Despite promising results from two of its properties and the expectation of continued strong assays, SLAM Explorations (v.SXL) has seen its share price recede as a result of the advantageous exercise of cheap warrants and sale of flow through shares into strong news causing the decline.  That shareholder is now all but out of the scene with new investors acquiring a massive holding of shares on the open market. 

SLAM continues to drill its two flagship properties.  Reserve Creek, located in the Pickle Lake region of Ontario, has produced bonanza grades of gold as it continues to define the deposit.  Select intersections to date include:

RS 16:  16.85 m of 16.45 g au/t  (within 48 m of 6.58 g au/t)
RS 15:  30 m of 5.48 g au/t
RS 21:  15 m of 9 g au/t  (grades up to 48 g au/t)
RS 25:  19.7 m of 5 g au/t  (grades up to 27 g au/t)
RS 26:  14.9 m of 7.33 g au/t (grades up to 21 g au/t)

Investors await the assays from approximately 20 holes as the drill program continues.

Last week, SLAM reported that it had intersected 320 m of sulphide mineralization, containing up to 20% sulphides, at its Nash Creek silver-lead-zinc deposit in New Brunswick.  Nash Creek is SLAM's NI 43 101 compliant 9 million tonne silver-zinc-lead open pit amenable deposit with an insitu value of $900,000,000 and all infrastructure in place (including rail lines, highway, power line and nearby mills and smelter).

The company sent 26 m of this core for dense media separation (DMS) testing to see if the ore can be upgraded prior to milling which will reduce costs and extend mine life.  This has prompted speculation that a decision could be near to proceed with further development or option the property to a partner.  Results are awaited.

As for the share activity.  Mineralfields has sold their position which they acquired at ridiculously cheap prices during the recession.  Interestingly though, investor(s) through Dominick and Dominick have acquired close to 19,000,000 shares on the open market in the last week, once again creating speculation as to the investor's identity and intentions.

Finally, the company has close to $5,000,000 cash in its coffers, plenty to carry out operations over the next several months.

With the strong fundamentals highlighted above, I feel that SLAM Exploration (v.SXL) is an intriguing investment with limited downside given its current share price of 0.12 (market cap of $23 million).