SLAM Exploration Ltd. (SXL: TSX-V) research and analysis

By eResearch

SLAM is a development-stage Canadian mineral exploration and development company with properties in two mining-friendly jurisdictions: (1) northern Ontario (gold); and (2) northern New Brunswick (zinc-lead-silver). SLAM’s activities include: (1) acquiring mineral properties for its own account; and (2) conducting exploration programs either on its own or through a joint-venture or a partnership.

The mineral exploration business is risky and exploration projects frequently do not become mines. To mitigate such risk, mining companies often enter into agreements that allow other mining companies to fund exploration and development in return for an interest in specific properties. An example is SLAM's 50/50 joint venture with Beatrix Ventures Inc. at the Opikeigen gold property in Ontario. The Opikeigen project is located in the Fort Hope area east of the historic Pickle Lake gold camp where PC Gold Inc. recently announced successful drilling results.

SLAM and Beatrix Ventures reported, on July 26, on gold assays that were received for three of the four diamond drill holes completed on Zone 12 of the Opikeigen gold joint venture at Fort Hope. The drilling program tested Zone 12 gold mineralization over a 40-metre strike length to the west and east of highgrade intercepts in hole OL87-46 (previously drilled in 1987). Hole 46 had intersected mineralized sections of 113.57 g/t gold over 0.1 metre and 49.66 g/t gold over 0.2 metre, reported to contain visible gold within a core interval grading 6.22 g/t gold over 7.00 metres. (These results pre-date NI 43-101 and can only be verified by further drilling.)

SLAM announced a 16.85-metre interval grading 16.45 g/t gold from Hole RS10-16 at its wholly-owned Reserve Creek project in the Fort Hope area in Ontario. The interval is included within a 47.5-metre core interval grading 6.58 g/t gold. Individual samples range up to 274 g/t gold over 0.5 metre. SLAM also intends to drill at its Silverjack property, which is adjacent to the Company’s Nash Creek property. Nash Creek has an established NI 43-101 compliant lead-zinc-silver resource currently standing at 9 million tonnes (indicated & inferred). Any expansion of this resource could trigger interest from Xstrata, which operates the BMS 12 mine nearby. Xstrata is in need of smelter supply, as BMS 12 is projected to shut in 2011 due to ore depletion.

Additional information on SLAM Exploration is provided on our website: http://www.eresearch.ca/profile.asp?companyID=580