(TheNewswire)
SLAM ACquires More Critical Element Claims
July 16th, 2024 – TheNewswire - Miramichi, New Brunswick ‐ SLAM Exploration Ltd. (TSXV-SXL) (“SLAM” or the “Company”) is pleased to report it has delivered a total of 214 sawn core samples from the three holes drilled on its wholly owned Goodwin claims in the Bathurst Mining Camp (BMC) of New Brunswick. In addition, the Company has signed an option agreement (the “Agreement) to acquire 7 additional mineral claims adjacent to its wholly owned Goodwin claims. The expanded Goodwin Project comprises 194 units covering 4,239 hectares located 5 kilometers southwest of the Half Mile copper zinc silver deposit owned by Trevali Mining Corporation in the BMC.
Assays are pending on 214 samples delivered to the Moncton laboratory of ALS Chemex Inc. These include 38 samples from hole GW24-01; 98 samples from hole GW24-02 and 78 samples sawn from hole GW24-03. The samples represent a 34.55 meter zone of pyrrhotite-chalcopyrite (copper) mineralization in hole GW24-01; a 31.80 meter zone of pyrrhotite-chalcopyrite mineralization in hole GW24-02 and a 58 meter zone of 15% pyrrhotite mineralization intersected by hole GW24-03. According to previous workers, pyrrhotite mineralization at Goodwin generally contains nickel.
The sawn core samples were delivered to ALS Chemex Inc. in Moncton New Brunswick for copper, nickel, silver, cobalt, bismuth, platinum, palladium and gold analyses as well as other elements using ALS multi-element package ME-ICP41 and method PGM-ICP23. Samples that run over 1% copper and/or 1% nickel will be analyzed using an over-limit method ME-OG46.
The Agreement: To earn a 100% interest in the 7 mineral claims, SLAM must pay the Optionor a total of $50,000 CAD dollars and issue a total of 500,000 common shares (Shares) to the Optionor over three (3) years in accordance with the following schedule:
|
Due Date
|
Common Share Payments
|
Cash Payment
|
|
Within 5 days receipt of approval from the TSXV
|
100,000
|
$5,000
|
|
On or before 1st anniversary of signing the Agreement
|
100,000
|
$10,000
|
|
On or before 2nd anniversary of signing the Agreement
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100,000
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$15,000
|
|
On or before 3rd anniversary of signing the Agreement
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200,000
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$20,000
|
|
Total
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500000
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50000
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Upon SLAM earning 100% interest, the Optionor will retain a 2% net smelter return (“NSR”) royalty on the Property (the “Production Royalty”). SLAM shall have the right to buy back one-half of the Royalty equal to 1.0% NSR for one million dollars ($1,000,000) at any time and the right of first refusal on the remaining NSR before the commencement of production.
The option agreement and proposed share issuances remain subject to approval by the TSX Venture Exchange. All security issuances will be subject to a statutory hold period of 4 months and one day from issuance in accordance with Canadian securities laws. No finders’ fees were paid on this arm’s length agreement.
Goodwin Drilling Highlights
Hole GW24-01: The highlight of the hole is an 8.50 meter core interval containing 50% pyrrhotite with copper mineralization (chalcopyrite). This copper-bearing interval occurs within a 34.55 meter zone of variable pyrrhotite mineralization from 24.85 meters to 59.40 meters. Previous workers have shown that pyrrhotite commonly contains nickel at Goodwin. (SXL News Release June 21st, 2024).
Hole GW24-02: Highlights include a 5.1 meter interval containing 70% pyrrhotite and 5% chalcopyrite (copper mineralization). This copper-bearing interval occurs within a 31.80 meter zone of variable pyrrhotite mineralization from 22.60 meters to 54.50 meters. (SXL News Release June 26th, 2024).
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Hole GW24-03: This hole intersected three zones of pyrrhotite mineralization including a 23.55 meter core interval with 15% pyrrhotite starting at 72.90 meters, a 13.65 meter interval with 15% pyrrhotite starting at 94.8 meters and a 20.85 meter zone with 15% pyrrhotite from 113.15 meters to 134.00 meters. These intervals combine for 58 meters of pyrrhotite mineralization, which, according to previous workers, generally contains nickel at Goodwin. GW24-03 was drilled from a site located 900 meters southeast of hole GW24-02. (SXL News Release July 3rd, 2024).
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The Goodwin Project: The expanded Goodwin Project consists of 8 original claims plus 12 recently optioned claims that combine for 194 units covering 4,239 hectares of prospective mineral ground. The project is underlain by the Goodwin Lake gabbro, a 6,500 meter long body of intrusive rocks hosting the 3 copper nickel occurrences referenced above. Permits are in place for a trenching and drilling program to test for copper nickel mineralization as well as gold and platinum group metals. The Goodwin project is accessible by logging roads from the Fraser Burchill road off Route 430 which connects to the city of Miramichi 90 kilometers to the southeast.
QA-QC Procedures: The Goodwin drilling highlights are from summary logs from previous SXL news releases. The results from previous workers are from news releases and reports that predate NI43-101 regulations. The numbers can only be validated by additional drilling but the Company deems these results to be useful to plan additional drilling.
About SLAM Exploration Ltd: SLAM Exploration Ltd. is a public resource company with a large portfolio of mineral claim holdings built around its wholly owned Menneval gold project in the mineral-rich province of New Brunswick. SLAM has discovered multiple gold veins at Menneval and previously reported gold bearing core intervals including 162.5 g/t gold over 0.2 m and 56.90 g/t gold over 0.5 m (news releases December 13, 2021 and November 22, 2022). The Company reported quartz float grading up to 39.2 g/t gold on its Jake Lee project in the vicinity of the Clarence Stream gold deposit owned by Galway Metals Inc. in southern New Brunswick.
The Company holds the Goodwin copper nickel project and the Mine Road VMS copper zinc silver project in the mineral rich Bathurst Mining Camp of New Brunswick. Previous workers discovered 3 copper nickel occurrences at Goodwin. Mineralized core intercepts were drilled including 1.79% copper plus 1.51% nickel over 5.7 meters in diamond drill hole GR89-55 on the Goodwin project.
Successful diamond drill holes by previous workers include IL2014-003 with a 9-meter core interval grading 14.51% zinc, 5.86% lead, 0.67% copper and 139.9 g/t silver on the Railroad zone at Mine Road. (Doe Run Canadian Exploration ULC; 2015, New Brunswick Assessment Files, Report of Work 477877), The Railroad zone is 7,000 m east of the 20 M tonne former producing Heath Steele B Zone.
The Company is a project generator and has received significant cash and share payments over the last 3 quarters as follows; $150,000 cash and 50,000 shares from S2 Minerals Inc. (STWO) on December 19, 2023 pursuant to the Reserve Creek gold agreement; 534,000 shares and 333,000 warrants (exercisable at $0.01) issued by Nine Mile Metals Inc. (NINE) on March 01, 2024 pursuant to the Wedge project agreement and $25,000 cash plus 2,500,000 shares of Lode Gold Resources Inc. (LOD) pursuant to the Ramsay gold agreement. The Company holds NSR royalties and expects additional cash and share payments on the Wedge copper zinc project and on the Ramsay, Reserve Creek and Opikeigen gold projects.
To view SLAM’s corporate presentation, click SXL-Presentation. Additional information is available on SLAM’s website and on SEDAR+ at www.sedarplus.ca. Follow us on X @SLAMGold.
Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., is a qualified person as defined by National Instrument 43-101, and has approved the contents of this news release.
Certain information in this press release may constitute forward-looking information, including statements regarding mineral resources and the Company’s plans with respect to the exploration and development of its properties.This information is based on current expectations that are subject to significant risks and uncertaintiesthat are difficult to predict. Actual results might differ materially from results suggested in any forward-lookingstatements. 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.sedarplus.ca. 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.caSEDAR+: 00012459
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