Junior Miner Strikes High Grade Silver

By: AllPennyStocks.com News

January 11, 2010
Silence is golden, loudness is silver, or so the saying goes. Appropriately enough, there’s a company in the small cap arena that has been making a lot of noise in the search for silver, AND copper, AND zinc, AND lead. In the second week of 2010, New Brunswick-based SLAM Exploration Ltd. (TSX-Venture:SXL) told the world of new findings of those four metals on its Silverjack deposit in the northern portion of its home province.

The 5.4-metre core interval starting at 56.1 metres includes samples grading up to 592 grams per tonne (g/t) silver (17.27 oz/ton), 1.95% copper, 7.39% zinc and 5.51% lead. In all, SLX drilled 1,778 metres in a 20-hole program. Assays are pending on the remaining 19 holes, but it’s enough to get officials at the company rubbing their hands in anticipation.

The Silverjack property comprises three claims under option plus 57 wholly-owned mineral claims for a total of 1,023 hectares in the Mitchell area. This property is adjacent to SLAM's Nash Creek zinc-lead-silver deposit (with a 43-101 compliant resource estimate) and 12 kilometres southwest of the Belledune smelter and seaport.

SLX, headquartered in Miramichi, continues to be active in gold and base metal exploration in Ontario and New Brunswick and has recently reported rare earth minerals at Nash Creek. Two years ago, the company reported successful drilling results at Nash Creek and nearby Costigan; gold intercepts in all six holes drilled at Reserve Creek and two new gold discoveries drilled at Miminiska-Keezhik, as well as a volcanogenic massive sulphide (VMS) discovery in the Bathurst Mining Camp.

In September, the company announced it had detected high yttrium and phosphorus levels in soil samples at Nash Creek. The yttrium levels range up to 81 parts per million (ppm), with a mean of seven ppm and a standard deviation of 11 ppm.

SLX is seeking partners with both technical expertise and financial resources to continue with its strategies for project development, its long-term success depending on future discoveries, and the development of deposits into mines. But the company does not rest on its laurels, acknowledging openly that it is on the hunt for new properties and potential acquisitions.

The stock trades in a 52-week range that bottomed out last August at a penny per share. The week before the massive find was announced at Silverjack, the price peaked for the year at a dime. The day of the announcement, that bar was raised another penny to 11 cents on volume around the four-million mark. Clearly, this is a company with a lot on the go, hoping to capitalize as much as possible before the noise dies down.

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