MIRAMICHI, New Brunswick, Aug. 31, 2022 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce that it has entered into a contract for a drilling program on its wholly-owned Menneval gold project located in the mineral-rich province of New Brunswick, Canada. The Company intends to drill approximately 10 holes in a program estimated at 1,000 metres to test 2 gold zones discovered by SLAM in 2020-2021.
The Company intends to drill up to 6 holes on Zone 18. These holes are planned to test for extensions beneath core intervals grading up to 162.5 g/t gold over 0.2 m and 56.50 g/t gold over 0.51 m associated with visible gold in holes reported by the Company on December 03, 2020 and January 20, 2021. Previously, the Company had announced multiple sites of visible gold with assays up to 3,955 g/t gold over 0.10 m thick from trench samples reported on December 03, 2020.
SLAM intends to drill 4 holes on Zone 22, where the Company reported drilled core intervals grading up to 5.40 g/t gold over 0.2 m on December 03, 2020. Each of the Zone 22 holes will test multiple quartz veins that are part of a series of gold-bearing veins trending north-easterly over a strike-length of 1,400 m. The Zone 22 veins are associated with a soil anomaly ranging from 5 to 206 ppb (0.206 g/t) gold that stretches 2,800 metres eastward from vein No. 18. For additional information and maps, please visit the following page on the Company’s website: Menneval Gold Project or call Mike Taylor 506-623-8960.
Gold Anomalies at Jake Lee: The Company is reporting that gold was detected in 136 soil samples with assays ranging from 5 ppb to 177 ppb gold on its wholly owned Jake Lee project in southwestern New Brunswick, Canada. The samples were part of a soil geochemical survey of 1477 samples collected from 5 grids located on its wholly owned Jake Lee gold project. The Jake Lee project is comprised of 377 units in 5 claims that cover 8376 hectares located 30 km southeast of the Clarence Stream gold deposit where Galway Metals has reported a series of recent gold discoveries in the mineral-rich province of New Brunswick. Galway Metals has reported that some of these gold discoveries resulted from the detection of gold anomalies by soil geochemistry followed by trenching and diamond drilling.
Gold Anomalies at Portage: The Company also reports that gold assays ranging from 5 ppb to 139 ppb was detected in 179 soil samples from a geochemical survey comprising 759 soil samples collected on its wholly owned Portage VMS project in the Bathurst Mining Camp of New Brunswick, Canada. These gold anomalies are associated with a northerly trending structure located approximately 20 km east of the Williams Brook gold occurrence where Puma Resources Inc. recently reported new gold discoveries. Some Portage soils samples also contain up to 112 ppm cobalt, 171 ppm copper, 177 ppm nickel, 81 ppm lead and 478 ppm zinc reflecting the poly-metallic potential on SLAM’s Portage project as well as its other wholly-owned mineral claims in the Bathurst Mining Camp.
$30,000 NBJMAP Grant: The Menneval drilling program will be supported in part by a grant of $30,000 under the New Brunswick Junior Mining Assistance Program (“NBJMAP”). The Company wishes to thank the Province for its continued recognition of the Menneval project and its importance to the emerging gold industry in New Brunswick.
The Menneval Project: The Company drilled 20 holes to complete the 2021 exploration program on gold veins discovered in 2020-2021 on its flagship Menneval Gold project. 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.
About SLAM Exploration Ltd:
SLAM is a project-generating resource company focused on is its flagship Menneval Gold. The Company owns 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 in southern New Brunswick. SLAM also 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 Metal’s Clarence stream gold deposit. 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. 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. 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: Drill 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. Samples were sent either to AGAT Laboratories (“AGAT”) or to ALS Geochemistry(“ALS”) for gold analysis under analytical code 202-051 for AGAT and code Au-AA23 for ALS. Sample above 10 g/t gold were re-analyzed using gravimetric methods.
For soil geochemistry, sample of the B1 soil horizon were collected at a spacing of 25 m along lines 100 m or 200 m apart using a Garmin GPS for control. Portage samples were submitted to AGAT for multi-element analysis by Aqua Regia Digest / ICP-OES Finish and for gold analysis using method 202-051 Au Fire Assay - AA (30g). The Jake lee soil samples were submitted to ALS and analysed for gold under code Au-AA23-30g.
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
