MIRAMICHI, New Brunswick, Sept. 10, 2020 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce it has acquired the Patapedia copper-silver-gold property located 10 km west of its wholly owned Menneval Gold project in northwestern New Brunswick. The Patapedia property is host to 3 mineral occurrences listed in the New Brunswick Department of Natural Resources database as Patapedia South, Patapedia Central, and Patapedia North zones. The current focus is on the copper-silver-gold mineralization in Patapedia South.
The “PATAPEDIA SOUTH” prospect, also referred to as “The Copper Breccia Zone” was drilled by 13 holes in 1973. This limited drilling program tested the zone over a strike length of approximately 200 m and to a depth of 110 m with potential for extensions along strike and at depth. Historical drilling results by previous workers are reported for selected holes as follows:
| Drill Hole | From m | Core Length | Copper % | Silver g/t | Gold g/t |
| NQN 73-10 | 92.66 | 0.30 | 6.00 | 115.50 | 0.69 |
| NQN 73-10 | 110.9 | 0.90 | 0.85 | 96.60 | 0.52 |
| NQN 73-09 | 68.36 | 0.21 | 3.80 | 69.70 | 0.34 |
| NQN 73-09 | 82.9 | 0.61 | 2.24 | 48.30 | 1.03 |
| NQN 73-07 | 86.56 | 0.61 | 8.86 | 143.10 | 0.52 |
| NQN-73-06 | 20.73 | 0.76 | 2.20 | 64.80 | 0.76 |
| NQN-73-06 | 35.36 | 0.30 | 10.55 | 66.20 | 0.30 |
UTM NAD83 Z19 location coordinates and collar data for the selected holes are tabled below:
| Drill Hole | East UTM | North UTM | Dip | Azimuth | Final Depth |
| NQN 73-10 | 618931 | 5299015 | -60 | 165 | 137.2 |
| NQN 73-09 | 618877 | 5299017 | -60 | 165 | 163.7 |
| NQN 73-07 | 618908 | 5299017 | -60 | 165 | 139.5 |
| NQN-73-06 | 618899 | 5299037 | -40 | 165 | 126.9 |
Data Verification - Analytical QA/QC Procedures: The drilling results reported above are derived from assessment reports of work on file at the New Brunswick Department of Natural Resources and Energy. The results pre-date NI43-101 and are derived from Assessment Reports signed by geologists employed at that time by large corporations. It is assumed that such large companies had an acceptable level of QA/QC procedures in effect. Mike Taylor, P.Geo. President and CEO of SLAM Exploration Ltd., as the Qualified Person, has reviewed the drilling results and has found them to be well documented, consistent and reliable. However, the results are based on historical records and can only be verified by drilling.
The Patapedia Copper Silver Property Acquisition:
The Company acquired the 843 hectare Patapedia copper silver gold property through a prospector option agreement covering 39 claim units comprised of 3 mineral claims located 10 km west of SLAM’s Menneval gold project in northwestern New Brunswick. The Company also staked 87 claim units in one claim to cover an additional 1880 hectares surrounding the Patapedia property. The combined Patapedia copper silver project comprises 480 claim units covering 10,460 hectares. To earn a 100% interest in the prospector claims, the Company will issue 300,000 shares and pay $20,000 cash in accordance with the following payment schedule:
| Due Date | Common Share Payments | Cash Payment | |
| Upon Signing | - | $5,000 | |
| Upon TSXV Approval | 50,000 | - | |
| On or before the 1st anniversary of signing the option agreement | 50,000 | $5,000 | |
| On or before the 2nd anniversary of signing the option agreement | 100,000 | $5,000 | |
| On or before the 3rd anniversary of signing the option agreement | 100,000 | $5,000 | |
| Total | 300,000 | $20,000 | |
The option is subject to a royalty of 1.5% Net Smelter Return (“NSR”). The Company may purchase two-thirds of the royalty equal to 1% NSR for $1,000,000 at any time.
About SLAM Exploration Ltd:
SLAM is a project-generating resource company with a portfolio of precious metal and base metal properties in New Brunswick and Ontario. The Company owns the Menneval Gold project and the Lewis Brook silver project in northern New Brunswick, as well as 5 gold projects located in the vicinity of Clarence Stream where Galway Gold Inc. has reported successful gold drilling results in southern New Brunswick. SLAM also owns the Reserve Creek, Opikeigen and Miminiska gold projects in Ontario. The Company owns a portfolio of base metal properties in the Bathurst Mining Camp (“BMC”) that is subject to an option agreement. SLAM also holds NSR royalties on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties in the BMC. 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.
Qualifying Statements: Mike Taylor, P.Geo. President and CEO of SLAM Exploration Ltd., as the Qualified Person, approves the scientific and technical disclosure 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 affect future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian security 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.
CONTACT INFORMATION:
Mike Taylor, President & CEO
Contact: 506-623-8960 mike@slamexploration.com
Eugene Beukman, CFO
Contact: 604-687-2038 ebeukman@pendergroup.ca SEDAR: 00012459E