MIRAMICHI, New Brunswick, Oct. 13, 2021 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce it has completed a diamond drilling program at its wholly-owned Menneval gold project located in the mineral-rich province of New Brunswick, Canada. A total of 21 holes were drilled for a total program of 1222 m. The first 10 holes were reported September 19, 2021. Since then, SLAM has drilled an additional 503 m in 11 holes numbered BG21-19 to BG21-28.
A total of 10 holes BG21-09-BG21-12 and holes BG21-23 to BG21-28 were drilled to test vein No. 18 where the Company reported visible gold with assay results grading up to 3,955 g/t gold over 0.10 m thick from trench samples as reported by the Company on December 03, 2020. Hole BG21-19 tested part of the vein swarm associated with the No. 22 vein. Holes BG21-20 to BG21-22 tested the No. 2 vein. All 10 of the holes on vein No. 18 intersected quartz veins with visible gold noted in 3 holes.
Logging and sampling are in progress. To date 231 samples sawn from holes BG21-09 to BG21-17 have been submitted to the lab. Core logging and sampling continues on holes BG21-18 to BB21-28. For additional information and maps visit Menneval Gold Project or call Mike Taylor 506-623-8960.
The Menneval Project: The Menneval Gold project is SLAM’s flagship project, the Company intends to focus on testing the strike and depth extent of the swarm of new gold veins discovered in 2020. The expanded property is comprised of 572 mineral claim units covering 12,390 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 focused on is its flagship Menneval Gold project where the 2021 trenching program is underway. The Company intends to conduct preliminary prospecting and geochemistry on the Gold Brook, Birch Lake gold, Wilson gold and Ramsay gold projects in the vicinity of the Puma Exploration Ltd. gold discovery at Williams Brook on the Millstream Break. SLAM also expects to conduct preliminary programs on the Jake Lee, Mount Victor and other gold properties on the flanks of the Sawyer Brook and Wheaton Bay faults in the vicinity of Galway’s Clarence stream gold deposit. SLAM owns the Reserve Creek, Opikeigen and Miminiska gold projects in Ontario and the Mount Uniacke gold project in Nova Scotia. The Company owns a portfolio of base metal properties in the Bathurst Mining Camp (“BMC”) that is subject to an option agreement. SLAM holds NSR royalties on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties in the BMC.
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. The Company has applied for funding assistance up to $100,000 under the New Brunswick Junior Mining Assistance Program in support of a proposed 2021 drilling program. 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.
$20,000 NBJMAP Grant: The Menneval drilling program was supported in part by a grant of $20,000 under the New Brunswick Junior Mining Assistance Program (“NBJMAP”). The Company wishes to thank the Province for this recognition of the Menneval project and its importance to the emerging gold industry in New Brunswick.
QA-QC Procedures: 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 sampling and for sawing. The company inserted blanks and standards into the sample series. A total of 231 samples have been delivered to the ALS Geochemistry lab in Moncton New Brunswick for analysis. SLAM requested gold analysis using ALS analytical code Au-AA23.
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
