NewsSLAM CUTS 42.99 G/T GOLD OVER 1.0 M CORE INTERVAL
High Grade Gold Intercept Occurs Within 10.5 m Interval Grading 6.76g/tGold
MIRAMICHI, NB, Jan. 14 /CNW/ - SLAMExploration Ltd. (TSX-V:SXL)("SLAM") is pleased to announce preliminary assays grading up to 42.99g/t gold over 1.0 m from hole RS10-21 at its wholly owned Reserve Creekgold project in the Fort Hope gold areas of Ontario. This bonanza gradeintercept occurs within a 10.5 m core interval grading 6.76 g/t gold ata depth of 105.5 m. Assays are pending on 7 additional samplesrepresenting 3.6 m of mineralized core from 100.9 to 104.5 m in thishole. Visible gold occurs in this pending section. Selected assayresults are tabulated as follows:
| Hole ID | | From m | | To m | | Length m | | Au oz/t | | Gold g/t |
| RS1021 | | 105.5 | | 106.5 | | 1.0 | | 1.25 | | 42.99 |
| RS1021 | | 106.5 | | 107.5 | | 1.0 | | 0.15 | | 5.11 |
| RS1021 | | 109.5 | | 110.5 | | 1.0 | | 0.17 | | 5.67 |
| RS1021 | | 105.5 | | 116.0 | | 10.5 | | 0.20 | | 6.76 |
The core intervals described are drilled intervals. True thicknesses areunknown. Hole RS10-21 was drilled at a dip of 70 degrees from a site 15m west of previous hole RS10-16. Hole RS10-16 cut a 16.85 m coreinterval grading 16.45 g/t gold and contains individual samples ofbonanza gold grading up to 274 g/t gold over 0.5 m (news release 17August 2010).
Assays are pending on an additional 260 samples representing mineralizedintercepts from the remaining 5 holes. Visible gold was noted in 2 ofthese 5 holes. The exploration crew is arriving in Fort Hope onFriday-Saturday and expects to resume drilling by Monday, 17 January.The Company has $5.2M cash in thetreasury and expects to expand thedrilling program well beyond the current 2,000 m contract.
All drill cores were delivered from the drill sites to a facility inFort Hope for logging and sampling. Selected cores were split or sawnwith half retained for reference. Sampled halves were shipped toAccurassay in Thunder Bay for gold assay. Standards and blanks wereinserted in the sample batches to augment the Quality Assurance andQuality Control program utilized by the laboratory. Michael R. Taylor,P.Geo. President and CEO of SLAM is the Qualified Person responsiblefor the technical information contained herein.
About Reserve Creek Gold Project:
SLAM's wholly owned Reserve Creek gold project encompasses a 4608hectare block of 22 claims located near Fort Hope, Ontario. ReserveCreek is part of a large and valuable land package with an expandinginventory of gold deposits centered around Fort Hope approximately 150km east of the former gold mining town of Pickle Lake. The largegreenstone belt surrounding Fort Hope has many similarities to theprolific Red Lake gold mining camp and has potential to be a major goldproducing area. The Red Lake, Pickle Lake and Fort Hope gold areas arepart of the Uchi subprovince, a major system of greenstone beltsextending from Lake Winnipeg to theHudson Bay lowlands.
Reserve Creek drilling activities are progressing in consultation withEabametoong First Nation ("EFN") in accordance with a recently signedExploration Agreement. This Agreement calls for EFN and SLAM to workcooperatively to advance the gold potential of Reserve Creek and otherSLAM projects in the Fort Hope area of Ontario.
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick andis currently drilling for gold in Ontario and forsilver-copper-lead-zinc in New Brunswick.Additional information aboutSLAM and its projects is available at www.slamexploration.com orfrom SEDAR filings at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.
| On behalf of the Board |
| |
| | | Mike Taylor, P. Geo.
President & CEO
SLAM Exploration Ltd.
SEDAR: 00012459E |