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Miminiska-Keezhik Gold

SLAM holds a 100% interest in the Miminiska-Keezhik project that is comprised of 29 mineral claims on 2 claim blocks covering 5,840 hectares that contain several large gold bearing structures and individual gold occurrences located near Keezhik Lake and Miminiska Lake. The property is an early stage gold play with significant drilling intercepts that require follow-up drilling.

Keezhik Lake Gold Discoveries

SLAM intersected  22.0 g/t gold over 1.5 m (0.642 oz/ton gold over 5 ft) at a depth of 86 m within a felsic porphyry in hole KL10-19 recently drilled at Keehik. This hole was a 40 metre step ahead of the 2008 discovery hole KL08-18 which hit an interval grading 6.05 g/t gold over a core length of 1.5 m.

SLAM hit 2 other discoveries in 2004 in 2 separate holes with intervals grading 2.72 g/t and 13.71 g/t over 3.0 m and 0.5 m respectively.  All 3 gold discoveries are represented as stars and associated with soil anomalies  within the Keezhik porphyry  as shown on the compilation map to the right. This map covers roughly 2 of the claims within the Keezhik property. Two additional stars represent gold occurrences known from historical drilling to the northeast of SLAM's Keezhik claim group.

The Keezhik porphyry is a late phase ovoid felsic stock with an area of approximately eight square kilometres. This stock exhibits numerous xenoliths and roof pendants and coincides with a regional gravity low indicating it is likely a high level cupola of a much larger granitic intrusion at depth. Approximately 90% of all diamond drill holes within this porphyry stock have returned gold values greater than 0.5 g/t. 

All 3 gold discoveries by SLAM resulted directly from testing of soil geochemical anomalies. Anomalous gold values are widespread in the humus rich soils overlying the porphyry body and the mafic volcanic unit to the west. The soil anomalies are shown as pink (5 to 20 ppb) and red (20 to 500 ppb) contour areas on the compilation map shown above. The majority of these soil anomalies remain untested. The PEN occurrence is associated with a series of soil anomalies which follow the porphyry-volcanic contact in a north-northwesterly direction for a distance of 2 kilometres. Gold from this volcanic contact zone is leaching into the overlying soils and represents a high priority drilling target.

Keezhik Drilling Programs

The high grade interval of 22.0 g/t gold over 1.5 m (0.642 oz/ton gold over 5 ft) at a depth of 86 m is associated with widespread gold mineralization within a felsic porphyry in hole KL10-19 recently drilled at Keehik.  SLAM has completed 10 holes for a total of 1,975 metres  in 3 drilling programs carried out in 2004, 2008 and 2010 on the Keezhik Claim Group.  All 6 holes drilled within the felsic porphyry stock in 2004 and 2008 on  Keezhik peninsula returned gold values greater than 0.5 g/t and ranging up to 13.71 g/tonne gold. These include two new gold discoveries in 2003 and a third, the PEN  discovery in 2008. All 3 gold discoveries are open along strike and at depth. Assay results from the 2010 drilling are still pending.

The drill hole section for the PEN discovery is shown to the right. Hole KL0818 intersected mafic volcanics and altered porphyry. A 1.5 metre interval at the porphyry contact averages 6.05 g/t gold over 1.5 metres. Other gold -bearing intervals within the poprhyry include a 1 metre sample grading 4.69 g/t at the bolttom of the hole. The hole did not reach the main porphyry-volcanic contact located to the west. This contact strikes approximately 2 km in a northwesterly direction. These humus anomlalies are viewed as the potential surface manifestation of the PEN occurrence. Additional drilling is required to test the strike and depth potential of the PEN occurrence and to test whether the occurrence continues further down-hole toward the western contact of the porphyry.

 Miminiska Gold Disoveries

SLAM drilled three diamond drill holes totalling 334.7 metre on the Miminiska property in April, 2008  to further delineate two known gold occurrences, the BAR zone and the KCR zone. Gold mineralization was detected in all 3 holes.

Hole MK0819 was designed to test below gold mineralization reported from historical trenches near Keezhik Creek. The hole intersected mafic volcanics with a 2 metre wide silicified zone grading up to 8.28 g/t gold over over 0.5 m. The silicified zone averaged 5.97 g/tonne gold over 2.0 metres. The KCR zone is open at depth and along strike.

Two holes MK0813 and MK0814 were completed in the BAR zone to  verify and further delineate a gold occurrence discovered and drilled by Baroque Minerals in 1987. Significant results at BAR included 4.29 g/tonne gold over 2.0 metres and 2.64 g/tonne gold over 5.0 metres.

The KCR and BAR claim groups are on the flank of a regional scale synclinal structure consisting of a belt of predominantly mafic flows and tuffs that are bounded by clastic sediments to the south and the Troutfly Lake Granodiorite Batholith to the north. Laterally, there is a significant amount of interflow sediments interlayered with mafic volcanics. These sedimentary layers are mudstone and sulphide/graphite argillite beds with intercalated chemical sediments such as chert and oxide iron formation. Locally there are porphyry bodies intruding both the mafic and sedimentary units.

Widespread areas of alteration and mineralization occur within the mafic flow and sedimentary horizons. The alteration is typically carbonatization, silicification, sericitization and sulphidization. Gold is present in quartz and quartz-carbonate veining and altered shear zones in the volcanics and sediments. Gold-in-iron formation is one of the primary target models in the Miminiska area. Strong electromagnetic (EM) anomalies coincident with magnetic low signatures in otherwise strongly magnetic iron formations could indicate a gold bearing sulphidization event and represent potential auriferous stratigraphy. There is a strong correlation of the gold zones with weak to strong EM conductors and a possible relationship of the stronger gold zones with breaks in the magnetic high trends. The magnetic high trends are interpreted to be associated with horizons of interbedded oxide iron formation and/or silicate iron formation with greywacke units.

Exploration History

Extensive exploration has been carried out by previous operators in the Keezhik area including cut grid, humus geochemistry, induced polarization, magnetometer, VLF and Max-Min electromagnetic surveys. From 1977 to 1979, Stanford Mines Ltd. carried out drilling on the KL12 zone located within the Keezhik porphyry to the northeast of SLAM's Keezhik claim group.  Values returned included 25.78 g/tonne gold over 1.3 metres. Diamond drilling carried out by Noramco Exploration Inc. in 1987 over an 800 metre strike length along a north trending structure returned values of up to 47.65 g/tonne gold over 0.6 metres.

The area west and northwest of Miminiska Lake has been explored sporadically by a number of companies since the early 1930's. Extensive exploration has been carried out by previous operators in this area including cut grid, humus geochemistry, induced polarization, magnetometer, VLF and Max-Min electromagnetic surveys. The area has seen multiple drill programs with a total of 169 holes completed over the area. Approximately 21% of all exploration drill holes in this area returned gold values greater than 500 parts per million. To date, there is a total of two broad zones and five gold occurrences located on the claim block as well as a sub-economic gold antimony deposit and several additional occurrences on adjoining properties.

Significant discoveries in the immediate area include the Felmont-Baroque zone in 1978 by New Jersey Zinc Exploration Co. Values returned included 0.23 ounces of gold per ton over 6.0 feet in drill hole 78-1A/1B and three significant intersections in the Felmont-Baroque zone hole 86-05 of 0.17 ounces of gold per ton over 12.0 feet, 0.15 ounces of gold per ton over 9.2 feet and 0.16 ounces of gold per ton over 8.8 feet. As well, a channel sample from the historic Szetsu-Bayne (“KCR”) shear zone at Keezhik Creek returned a high value of 15.6 g/tonne gold over 3.4 metres.