Raise at a lower and lower SP, had to add a warrant...just to raise 450K at 5cts....same as they did over 10 years ago on Menneval, not much ever changes, bring on more samples followed by weak drill incepts.
They are done running this now that they have financed, wake up ppl.
DYODD
Slam Exploration arranges $450,000 private placement
2023-03-23 11:44 ET - News Release
Mr. Mike Taylor reports
SLAM GENERATES CASH, SHARES & ROYALTIES AND PLANS TO RAISE $450,000 IN PRIVATE PLACEMENT
Slam Exploration Ltd. holds NSR (net smelter return) royalties on eight projects in the mining provinces of New Brunswick and Ontario. These include the Goodwin cobalt-nickel-copper project, the Nash Creek, Superjack, Coulee and Wedge VMS (volcanogenic massive sulphide) copper-lead-zinc projects, and the Ferguson Brook, Ramsay Brook, Reserve Creek and Opikeigen gold projects, all retained pursuant to the sale of mineral claims through option agreements.
Pursuant to these option agreements, the company currently holds common shares in its account with a current valuation of $139,065 and certificates held pending the four-month hold period for common shares with a current valuation of $56,500. These valuations are based on share prices quotes on March 17, 2023. In addition, the company may receive potential cash and share payments for a total valuation of $1.67-million in cash and $454,000 over the next four years, as listed in the associated table.
Proposed private placement: The company intends to raise $450,000 through the sale of nine million units at a price of five cents per unit. Each unit comprises one common share and one common share purchase warrant. Each warrant provides the holder the right to purchase one additional share at a price eight cents for a period of two years from the closing date. The company may pay finder's fees on the unbrokered private placement. Proceeds to be used for corporate purposes and to finance exploration activities in Canada.
Jake Lee gold project: Permits are in place for trenching, diamond drilling and related activities on its wholly owned Jake Lee gold project in southwestern New Brunswick. The company intends to start trenching as soon as weather conditions permit and may follow with a diamond drilling program if such is warranted by the trenching results.
Gold trenching targets include four subangular boulders, respectively grading 39.3 grams per tonne (g/t) gold (Au), 3.39 g/t gold, 2.42 g/t gold and 1.49 g/t gold, reported by Slam on Jan. 25, 2023. Other targets include the No. 16 vein and the historic Lepreau river placer gold occurrence. The No. 16 vein was discovered by Slam when its advance scout team collected one grab sample grading 0.662 g/t gold from a two-metre-wide quartz vein in November, 2022. The Lepreau river placer gold occurrence is described in the New Brunswick mineral occurrence database under reference 563: "Large flakes of gold (up to five millimetres) were found in the gravels of the Lepreau River about four km north of the village of Lepreau ..." and, in the St. Croix Courier, July 13, 1899, Lepreau, "Mr. Stafford has a fine piece of gold which was found on the Lepreau river and is about as fine a specimen as has been seen in the province." The No. 16 vein is a follow-up discovery resulting from a geochemical survey of 1904 soil samples by previous workers in 2021. The survey shows include 51 sites with elevated gold ranging from 0.04 g/t to 0.173 g/t, plus one soil sample that graded 16.2 g/t gold.
Note: Boulder samples and grab samples are collected to detect the presence of gold and do not represent the grade of any potential deposits that may be present.
Menneval gold project: The company completed a 747 m diamond drilling program in 2022. Gold-bearing core was intersected in nine of 11 holes drilled, including a 0.5 m core interval grading 56.9 g/t gold over 0.5 metres in hole BG22-30, drilled on the No. 18 vein. The program included five holes designed to test the eastward extension of the Maisie vein in the vicinity of an offsetting fault. Significant gold intercepts include a 0.6 m core interval grading 7.09 g/t gold. The company is evaluating these results in preparation for a follow-up exploration program in 2023.
Portage cobalt-nickel project: The company originally staked these claims based on cobalt, nickel and copper anomalies detected in a 1971 soil geochemical survey. Previous workers collected 411 samples over a layered ultramafic body and detected cobalt (Co) ranging to 78 parts per million (ppm), nickel (Ni) ranging to 480 ppm and copper (Cu) ranging to 150 ppm. After discovery of zinc-bearing boulders 3,000 metres north of this grid, Slam conducted a soil geochemical survey of 840 samples to test for base metals in 2021. Anomalous levels of cobalt, nickel and copper, as well as zinc (Zn), lead (Pb) and silver (Ag) were detected. The company reported additional gold analyses in 2022. Anomalous gold ranging from 11 parts per billion (ppb) to 139 ppb was detected in 43 samples, and from five to 10 ppb gold in 137 samples. The company intends to complete trenching and, if warranted, diamond drilling to test these geochemical anomalies. Priority targets include cobalt, nickel, and copper anomalies with potential for gold and critical elements.
About Slam Exploration Ltd.
The company continues to search for critical elements as well as gold, and pursues an aggressive policy of property acquisition by claim staking. Slam is always doing research to identify new mineral properties and define staking opportunities. These activities have generated the cash, share and royalty agreements discussed above and Slam's current portfolio of 15 wholly owned projects, with 2,379 claim units covering 61,865 hectares.
Slam is an active and successful exploration company with new gold discoveries recently reported at Jake Lee to be tested by trenching and, if warranted, by diamond drilling program. Menneval is a drill-ready project and targets were identified on the recently acquired Highway project by the previous claim holders. Additional projects such as Mount Victor and Mount Blair require preliminary exploration to define gold and critical element targets in the vicinity of the Clarence Stream gold deposit, where Galway Metals recently announced a 2.3 million ounce gold deposit in southwestern New Brunswick. Other priority targets include the cobalt, nickel and copper anomalies on the Portage project in the Bathurst mining camp (BMC) in New Brunswick. The company owns the Cumberland Bay rare earth element (REE) project in central New Brunswick and the Keezhik gold project in Ontario.
The company continues to generate cash and collect securities from mineral property option agreements with other companies, and has sufficient funds for the work currently in progress.
Quality assurance/quality control procedures
Slam collected 186 grab samples from boulders and outcrop at Jake Lee in November, 2022, and submitted 49 samples to AGAT Laboratories of Mississauga, Ont., and 137 samples to ALS Chemex in Moncton, N.B., all for gold analysis using fire assay with AAS (atomic absorption spectroscopy) finish. One sample above the 10 g/t detection limit was reassayed using a gravimetric method.
The company reported the Menneval drilling results Nov. 21, 2022. Drill core was delivered daily from the drill site to a secure facility for logging by Slam's professional team. Selected core was marked for sawing and sampling. The company inserted blanks and standards at regular intervals. The samples were sent to AGAT Laboratories for gold fire assay with AA (atomic absorption) finish using AGAT code 202-051. One sample above 10 g/t gold was reanalyzed using gravimetric methods.
For the Portage project, historic results are reported for 411 soil samples collected by previous workers in 1971. The results are considered reliable for prospecting purposes, but the assay certificates are not available. The results can only be validated by collection of new samples. On a separate grid, Slam reported results for 839 samples collected by GeoXplore Surveys Inc. in 2021. The samples were submitted to ALS Chemex Ltd. in Sudbury, Ont., for ME-ICP41, a 36-element ICP (inductively coupled plasm) method, and for gold analysis by fire assay using ALS method Au-AA23.
Qualifying statements
Mr. Taylor, PGeo, president and chief executive officer of Slam Exploration, a qualified person as defined by National Instrument 43-101, approves the technical information contained in this news release.
We seek Safe Harbor.