Shares of SLAM Exploration Ltd. (TSX-Venture:SXL) are rallying on news announced this morning that the company made a new massive sulphide discovery in its first hole on the Portage project in the Bathurst Mining Camp ("BMC") of New Brunswick.
Diamond drill hole PZ-18-01 drilled into a zone of massive sulphide mineralization over a core length of 1.35 m at a depth of 147 m. The mineralized core interval comprises 80% sulphides, mainly pyrite with visible zinc and lead mineralization. This new VMS discovery occurs in the Boucher Brook formation 120m above the Portage zone.
Below the new discovery, hole PZ18-01 intersected volcanic rocks including a dyke and fault where the Portage zone was expected at 280m. The hole was drilled to a final depth of 340 m. Hole PZ18-02 was collared at a site 120 m north and drilled to 302 m.
The Portage zone was discovered by previous workers in 1976. To date, drilling by previous workers has roughly outlined a zone with dimensions of 450 m along strike, 250 m down-dip and up to 60 m thick.
Early drilling results include a 3.35m wide core interval grading 5.81% zinc 2.97% lead 0.61% copper within a 25.30 m core interval of volcanogenic stringer and massive sulphide mineralization that averages 3.27% zinc 0.52% lead and 0.30% copper in hole CP77-57. Mineralized core intervals occur in 15 of the 21 historic diamond drill holes drilled on the Portage zone.
Shareholders are cheering the news of the discovery by sending SXL stock up a strong 33.3% or higher by $0.01 to $0.04 on the news. With today’s strong pop, shares are trading at about their 52-week mid-way point.
