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SLAM Exploration buying Mount Uniacke gold property in Nova Scotia

SLAM Exploration Ltd. said Aug. 16 that it secured an option to acquire the Mount Uniacke gold project in Nova Scotia for C$450,000 in staged payments.

The vendors will retain a 3% net smelter royalty over the property, with SLAM holding the right to buy back the first 1% NSR for C$500,000 and the succeeding 1% NSR for a further C$1 million. The Canadian junior explorer holds the right of first refusal for the remaining 1% NSR.

The Mount Uniacke property comprises 25 claims within two exploration licenses covering 404 hectares. The explorer will conduct a drilling program to test the depth potential of gold-bearing leads below the historical workings.