SLAM Acquires 26 Kilometre Gold Anomaly

SLAM Acquires 26 Kilometre Gold Anomaly

MIRAMICHI, New Brunswick, Feb. 26, 2021 (GLOBE NEWSWIRE) — SLAM Exploration Ltd. (“SLAM” or the “Companyon TSXV: SXL) is pleased to report the acquisition of the Wilson Brook gold project by staking. The Wilson Brook property comprises 6 mineral claims covering 18,950 hectares owned 100% by SLAM and is located 10 km north of Plaster Pock, New Brunswick.The Wilson Brook Project: Six claims were acquired to cover a gold anomaly defined by elevated gold levels ranging from 2 ppb gold to 73 ppb gold over a strike length of 26,000 m. The gold anomaly straddles the Rocky Brook-Millstream Break (“Millstream Break”) a major Appalachian structure associated with the other gold discoveries in New Brunswick including the Williams Brook gold discovery owned by Puma Resources Inc. and the Elmtree gold deposit owned by Canadian GoldCamps Corp. This gold anomaly was identified from regional till geochemical data collected by the Geological Survey of Canada and the New Brunswick Department of Natural Resources And Energy.SLAM completed a soil geochemical survey in late 2020 to validate the presence of gold in tills near the south end of the 26,000 m soil anomaly at Wilson Brook. GeoXplore Surveys Inc. collected 230 soil samples on 2 grids centered around individual till sites that contain 73 ppb gold and 29 ppb gold respectively. Anomalous gold occurs on both soil grids ranging up to 32 ppb gold and 39 ppb gold respectively. The soil anomalies on both grids appear to be associated with northwest trending lineaments adjacent to the northeast trending Millstream Break. Approximately 3 dozen additional till sites with elevated gold remain untested by soil geochemistry or any other prospecting method. The Company has found no record of previous work on the Wilson Brook property. More information is available on SLAM’s new website www.slamexploration.com.SLAM’s Flagship Menneval Gold Project: The Company received assays results for 37 grab samples collected near the end of the 2020 trenching program. All 21 samples collected from trenches M20-37 to M20-43 in the vicinity of gold vein No. 22 contain gold greater than 0.002 g/t gold Including 5 samples ranging from 0.73 to 1.84 g/t gold. Trenches 44 to 48 were dug in the vicinity of gold occurrence No. 11 uncovered numerous slabs of angular quartz but no veins were found in bedrock. Sixteen of the 17 samples from these trenches contain gold ranging from 0.002 to 2.76 g/t gold. This gold-beating float is most likely derived from quartz veins associated with soil trend A, an 1800 m long untested god anomaly.The 2020 program resulted in discovery of numerous new gold-bearing including vein No 18 where the Company reported 12 sites of visible gold and assay results grading 1.22 to 3,955 g/t gold over widths ranging from 0.04 to 0.12 m thick. A soil geochemical survey comprising 897 samples detected gold levels ranging up to 683 ppb gold and anomalous gold trends up to 1,800 m long. These gold anomalies are located close to and along strike from known gold veins and are largely untested.The new gold vein discoveries and associated soil anomalies suggest potential for sizeable and economically viable gold deposits in an area with excellent access and infrastructure. They are a hosted with a sequence of sedimentary and intrusive rocks that occupy an antiformal structure in the footwall of the Restigouche fault. The Restigouche fault is part of a major Appalachian suture that extends from the Haile gold mine operated by OceanaGold in South Carolina through Marathon’s Valentine Lake gold deposit in Newfoundland to Dalradian’s Curraginalt gold deposit in Ireland.The Menneval gold project comprises 572 mineral claim units in 8 mineral claims covering 12,450 hectares The Company holds a 100% interest in the 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.The Company intends to focus its 2021 exploration strategy on the Menneval gold project. The first priority of the 2021 exploration program is to test significant gold trends in soils as reported by the news release dated January 19, 2021 and potential extensions of gold veins discovered in 2020.New Website: SLAM Exploration Ltd has launched a completely updated and renovated new website at the following address: www.slamexploration.comAbout SLAM Exploration Ltd:
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