SLAM Discovery Boulder Grades 39.3 G/T Gold

MIRAMICHI, New Brunswick, Nov. 17, 2022 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce the discovery of a quartz boulder grading 39.3 grams/tonne (“g/t”) gold on its Jake Lee gold project located 30 kilometres west of Saint John, New Brunswick. The gold-bearing boulder is located 250 m south of a slab of road rubble that grades 1.49 g/t gold. The road rubble sample is comprised of sedimentary rock with quartz veining near an outcrop of similar sedimentary rock.

These two grab samples of float grading 39.3 and 1.49 g/t gold respectively are located on a ridge 1,600 metres northwest of the Cranford-Taylor vein. All 13 grab samples collected from boulders associated with the Cranford-Taylor vein contain anomalous levels of gold ranging from 0.004 g/t to 0.125 g/t gold. These samples were collected during a recent prospecting expedition by SLAM’s advance scout team. The Company is planning a follow-up expedition to further evaluate these new gold discoveries. Updated maps and related information about the Jake Lee project is available at www.slamexploration.com.

The Company also intends to prospect an area on the recently acquired Roger Lake claim where elevated gold levels range up to 16,200 parts per billion (“ppb”) gold in a soil geochemical survey by previous workers. Targets include the site of one sample at 16,200 ppb gold and 121 sample sites ranging from 10 to 173 ppb gold that were detected in a soil geochemical survey of 1904 samples collected in 2021. Another target is a historic placer gold site known as the Lepreau river gold occurrence (reference 563 - New Brunswick Mineral Occurrence database). The following quotations are copied from this reference: “Large flakes of gold (up to 5 mm) were found in the gravels of the Lepreau River about 4 km north of the village of Lepreau…” and, in the St. Croix Courier - Jul. 13, 1899, Lepreau, “Mr. Stafford has a fine piece of gold which was found on the Lepreau river and is about as fine a specimen as has been seen in the province.” These gold targets are associated with volcano-sedimentary and intrusive rocks in the vicinity of the Belleisle Bay fault zone.

The Jake Lee Project: SLAM’s Jake Lee gold project is comprised of 6 claims covering 9,508 hectares spread over a 20 km stretch of volcano-sedimentary rocks along the Wheaton Brook and St George fault zones. Five of the 6 mineral claims are wholly owned by SLAM. The other one is the recently acquired Roger Lake claim which is subject to completion of cash and share payments over a 4-year period and a 2% NSR royalty retained by the optionor. The Company may purchase one half of the royalty for $1,000,000 at any time and the remaining half of the royalty for $2,000,000 at any time. For full details view news release by SLAM Nov 2, 2022. The Option Agreement to acquire the Roger Lake claims remains subject to approval by the TSX Venture Exchange.

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”) in northern 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 and has sufficient funds for the work currently in progress. 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: 

SLAM collected grab samples from float (boulders and road rubble) during a prospecting expedition in October. A total of 38 samples were submitted AGAT Laboratories of Mississauga, Ontario for gold analysis using Fire Assay with AAS finish. One sample above the 10 g/t detection limit was re-assayed using a gravimetric method.

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.

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