SLAM/ Noranda Bathurst Joint Venture Update
SLAM Exploration Ltd. announced a few weeks ago that the $5,000,000 Phase I exploration program of the Bathurst Joint Venture (JV) with Noranda Inc. is substantially complete.
Airborne surveying has produced a significant amount of geophysical survey data now being analysed, a process that will continue into Phase II.
Initial MegaTEM results identified anomalies that appear to meet the criteria for follow-up and potential diamond drilling. More than 100 anomalies have been identified that could yield sulphide deposits not previously or sufficiently tested by diamond drilling.
Review results are at an early stage and will progress well into Phase II, but numerous anomalies are expected to be added. Other Phase II activities include diamond drilling as well as ground follow-up surveys for target definition.
Diamond drilling is scheduled to start in June 2004. The Phase II exploration program calls for another $5,000,000 of exploration expenditures to be completed prior to March 31st, 2005.
Noranda and SLAM will share these expenditures 50/50.
During Phase I an additional 2,484 claims were staked and title registered to Noranda and SLAM on a 50/50 undivided interest. This expanded the territory covered by the Bathurst JV to include 5,524 mineral claims that overlie more than 88,000 hectares of highly prospective volcanic and sedimentary rocks in the world-class Bathurst Mining Camp of northern New Brunswick.
The mineral claims cover a number of significant base metal occurrences including A’Hearn, Camel Back, Devils Elbow, Flat Landing, Fronsac North, Louvicourt, Stratmat East and Stratmat Central North. These are volcanogenic massive sulphide lenses located in volcanic rock sequences that are similar to those hosting the Brunswick No. 12 deposit.
Noranda currently operates the Brunswick No. 12 mine that produces about 10,000 tonnes per day of zinc, lead and silver ores. Brunswick No. 12, a 150 million tonne volcanogenic massive sulphide deposit, is the benchmark for this exploration program. With Noranda’s well-developed infrastructure already established in the Bathurst Camp area, potential deposits ranging from 5 to 200 million tonnes provide an economic framework.
Noranda is the Operator of the Bathurst JV, under the guidance of a Management Committee consisting of two representatives each from Noranda and SLAM. Both SLAM and Noranda provide members to the experienced exploration team of five geoscientists. The onsite team is under the supervision of Normand Dupras, Exploration Manager, Bathurst, and includes geologists Garth Graves, Derek Brown and Doug Clark, as well as geophysicist Sharon Taylor.
SLAM said they are very encouraged by the results to date. The number of anomalies generated at such a preliminary stage of Phase I should ensure that Phase II activities will include a steady stream of diamond drilling.
SLAM Exploration Ltd. is a mineral resource company based in Miramichi, New Brunswick. In addition to its 50% share of the Bathurst Joint Venture, SLAM holds interests in 967 claim units that cover 15,472 hectares in the gold-producing Uchi sub-province of Ontario.