MIRAMICHI, New Brunswick, Feb. 26, 2019 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM”) (TSXV: SXL) is pleased to announce it has signed an arm’s length definitive agreement with Eastern Zinc Corp. ("Eastern Zinc") (CSE:EZNC) (OTC:ETZCF) that gives Eastern Zinc the option to earn a 100% interest in 35 mineral claims (the “BMC Properties”) covering 22,000 hectares with a number of known mineral occurrences located in the mineral-rich Bathurst Mining Camp of New Brunswick, Canada.
In return for the 100% interest in the BMC Properties, SLAM will receive a series of payments for a total of $700,000 in cash and a total of 5,000,000 common shares of Eastern Zinc over a 4 year period. SLAM will retain a 2% NSR royalty on future mineral production from the BMC Properties.
Mike Taylor, CEO of SLAM comments, “We congratulate Joel Dumaresq and Eastern Zinc on this timely acquisition as base metal demand continues to expand globally. We are excited about this project and will provide our expertise and assistance to Eastern Zinc in the advancement of this project in the mineral-rich Bathurst Mining Camp.”
The BMC Properties include the Upper Road Zone, a new volcanogenic massive sulphide (“VMS”) discovery drilled in 2018. The Upper Road Zone: The Upper Road Zone is a new VMS discovery grading 12.61% zinc, 12.94% lead, 0.21% copper and 133 g/tonne silver over a core length of 1.35 m (estimated true width is 1.2 m). This new discovery occurs at a depth of 147 m in DDH PZ18-01 as reported by SLAM Exploration Ltd. in news releases dated September 25, 2018 and December 12, 2018. A Bore Hole Pulse Electromagnetic (“BHPEM”) anomaly was identified by Crone Geophysics & Exploration Ltd. (“Crone”). According to Crone, “The BHPEM data features a prominent in-hole anomaly near a hole depth of approximately 160m, consistent with a noted mineralized interval. The source exhibits a moderate to low conductivity, which is expected for a mineralized interval consisting of sphalerite, pyrite, and galena.” Crone states that the anomaly extends beneath the hole and to the south. This accessible, high priority target is located 25 km west of the Caribou mine operated by Trevali Mining Corp. (“Trevali”).
The BMC Properties: The BMC Properties comprise 1004 mineral claim units covering 22,000 hectares of highly prospective volcano-sedimentary stratigraphy. The BMC Properties include many other VMS mineral occurrences discovered and drilled by previous workers such as the former producing Wedge copper mine and related occurrences in the West Wedge, Tribag, Essex and A’Hearn zones located along strike from the Wedge. The Satellite and Mowatt zones are adjacent to the former producing Heath Steele mines property. The BMC Properties also include the LBM mineral trend where 13 drilling discoveries were made by previous workers in volcano-sedimentary rocks extending 5 km west and northwest from Trevali’s Half Mile deposit. THE LBM occurrences range from 0.2% to 0.5% zinc-lead-copper over core lengths of 0.5 to 5 metres. These known occurrences and associated geophysical responses represent drill-ready targets in a favourable VMS environment.
About Eastern Zinc Corp: Eastern Zinc is a Canadian junior mining and exploration company operating out of Vancouver, British Columbia. Eastern Zinc is engaged in the business of acquiring, exploring and developing natural resource properties with a focus on zinc properties/projects. Eastern Zinc is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol "EZNC." Additional information relating to Eastern Zinc is available on SEDAR at www.sedar.com as well as on the CSE at www.theCSE.com.
About SLAM Exploration Ltd:
SLAM is a resource company holding NSR royalties on the BMC properties, the Ramsay cobalt property and on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties in the Bathurst Mining Camp (“BMC”) of New Brunswick. The Company owns a portfolio of base metal and cobalt properties utilizes an extensive BMC mineral database to acquire and evaluate properties in this prolific mineral region. Other projects include the Menneval gold project in New Brunswick and the Reserve Creek in Ontario. 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 Private Placements, closing of Private Placements, future production, reserve potential, exploration and development activities and expected events or developments. 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