Slam Renews Option on Uniacke Gold Project

MIRAMICHI, New Brunswick, Aug. 19, 2020 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce that it renewed its option to earn a 100% interest in the Mount Uniacke gold property (the “Property”) located 70 km west of the Moose River gold mine operated by St Barbara Limited in Nova Scotia, Canada. David MacIntosh, John Sims and Charles Sims made the first discovery of gold on the Mount Uniacke Property on June 18, 1865. Subsequently, a number of gold-bearing veins and gold-bearing slate belts were discovered. According to provincial gold records, from 1867 to 1941, the Property produced more than 27,000 ounces of gold.

To acquire the 100% interest in the Property, the Company has paid $35,000 to the optionors and will pay an additional $415,000 through a series of instalments over the next 3 years. The optionors have retained a 3% NSR royalty on the Property. SLAM holds the right to buy back 1% NSR for $500,000 and 1% NSR for $1,000,000 at any time. SLAM also holds a right of first refusal on the remaining 1% NSR. 

The Property:

The Property comprises of 25 claims within 2 exploration licenses covering 404 hectares of Meguma sedimentary rocks. The Property can be accessed by secondary roads in central Nova Scotia. Gold at Mt. Uniacke occurs in leads and slate belts associated with fold structures within the Meguma sediments. SLAM intends to conduct a drilling program to test the depth potential of gold-bearing leads below the historic workings.

The Meguma Gold Terrane:

The Property is located near the centre of the Meguma terrane, a wedge of metasediments up to 120 kilometers wide extending for 480 km, the length of Nova Scotia. The Meguma is host to numerous gold deposits dating back to Canada’s first gold rush following the discovery of gold at Mooseland, Nova Scotia in 1858. The Meguma returned to production status in 1917 when Atlantic Gold Corp. began production on its Moose River project now operated by St Barbara Limited. 

Analytical QA/QC Procedures: The gold values reported are based on historical records.

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 recently acquired 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 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.