.
The claims are adjacent to the triple fault claims owned by Puma Exploration and is located 100 kilometres west of Bathurst New Brunswick.
Drilling at the claims owned by Puma Exploration has previously intersected gold.
SLAM Exploration acquired 100 interest in the two mineral claims in return for 70,000 shares of the company. The vendor retains a two per cent Net Smelter Return royalty (NSR). SLAM holds the right to buy back 1 per cent of the NSR for C$1,000,000 and holds right of first refusal on the remaining 1 per cent of the NSR.
The NSR does not apply to additional claims staked by the company adjacent to the purchase agreement claims.
The two claims are known as the Jonpol East Gold Property and the Williams Brook East Gold Property.
The Williams Brook East Gold Property claim comprised seven units and was acquired in the Purchase Agreement. SLAM then acquired an adjacent claim comprising 35 units. The combined claims cover 912 hectares of prospective ground with till anomalies ranging up to 580 parts per billion. Two regional faults cutting through the property confirm this to be part of the Triple Fault area.
The Jonpol East Gold Property claim was made up of five units and acquired in the Purchase Agreement. SLAM acquired an adjacent claim comprising 45 units. The combined claims cover 1,086 hectares of prospective ground with till anomalies ranging up to 28 parts per billion and located 1,000 metres east of the Simpson Field gold occurrence.
SLAM Exploration is unchanged on the day, with shares of the company trading at $0.06 at 9:30 am ET.