MIRAMICHI, NB, Sept. 15 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL.V) ("SLAM") announces it has detected high levels of yttrium and phosphorus in a soil geochemical survey on its Nash Creek property in New Brunswick. High yttrium values occur in two parallel trends each 500 metres in length and open along strike. These elements indicate potential for apatite mineralization and related rare earth elements similar to mineralization found about 20 km westward at Benjamin River.
Great Western Minerals Group Ltd. ("GWG" on TSX-V) reported 1 June 2009 that it is exploring for rare earth elements at Benjamin River. GWG describes Benjamin River sampling results as follows: "mineralization is significantly enriched in the heavy rare earth elements (europium through lutetium) plus yttrium..., phosphate and iron oxide grades are also significant".
SLAM collected 230 soil samples from a grid located within its Nash Creek property in 2007. The samples were analyzed by Accurrassay Laboratories Ltd. using ICP methods. Yttrium levels range up to 81 ppm with a mean of 7 ppm and a standard deviation of 11 ppm. Phosphorus results range up to 10,000 ppm (detection limit) with a mean of 5820 ppm and standard deviation of 3024. These anomalous soils are underlain by volcano-sedimentary stratigraphy deposited within a major rift zone known as the Jacquet River graben.
The Nash Creek property comprises 463 claims covering 7,408 hectares and is host to the Nash creek zinc-lead-silver deposit. A power-line, railway and major highway transect the property and provide direct access from the deposit to the Belledune seaport and lead smelter within 25 km. Xstrata's BMS No. 12 mine and mill is within 75 km.
After mill recoveries are factored in, the Nash Creek deposit contains an indicated resource of 468M lbs zinc, 95M lbs lead and 4.6M oz silver, plus an inferred resource of 71M lbs zinc, 14M lbs lead and 0.7M oz silver. These occur within an indicated resource of 7,807,900 tonnes grading 2.72% zinc, 0.55% lead and 18.26 g/t silver plus an inferred resource of 1,211,700 tonnes grading 2.66% zinc, 0.52% lead and 18.00 g/t silver. SLAM reported the indicated and inferred resources by press release on 12 February 2009. The near-surface deposit is amenable to open pit mining and remains open to the north and south.
Michael R. Taylor, P.Geo., President and CEO of SLAM Exploration Ltd. is the Qualified Person responsible for the technical information contained herein.
