A promising acquisition
According to an investigation by REDIMIN in the article published by Mining Technology, Slam Exploration, a Canadian junior mining company, has signed an agreement to acquire a 100% interest in the Mine Road project in New Brunswick, Canada.
What is the Mine Road Project?
The Mine Road project covers a massive 7,500 hectares and is strategically located adjacent to the former Heath Steele mine in the Bathurst Mining Camp (BMC) in northern New Brunswick. This area comprises 347 units on two mineral claims directly adjacent to the previously productive Heath Steele mining property.
History and potential of the mine
Between 1957 and 1996, Heath Steele produced an impressive 21 million tonnes at an average grade of 4.98% zinc, 0.36% lead, 0.54% copper and 69.66 g/t silver. In total, the mine processed 2.33 billion pounds of zinc, 833 million pounds of lead, 446 million pounds of copper and 45 million ounces of silver.
New discoveries in the project
Slam Exploration reports that at the Mine Road project, one of the diamond drill holes intersected 14.51% zinc, 5.86% lead, 0.67% copper and 139.9 g/t silver over a 9 m interval. Likewise, another hole intersected 0.9% copper at a depth of 7 m, which is considered the deepest section of the project.
Project potential and expectations
The project hosts seven volcanogenic massive sulfide deposits, including those mentioned above. Slam Exploration is expected to generate additional targets once it integrates the project’s database with its own.
Mike Taylor, President of Slam Exploration, commented: “This is a drill-ready project with a vast database of previous work available to develop drilling programs to test potential expansions and new discoveries. The BMC has been a prolific producer of zinc, lead, copper and silver and it is high time such a discovery was made.”
Acquisition conditions
To obtain a 100% interest in the project, Slam Exploration must make cash payments and issue shares. This involves paying a total of $50,000 and issuing 500,000 of your shares over several years. In addition, the project is subject to a 2% net foundry royalty (NSR). The Company retains the right to repurchase half of the NSR for $1 million and the additional right to repurchase the remaining royalty for the same amount.
