SLAM Exploration announces gold values up to 2 oz per ton at Fort Hope Gold Mine

by NationTalk on February 26, 20081015 Views

MIRAMICHI, NB, Feb. 25 – SLAM Exploration Ltd. (TSX-V: SXL) (“SLAM”) announces prospecting results from the historic Fort Hope Gold Mine (“FHGM”) situated within the Opikeigen project located in northwest Ontario. The property comprises 30 claims covering 2784 hectares jointly owned with Bard Ventures Inc. (TSX-V: CBS) (Bard), one of three gold properties in close proximity owned by SLAM, the operator of the Opikeigen project. Fifteen grab samples were collected from rock rubble piles surrounding the FHGM Shaft adjacent to historic trenches.

All 15 samples contain gold in amounts ranging from 0.001 oz/ton up to 1.998 oz/ton (38 ppb to 68,489 ppb). The results from 15 samples as tabulated below are similar to high grades reported by previous workers dating back to discovery by Lorne Howey in 1927. A grab sample of “good-looking ore” collected at FHGM by E.M. Burwash in 1928 assayed 9.37 oz/ton gold. Burwash (Ontario Department of Mines, 1929) reported an average grade of 1.01 oz/ton gold across and average width 0.88m (34.5 in) over a length of 175m (575 feet) in trenches. In 1928, a 38m shaft was sunk and 101m of lateral drift was cut at the 30m level, but there is no recorded gold production from this shaft. A 1935 report describes underground results from 4 samples that averaged 0.608 oz/t for a strike length of 10.6m (35 ft). In 1959, a 3105 kg composite bulk sample comprised of 5 ore shipments from a surface vein adjacent to the shaft averaged 3.54 oz/ton gold. One bulk sample shipment returned an assay of 8.8 oz/ton.

The Fort Hope Gold Mine is associated with a gold mineralized system that hosts 8 other gold occurrences on the property. Drilling and prospecting to date have identified gold occurrences up to 2 oz/ton associated with rock types, structures and alteration systems similar to the Red Lake gold camp. SLAM management believes that these results show potential for gold deposits similar to the gold mines at Red Lake. SLAM and Bard plan to complete a 1200 metre drilling program to systematically explore the FHGM and associated occurrences.

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