SLAM Reports 290 g/t Silver With 6.70 g/t Gold

MIRAMICHI, New Brunswick, Jan. 28, 2021 (GLOBE NEWSWIRE) — SLAM Exploration Ltd. (“SLAM” or the “Companyon TSXV: SXL) is pleased to update results from a grab sample of trench rubble that assayed 6.70 grams per tonne (“g/t”) gold as reported in a news release dated December 16, 2020. This sample was re-analysed using ICP and found to contain 290 g/t silver, 0.08% copper, 1.57% lead and 3.45% zinc in addition to gold. It had been collected by SLAM during a preliminary prospecting program on its wholly owned Birch Lake gold-silver property located 100 km west of the city of Miramichi in central New Brunswick.
The gold-silver bearing sample noted above is a grab sample (E6640181) described in the field as a siliceous breccia mineralized with hematite and minor dark sulphide. It was collected from an open trench that had been excavated by previous workers. Four grab samples of trench rubble and 1 sample from bedrock are summarized in the table below:SLAM expanded the Birch Lake project to cover gold anomalies in soil and till surveys completed by earlier workers as well as the River Dee gold occurrence located 14 km northwest of the Birch lake occurrence. The River Dee gold occurrence was discovered in 1986 following a soil geochemical survey. Hole CR86-2A collared into a breccia zone containing 0.343 g/t over 3.04 m. Other gold soil anomalies remain untested. A number of till anomalies ranging from 10 to 22 ppb located between the Birch Lake and River Dee gold occurrences have never been followed up.The Birch Lake Project: The expanded Birch Lake project comprises 461 claim units in 8 mineral claims that cover 9,964 hectares of prospective mineral land located in north-central New Brunswick, 100 km west of the city of Miramichi. These wholly-owned claims were acquired by staking on the NB-eclaims portal. The Company intends to complete additional exploration on the Birch Lake project although the primary focus will be the Menneval gold project in 2021.Cumberland REE Project: The recently expanded Cumberland Rare Earth Element (“REE”) property comprises 4 mineral claims covering 1,322 hectares owned 100% by SLAM. The property is host to 2 REE mineral occurrences exposed in gravel quarries. Previous workers completed 2 diamond drill holes 225 m apart. REE intercepts were reported from both holes including a 22 m core interval grading 1.44% total REE. A soil geochemical survey by the same previous workers detected elevated REE values at several locations that have not been tested.Our Flagship – The Menneval Gold Project: The expanded Menneval Gold project is comprised of 572 mineral claim units covering 12,390 hectares located in northwestern New Brunswick. The Company holds a 100% interest in the Menneval 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 reported by news release on January 19, 2021 and to follow up on recent discoveries including vein No 18 where the Company reported 12 sites of visible gold with assay results grading 1.22 to 3,955 g/t gold over widths ranging from 0.04 to 0.12 m thick.About SLAM Exploration Ltd.:
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