MIRAMICHI, New Brunswick, Nov. 22, 2022 (GLOBE NEWSWIRE) — SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to report core intervals ranging up to gold 56.9 g/t gold over 0.5 metres from the 646 m diamond drilling program completed on its wholly-owned Menneval gold project located in New Brunswick, Canada. Selected gold assays and drill core intervals are summarized in the table below:
|No 18 Vein||BG22-29||22.50||0.30||4.29|
|No 18 Vein||BG22-30||19.85||0.30||3.94|
|No 18 Vein||BG22-30||27.20||0.50||56.90|
|No 18 Vein||BG22-31||21.50||0.50||5.81|
|No 18 Vein||BG22-31||28.00||0.70||1.43|
|No 18 Vein||BG22-31||29.60||1.00||1.32|
|No 18 Vein||BG22-32||44.30||1.00||0.09|
Gold-bearing core intervals ranging from 0.09 g/t to 56.90 g/t gold occur in 4 of the 5 diamond drill holes drilled on vein No 18. These holes were drilled in the vicinity of previously drilled intervals with grades ranging up to 162.5 g/t gold (grams/tonne gold) over 0.20 m and 56.50 g/t gold over 0.51 m as reported by the Company on December 3, 2020 and January 20, 2021. The gold bearing intervals are core lengths in metres and may not represent the true width of these intervals.
Gold-bearing intervals ranging from 0.29 g/t over 1.00 m to 7.09 g/t gold over 0.60 m occur in 5 of the 6 diamond drill holes drilled on the Maisie vein. These 6 holes were designed to test the potential extension of the Maisie vein on the east side of an off-setting fault. The Company is evaluating these significant drilling results for a potential a follow-up program.
Jake Lee Gold Project: SLAM is mobilizing a crew to prospect in the vicinity of two recently discovered quartz boulders grading 39.3 g/t gold and 1.49 g/t gold as well as the Cranford-Taylor vein that were reported by news release November 17, 2022. Other priority targets are located on the Roger Lake claim where one soil sample grading 16.20 g/t gold was detected in a 2021 soil survey by previous workers. In addition, 121 soil samples show elevated gold levels ranging from 0.01 g/t to 0.17 g/t gold. The survey comprises 1904 samples and covers a 5,000 by 1,000 metre grid area. The historic Lepreau River placer gold occurrence is located 400 m east of this grid. The Roger Lake claim was recently acquired in an option agreement dated November 2, 2022. Visit the website www.slamexploration.com to view recent maps and photographs. For more information, call Mike Taylor 506-623-8960.
$30,000 NBJMAP Grant: The Menneval drilling program is supported in part by a grant of $30,000 under the New Brunswick Junior Mining Assistance Program (“NBJMAP”). The Company wishes to thank the Province for its continued recognition of the Menneval project and its importance to the emerging gold industry in New Brunswick.
The Menneval Project: The Menneval gold project is comprised of 351 mineral claim units covering 7589 hectares located in northwestern New Brunswick. The Company holds a 100% interest in these claims with the exception of 4 claim units covering 105 hectares that are subject to a 1.5% NSR. The Company can buy down 0.5% of the NSR for $500,000 and it has the right of first refusal on the remaining 1% NSR.
About SLAM Exploration Ltd:
SLAM is a project-generating resource company with base and precious metal properties in New Brunswick and Ontario, Canada. In addition to its Menneval and Jake Lee gold projects, the Company owns a portfolio of base metal properties in the Bathurst Mining Camp (“BMC”) of New Brunswick. SLAM is actively exploring the Jake Lee, Mount Victor and Little Mount Pleasant gold properties in southwestern New Brunswick where Galway Metals is working on a multi-million ounce gold deposit at Clarence stream. SLAM owns the Cumberland Bay and Benjamin River rare earth element (REE) projects in central and northern New Brunswick. The Company holds NSR royalties on the Ferguson Brook and Ramsay Brook gold properties and on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties in the BMC. The Company holds NSR royalties on the Reserve Creek and Opikeigen gold properties and also owns the Keezhik and Miminiska gold projects in Ontario.
The Company has generated cash from the sale of securities received from mineral property option agreements with other companies. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com. Follow us on twitter @SLAMGold.
QA-QC Procedures: Drill core was picked up at the core at the drill site and delivered to a secure facility for logging by SLAM’s professional team. Selected core was marked for sawing and sampling. The company inserted blanks and standards at regular intervals into the sample series. The samples were sent to AGAT Laboratories (“AGAT”) for gold analysis under AGAT analytical code 202-051. One sample above 10 g/t gold was re-analyzed using gravimetric methods.
Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., a qualified person as defined by National Instrument 43-101, approves the technical information contained in this news release.
Certain information in this press release may constitute forward-looking information, including statements that address the Private Placement, the closing of the Private Placement, future production, reserve potential, exploration and development activities and events or developments that the Company expects. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company’s filings with the Canadian securities regulators, which filings are available at www.sedar.com. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Mike Taylor, President & CEO
Contact: 506-623-8960 [email protected]
Eugene Beukman, CFO
Contact: 604-687-2038 [email protected] SEDAR: 00012459E