MIRAMICHI, New Brunswick, March 10, 2022 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce it has signed a sale agreement (the “Agreement”) to sell its Ferguson Brook mineral claim to Puma Exploration Inc. (“Puma”). The Ferguson Brook mineral claim comprises 42 claim units covering 912 hectares of prospective land adjacent to Puma’s Williams Brook gold project.
To earn a 100% interest, Puma will make the following payments to SLAM:
(a) $15,000 cash and 250,000 shares of Puma upon receipt of TSXV approval of the Agreement.
(b) $25,000 cash payment due upon a Positive Preliminary Economic Assessment;
(c) $50,000 cash payment due upon a Positive Feasibility Study.
(d) $100,000 one-time cash payment due upon reaching Commercial Production.
The Agreement defines the Ferguson Brook mineral claim as 2 properties. Property A comprises 35 claim units that SLAM acquired by staking. Property B comprises a 7-unit portion of the Property that SLAM acquired through an “Underlying Agreement” with a third party. SLAM retains a 2% net smelter return (“NSR”) royalty on any saleable production from Property A. Fifty percent of the NSR royalty (i.e.,1%) may be purchased by Puma for $1,000,000. Puma retains a right of first refusal on the remaining 1% NSR royalty that is held by SLAM.
SLAM will retain a 1% net smelter return (“NSR”) royalty on any saleable production from Property B. Fifty percent of the NSR royalty (i.e., 0.50%) on Property B may be purchased by Puma for $500,000. Puma retains a right of first refusal on the remaining 0.50% NSR royalty that is held by SLAM. Puma will respect the terms and assume the NSR commitment of the Underlying Agreement on Property B.
Mike Taylor, President & CEO of SLAM states; “I wish to congratulate Marcel and the Puma Exploration team on these timely acquisitions and on Puma’s continuing exploration success on the Williams Brook gold project. Watch this space! The New Brunswick gold play is just getting started.” For more information about Puma, click https://www.explorationpuma.com/en/.
The Menneval Project: The Company expects to complete additional work to test a swarm of new gold veins discovered in its 2020-21 drilling program on its flagship Menneval Gold project. SLAM drilled 20 holes in 2021 and intersected core intervals ranging up to 56.5 g/t gold over 0.51 m. The 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. For additional information and maps visit Menneval Gold Project or call Mike Taylor 506-623-8960.
About SLAM Exploration Ltd:
SLAM is a project-generating resource company holding NSR royalties on the Ferguson Brook property as well as Superjack, Nash Creek, Portage, Goodwin, Lower 44 and A’Hearn properties in the Bathurst Mining Camp of New Brunswick. The current focus for SLAM is on gold, and on it’s flagship Menneval gold project. SLAM owns the Ramsay and Benjamin River gold properties both located in the same geological domain as Puma’s Williams Brook gold discoveries. SLAM owns the Jake Lee, Mount Victor and Little Mount Pleasant gold properties on the flanks of the Sawyer Brook and Wheaton Bay faults in the vicinity of Galway’s Clarence stream gold deposit in southern New Brunswick. The Company owns the Gold Brook, Birch Lake gold and Wilson Brook gold properties on similar structures in central New Brunswick. SLAM owns the Keezhik 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.
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.
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
