SLAM Signs Drilling Contract for Menneval Gold
MIRAMICHI, New Brunswick, Aug. 10, 2021 (GLOBE NEWSWIRE) — SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce it has signed an agreement with a diamond drilling contractor to drill a minimum of 1,200 m on its wholly-owned Menneval gold project located in the mineral-rich province of New Brunswick. Drilling targets include the No 2, No 18 and No 22 veins where the Company reported visible gold in 2020.
Grab samples from the No 2 vein ranged up to grading 363.00 g/t. On December 03, 2020. the company reported multiple 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 in vein No 18 and later reported up to 11.30 g/t in vein No 22. These veins are part of a swarm of gold-bearing veins on the flank of vein 22 with an overall strike-length of 1,100 m.
The Company has completed approximately 2,000 m of trenching at Menneval. A total of 41 samples were submitted for gold assay including 10 samples from newly uncovered veins and 30 samples from a train of float extending eastward from the vein stockwork.
SLAM’s advance scout team is conducting a prospecting program on its Wilson Brook and Birch Lake projects near Plaster Rock, New Brunswick. Targets include selected sites with elevated gold values ranging up to 73 ppb gold in tills within a 26 kilometre gold trend at Wilson Brook. The Company completed a 300 m trenching program to test one of the anomalous till sites. Trenching uncovered a train of quartz float over a 500 m strike length. Approximately 10 samples have been submitted for assay.
The prospecting team will also test a series of anomalous till samples up to 22 ppb gold over an 8 km strike length at Birch lake. This anomaly is northwest of the historical Birch Lake mineral occurrence where the Company sampled trench rubble grading up to 6.70 g/t gold, 290 g/t silver, 68.95% lead, 3.45% zinc and 0.95% copper from a in 2020. The Company intends to test selected targets by additional trenching.
The Menneval Project: The Menneval Gold project is SLAM’s flagship project and the Company intends to focus on testing the strike and depth extent of the swarm of new gold veins discovered in 2020. The expanded 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 project where the 2021 trenching program is underway. The Company intends to conduct preliminary prospecting and geochemistry on the Gold Brook, Birch Lake gold, Wilson gold and Ramsay gold projects in the vicinity of the Millstream Break in northern New Brunswick. SLAM also expects to conduct preliminary programs on the Jake Lee, Mount Victor and other gold properties on the flanks of the Sawyer Brook and Wheaton Bay faults in southern New Brunswick. SLAM owns the Reserve Creek, Opikeigen 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. The Company has applied for funding assistance up to $100,000 under the New Brunswick Junior Mining Assistance Program in support of a proposed 2021 drilling program. 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 Sampling Procedures
The trenching and soil geochemical results referenced above were previously reported as were the QA-QC Sampling Procedures.
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.