SL Resources Inc.

November 10, 2009 10:13 ET

SL Resources Inc. Reports on Field Program

TORONTO, ONTARIO--(Marketwire - Nov. 10, 2009) - SL Resources Inc. provides the following update with respect to the 2008 and 2009 exploration program conducted at its 832 hectare Leonard Township Project located in the Larder Lake Mining Division, Ontario, approximately 80 km. north of Sudbury and approximately 25 kilometres east-southeast of Shining Tree Ontario. The property hosts a 165 metre long quartz vein system in the central part of the claim group, which is previously documented in Ontario Geological Survey Report # 146. SL Resources established a 45 line-kilometre survey grid, at 100 metre line spacing, over the quartz vein to guide geological mapping, rock sampling and a magnetometer survey.

The vein system displays widths up to 2.1 metres wide with the narrowest section being 0.5 metres wide. The average width over the 165 metre length of the vein is 1.22 metres wide, striking 290 ° with a vertical dip. A 20 metres deep shaft is centrally located on the vein system which is comprised of 95% quartz and carbonate minerals.

A program of overburden removal was initiated to clean out old trenches and pits, exposing the vein over the entire 165 metres. Swampy terrain constrained additional stripping.

Mineralization in the quartz-carbonate vein system consists of minor cobalt bloom, pyrite and traces of chalcopyrite which were found over short 2-3 metre intervals. The entire vein system appears to be devoid of silver and sulphide mineralization. 

A total of 15 grab samples and 13 chip samples, 1-2 metres in length, were taken (where possible) across mineralized areas in the vein.

Both grab samples and chip samples were analyzed by Activation Laboratories of Ancaster, Ontario using the neutron activation package for 34 elements.

All grab samples returned less than 5 parts per million ("ppm") for silver and only trace amounts of other elements typically associated with silver mineralization in the area were detected. One sample reported a 0.77 g/t gold assay. Similarly 13 chip samples of approximately 1-2 metres long collected over the length of the vein returned silver assays of less than 5 ppm. One sample returned a value of 3.69 ppm gold over 1.2 metres.

The assay results indicate that the quartz-carbonate vein system sampled does not host economic mineralization, and does not warrant additional exploration.

Additional opportunities to discover economic mineralization reside in the overburden covered areas on the property, which have not been explored using geophysical and geochemical techniques. SL Resources Inc. is in the process of reviewing the results to determine future exploration plans. Further announcements will be made.

The field program and subsequent interpretation was conducted under the supervision of Mr. Gerald A. Harron, P. Eng., a qualified person under NI 43-101. Mr. Harron has reviewed the technical information contained in this press release.
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WARNING: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of SL Resources, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from SL Resources' expectations are exploration risks detailed herein and from time to time in the filings made by SL Resources with securities regulators.

Contact Information

  • SL Resources Inc.
    Dennis H. Peterson
    Director
    (416) 777-6772
    (416) 352-5693 (FAX)
    dhp@petelaw.com