VANCOUVER (miningweekly.com) – Base metals-focused project generator SLAM Exploration's shares jumped 50% on Friday after the junior announced that it had acquired a new cobalt exploration property in the Bathurst Mining Camp of New Brunswick through claim staking.
The Miramichi, New Brunswick-based explorer said it had staked 67 units in three mineral claims comprising 1 863 ha that cover a historic mineral discovery known as the Reids Gulch cobalt/nickel/copper/zinc occurrence.
The new property is located on a logging road about 40 km northwest of Trevali Mining’s Caribou mine.
SLAM said provincial records have indicated that previous workers found mineralised boulders grading 0.1% cobalt, 0.66% nickel, 0.1% copper and 5% zinc at Reids Gulch in 1972.
Four trenches were dug by hand but the source of mineralised float was not found. The occurrence is associated with an aeromagnetic anomaly detected by a later government survey.
The same survey suggests the presence of unmapped intrusive rocks at or near surface on the Reids Gulch property. There is no record of any other work in the vicinity of this occurrence, SLAM advised, but it intends to mobilise its advance scout team at the start of the 2018 field season to relocate this mineral occurrence and search for the bedrock source.
SLAM holds a net smelter return royalty on the Superjack, Nash Creek and Coulee zinc/lead/copper/silver properties and owns a portfolio of base metal and cobalt properties in the Bathurst Mining Camp.
The junior’s TSX-V-listed equity reached an intra-day high of C$0.06 a share on Friday.