As far as TSX-Venture listed stocks, there are not many performing better on Wednesday than SLAM Exploration Ltd. (TSX-V:SXL), as shares are soaring on news of the acquisition of a property known as Red Pine via staking. Staking is a process used by those with prospector's licenses to mark an area of land for the purpose of claiming exclusive rights for minerals on the property.
Combined with the recent acquisition of the Portage claims earlier this month, SLAM has expanded its prospective zinc and cobalt portfolio in the Bathurst Mining Camp in its home province of New Brunswick, Canada to 29,000 hectares. The Red Pine property extends SLAM's Bathurst Mining Camp to the east.
SLAM has positioned itself in an region that is growing in interest, attracting the likes of Osisko Metals (TSX:OSK), Wolfden Resources (TSX-V:WLF) and Tevali Mining (OTCQX:TREVF). While it amasses its land position, SLAM has been picking away at early prospecting to identify VMS (volcanogenic massive sulphide) targets thought to be prolific in zinc and other base metals and some silver.
The company continues to evaluate historic drill results as it prioritizes targets for a drill programs of its own. Aside from the VMS targets, management is evaluating the Ramsay Cobalt project west of Tevali's Caribou Mine that it acquired in October.
Cobalt has been hot button this year due to its importance in building lithium-ion batteries for the burgeoning electric vehicle industry. Fears of a cobalt supply shortage at the hands of growing demand have caused a spike in prices.
Shares of SXL are typically thinly traded, but surging today on over one million shares in volume. After closing Tuesday at 3.5 cents, shares rose at high as 6.5 cents and are holding at six cents for a gain of 71.4% with 90 minutes left in the trading session.
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