SLAM Gold Veins Assay Up to 3,955 g/t Gold

MIRAMICHI, New Brunswick, Dec. 03, 2020 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“ SLAM ” or the “ Company ” on TSXV: SXL ) is pleased to announce assay results ranging up to 3,955 g/t gold from Trench M20-18 on its wholly owned Menneval gold project in northwestern New Brunswick. Trench M20-18 traced a mineralized quartz vein referenced as vein No. 18 intersected over a strike length of 114 metres with 12 sites of visible gold as reported by our news release dated October 20, 2020 .

Gold was detected in all 17 samples collected from vein No 18 which was traced over a strike length of 114m. Assay results range from 1.22 to 3,955 g/t gold over widths ranging from 0.04 to 0.12 m thick. Gold assays for all 17 samples from vein No. 18 are tabled as follows:

Vein No.18 is part of a network of veins extending southwest of Zone 9 as reported in our news release October 07, 2020 . Trench 19 was a crosscut trench designed to find the extension No. 18 where it was displaced by a fault. Trenches M20-20 and M20-21 were dug in close proximity to the original Zone 9 vein looking for potential extensions. Trench M20-22 located 300 m east of trench M20-18 uncovered a series of en echelon, sub-parallel quartz veins over a total strike length of 500 m. These veins range up to 0.30 m in thickness but locally are 1.0 m thick. One vein is mineralized with limonite, pyrite and at least one site of visible gold.

At least 40 additional quartz veins were discovered in an 800 m extension of the vein system east of trench M20-22 where the Company dug 20 crosscut trenches. The excavator was then moved an additional 1,700 m eastward to the site of Maisie gold occurrence No. 11 where visible gold in a boulder had been reported previously by SLAM workers. The Company dug an additional 5 trenches M20-44 to M20-48 and uncovered numerous quartz boulders in the vicinity of gold occurrence No. 11. After completion of trench M20-48, the excavator was demobilized pending receipt of assay results on samples collected from selected boulders as well as approximately 40 newly discovered veins. Assay results are also pending on 600 soil samples collected between Zone 9 and the No. 11 gold occurrence. The exploration program is supported in part by a $30,000 contribution to the Menneval gold project under the New Brunswick Junior Mining Assistance Program.

The Menneval Project: The expanded Menneval Gold project is now comprised of 480 claim units covering 10,460 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.

About SLAM Exploration Ltd:

SLAM is a project-generating resource company with a portfolio of precious metal and base metal properties in New Brunswick and Ontario. The Company owns the Menneval Gold project and the Lewis Brook silver project in northern New Brunswick, as well as 5 gold projects located in the vicinity of Clarence Stream where Galway Gold Inc. has reported successful gold drilling results in southern New Brunswick. SLAM also owns the Reserve Creek, Opikeigen and Miminiska gold projects in Ontario. The Company owns a portfolio of base metal properties in the Bathurst Mining Camp (“BMC”) that is subject to an option agreement. SLAM also holds NSR royalties on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties in the BMC. 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 veins were uncovered using an excavator to allow collection of vein material from bedrock. For each sample table above, the full width of the vein was collected and each sample represents the true width of the vein at each site. The samples were tagged and shipped to AGAT Laboratories of Mississauga, Ontario for gold analysis using their method 202-051 for Fire Assay-AAS finish. Samples over 10 g/t were re-analysed by fire assay with gravimetric finish under AGAT code “202-564-Fire Assay-Au, Gravimetric finish-50g charge”.

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 materiall y 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.

CONTACT INFORMATION:
Mike Taylor, President & CEO
Contact: 506-623-8960 mike@slamexploration.com

Eugene Beukman, CFO
Contact: 604-687-2038 ebeukman@pendergroup.ca

SEDAR: 00012459E