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Nepisiguit

Zinc-Lead-Silver

SLAM has completed 15 holes to date at Nepisiguit with 13 on Zone A and 2 on Zone B. Zone A was tested on sections 50 metres apart as shown on the following plan map and longitudinal section. This drilling indicates a consistent zone of mineralization over a strike length of 250 metres to a depth of approximately 150 metres. NP07-15 intersected 11.22 metres grading 6.09% zinc, 0.81% lead, 0.21% copper and 31.3 g/tonne silver. Hole NOR94-02 intersected a 2.85 metre interval grading 13.68% zinc, 3.09% lead, 0.17% copper and 77.5 g/t silver.

 Nepisiguit Plan Map and Longitudinal Section

SLAM’s 100% owned Nepisiquit A deposit is a vent-proximal, volcanogenic massive sulphide deposit situated in the Bathurst Mining Camp in Northeastern New Brunswick. The Bathurst Mining Camp (BMC) is a world class massive sulphide district having produced more than 134 million tonnes of ore grading 7.82 % zinc, 3.05% lead, 0.46% copper, and 91.5 g/t silver. The Nepisiguit A zone is 20 km west of the Brunswick No. 12 mine. The deposit sits along the Brunswick No.12 and Caribou mines horizon and is thought to have formed in the same marine sub-basin.

Aeromagnetics Nepisiguit – BMS No.12 Area

SLAM’s Nepisiguit property comprises 67 claims covering 1072 hectares of favourable volcanic stratigraphy. The property hosts the Nepisiguit A and B zones as well as the Swamp Lake copper stringer zone. Stringer zones are indicative of a proximal environment for volcanogenic massive sulphide deposits suggesting potential for additional mineralization to the north of Zone A. The controlling structure is the Mud Lake synform which is well defined on aeromagnetic maps with a signature similar to that seen near BMS No. 12.

At the time discovery in 1956, expectations were very high that Nepisiguit would produce another large mine similar to the nearby BMS No. 12. Fifty years later, after a successful 15 hole drilling campaign, SLAM geologists believe there is a high probability to prove up a mineable resource. The Nepisiguit A and B deposits consist of two subparallel, easterly thickening, massive sulphide lenses that strike east-northeast and dip about 80 degrees N. Drilling results indicate a continuous zone of significant mineralization over a strike length of 250 metres within Nepisiguit Zone A. Zone A is currently open at depth and to the west where limited drilling by previous workers indicates a minimum strike length of 550 metres.

The massive sulphides at Nepisiguit A are dominated by pyrite with subordinate pyrrhotite, sphalerite, galena, and chalcopyrite. A 20 m thick sericite-chlorite-talc altered zone of tuffaceous sedimentary rocks cut by quartz-sulphide veins overlies these sulphides. Altered mineralized zones, cut by stringer sulphides suggest the presence of a feeder/stockwork zone at depth. Furthermore, sedimentary rocks indicate the development of basins, which can collect sufficient volumes of metalliferous brine to form large deposits.

Summary

Drilling results indicate the Nepisguit massive sulphide deposit is open at depth and along strike to the west.   The deposit is located about 20 km from BMS No. 12 mine which extends to a depth in excess of 1,400 metres.  There is room for significant expansion at Nepisiguit as it has only been drilled to a depth of 150 metres.  Future diamond drilling is required.