SLAM Discovers New Veins at Menneval Gold Project
MIRAMICHI, New Brunswick, Aug. 25, 2020 (GLOBE NEWSWIRE) — SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce the new discovery of a series of quartz veins uncovered by trenching on its wholly owned Menneval Gold project in northwestern New Brunswick. The new veins range up to 1 m thick and are mineralized with limonite and locally pyrite. Visible gold was reported from two of the veins, including one site located 750 m south of the Maisie gold vein. The Company continues to explore for additional veins by trenching this previously untested area.
The Company completed the drilling phase of the program with 9 diamond drill holes for a total of 624 m designed to test the Maisie gold vein. All 9 holes intersected quartz and carbonate zones representing the Maisie vein over core lengths ranging from 0.2 m to 1.1 m at down hole depths ranging from 28 m to 105 m. Previous trenching and drilling programs traced the Maisie gold‐bearing quartz vein over a strike‐length of 700 metres and to a depth of 30 metres. Assays are pending on 43 sawn core samples and 5 trench grab samples submitted for assay.The trenching and drilling program is supported in part by a $30,000 contribution to the Menneval Gold project under the New Brunswick Junior Mining Assistance Program.The Menneval Project: Based on the new gold discovery, the Company staked 118 claim units covering an additional 2530 hectares at Menneval. The expanded Menneval Gold project is now comprised of 480 claim units covering 10,460 hectares located in northwestern New Brunswick. The Company holds a 100% interest in the Menneval claims. Four (4) claim units covering 105 hectares 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: