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SLAM Acquires Mount Uniacke Gold Property in Canada

Mining News - Published on Tue, 20 Aug 2019

Image Source: SLAM
SLAM Exploration Ltd announced that it has acquired an option to earn 100% interest in the Mount Uniacke gold property located in Nova Scotia, Canada. The first discovery of gold at Mount Uniacke was made on June 18,1865 by David Macintosh, John Sims and Charles Sims. Subsequently, a number of gold-bearing leads and gold-bearing slate belts were discovered. According to provincial gold records, from 1867 to 1941, the Mount Uniacke property produced more than 27000 ounces of gold.

To acquire 100% interest in the Property, SLAM will pay USD 450,000 through a series of instalments

The Optionors retain a 3% NSR royalty. SLAM holds the right to buy back 1 % NSR for USD 500,000 and 1 % NSR for USD 1,000,000 at any time. SLAM holds right of first refusal on the remaining 1 % NSR.

The Mount Uniacke Gold Property comprises 25 claims within 2 exploration licenses covering 404 hectares of Meguma sedimentary rocks. The Property can be accessed by secondary roads in central Nova Scotia. Gold at Mt Uniacke occurs in leads and slate belts associated with fold structures within the Meguma sediments. SLAM intends to conduct a drilling program to test the depth potential of gold-bearing leads below the historic workings.

The Uniacke Gold Property is located near the centre of the Meguma terrane, a wedge of metasediments up to 120 kilometers wide extending for 480 km, the length of Nova Scotia. The Meguma is host to numerous gold deposits dating back to Canada's first gold rush following the discovery of gold at Mooseland, Nova Scotia in 1858. The Meguma returned to production status in 1917 when Atlantic Gold Corp began production on its Moose River project.

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Posted By : Sanju Moirangthem on Tue, 20 Aug 2019
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