MIRAMICHI, New Brunswick, Oct. 20, 2020 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce additional occurrences of visible gold discovered by trenching on its wholly owned Menneval Gold project in northwestern New Brunswick. Trench M20-18 followed a new vein that was identified by a grab sample that graded 59.30 g/t as reported by news release October 7, 2020. This new vein is referenced as No. 18.
Visible gold was reported from 12 of 16 grab samples collected from vein No 18 over a strike length of 115m. This mineralized vein ranges from 0.04 to 0.12 m thick. It is part of a network of veins extending southwest of Zone 9 as reported October 7, 2020. Trench 19 was a crosscut trench designed to find the extension No. 18 where it was displaced by a fault. Trenches M20-20 and M20-21 were dug in close proximity to the original Zone 9 vein looking for potential extensions.
Assays are pending on 16 grab samples collected from vein No. 18 and 5 samples from trenches M20-19 to 21. All 21 samples are comprised of quartz vein material mineralized with limonite, pyrite and, in 12 of the samples, visible gold. Results are pending from 282 soil samples that may assist the Company in the search for potential new veins and extensions.
The Company is currently digging trench M20-22 on the east flank of Zone 9 and 300 m east of trench M20-18. M20-22 has traced a vein southward over a strike length of 250m and is open to the north and south. This vein ranges up to 0.30 m in thickness but locally is 1.0 m thick. This vein is mineralized with limonite and locally, pyrite. Following this trenching program, the Company expects a potential resumption of diamond drilling activities to test these new gold occurrences. The exploration program is supported in part by a $30,000 contribution to the Menneval gold project under the New Brunswick Junior Mining Assistance Program.
The Menneval Project: The expanded Menneval Gold project is now comprised of 480 claim units covering 10,460 hectares located in northwestern New Brunswick. The Company holds a 100% interest in the Menneval 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 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.
QA-QC - Sampling Procedures
The veins were uncovered using an excavator to allow collection of grab samples of vein material from bedrock. The samples were tagged and shipped to ALS Geochemistry in Moncton New Brunswick for gold analysis using Au-A23, a fire assay with AAS finish. Samples over 10 g/t were re-analysed by fire assay with gravimetric finish.
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.
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