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: