(TheNewswire)
Drilling CriticalElements i n t heBathurst Mining Camp
July 3 rd , 2024 – TheNewswire - Miramichi, New Brunswick ? SLAMExploration Ltd. (TSXV:SXL) (“SLAM” or the“Company”) is pleased to report preliminary results from thethird hole (GW24-03) drilled on its wholly owned Goodwin Project in the Bathurst Mining Camp (BMC) of New Brunswick.The Goodwin Project is located 5 kilometers southwest of the Half Milecopper zinc silver deposit owned by Trevali Mining Corporation in theBMC.
Hole GW24-03 highlights include a 23.55 meter coreinterval with 15% pyrrhotite starting at 72.90 meters, a 13.65 meterinterval with 15% pyrrhotite mineralization starting at 94.8 metersand a 20.85 meter zone with 15% pyrrhotite from 113.15 meters to134.00 meters. These intervals combine for 58 meters of pyrrhotitemineralization, which, according to previous workers, generallycontains nickel at Goodwin. GW24-03 was drilled from a site located900 meters southeast of hole GW24-02. DDH GW24-03 was drilled at adip of 50 0 toward azimuth 040 0 to a depth of 248 meters. The summary log reads asfollows:
Interval Meters | Description | Mineralization |
0.00 – 4.50 | Casing | |
6.00 - 24.60 | Pegmatite gabbro | Pyrrhotite traces |
24.60- 62.90 | Gabbro, coarse grained | |
56.60-62.90 | Mineralized gabbro | 15% pyrrhotite, chalcopyrite traces |
62.90-72.90 | M afic volcanic | |
72.90-96.45 | Mineralized gabbro, coarse grained, localpegmatite | 15% pyrrhotite, chalcopyrite traces |
94.80-94.85 | Mineralized gabbro | 20% chalcopyrite |
96.45-97.80 | Felsic dyke | |
97.80-111.45 | Gabbro coarse grained | 15% pyrrhotite |
106.75-106.85 | Mineralized gabbro | 75% pyrrhotite |
111.45-113.15 | Mafic volcanic | |
113.15-114.9 | Mineralized gabbro | 15% pyrrhotite |
114.90-115.55 | Mafic volcanic | 10% pyrrhotite, chalcopyrite traces |
115.55- 134.00 | Gabbro | 15% pyrrhotite, chalcopyrite traces |
134.00 169.50m | Gabbro, fine grained | 2-5% pyrrhotite |
169.50- 219.00 | Gabbro | Pyrrhotite traces |
219.00-248.00 | Mafic volcanic | Pyrrhotite traces and films |
248.00 | End of Hole |
The core has been delivered to a secure facility inBathurst New Brunswick for detailed logging and sampling.
Goodwin Proje ct Highlights: TheCompany sawed 35 meters of mineralized core fromhole GW24-01 and bagged 38 samples. The sawn core samples weredelivered to ALS Chemex Inc. in Moncton New Brunswick for copper,nickel, silver, cobalt, bismuth, platinum, palladium and gold analysesas well as other elements using ALS multi-element package ME-ICP41 andmethod PGM-ICP23. Samples that run over 1% copper and/or 1% nickelwill be analyzed using an over-limit method ME-OG46.
Logging and sampling are in progress on diamond drillhole GW24-02 and GW24-03. Holes GW24-01 and GW24-02 tested the Grangeszone where previous workers cored a 5.7 meter interval grading 1.79%copper plus 1.51% nickel in diamond drill hole GR87-55. The corelength in meters may not equal the true width of this interval.HoleGW24-03 located 900 meters southeast of hole GW24-02 was drilledto test for pyrrhotite and associated nickel mineralization in theFarquharson zone which was discovered by Noranda in a 1960 drillingprogram. Upon completion of GW24-03, the drill wasde-mobilized.
The Goodwin Project consists of 8 original claims plus5 recently optioned claims that combine for 159 units that cover 3,474hectares of prospective mineral ground. The project is underlain bythe Goodwin Lake gabbro, a 6,500 meter long body of intrusive rockshosting the 3 copper nickel occurrences referenced above. Permits arein place for a trenching and drilling program to test for coppernickel mineralization as well as gold and platinum group metals. TheGoodwin project is accessible by logging roads from the FraserBurchill road off Route 430 which connects to the city of Miramichi 90kilometers to the southeast.
QA-QC Procedures : The results described above are from news releases andreports that predate NI43-101 regulations. The numbers can only bevalidated by additional drilling but the Company deems these resultsto be useful to plan additional drilling. The core descriptions andthe summary log for hole GW24-03 are based on visual observations ofthe core.
About SLAM Exploration Ltd: SLAM Exploration Ltd. a public resource companywith a large portfolio of mineral claim holdings built around itswholly owned Menneval gold project in themineral-rich province of New Brunswick. SLAM has discovered multiplegold veins at Menneval and previously reported gold bearing coreintervals including 162.5 g/t gold over 0.2 m and 56.90 g/t gold over0.5 m (news releases December 13, 2021 and November 22, 2022). TheCompany reported quartz float grading up to 39.2 g/t gold on its JakeLee project in the vicinity of the Clarence Stream gold deposit whereGalway Metals Inc. is working on a 2.3 M ounce gold deposit insouthern New Brunswick.
T he Company holds the Goodwincopper nickel project and the Mine Road VMS copper zinc silver projectin the mineral rich Bathurst Mining Camp of New Brunswick. Previousworkers discovered 3 copper nickel occurrences at Goodwin. Mineralizedcore intercepts were drilled including 1.79% copper plus 1.51% nickelover 5.7 meters in diamond drill hole GR89-55 on the Goodwin project.
Successful diamond drill holes by previous workersinclude 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 atMine Road. (Doe Run Canadian Exploration ULC; 2015, New BrunswickAssessment Files, Report of Work 477877), The Railroad zone is 7,000 meast of the 20 M tonne former producing Heath Steele B Zone.
The Company is a project generator and has receivedsignificant cash and share payments over the last 6 months as follows;$150,000 cash and 50,000 shares from S2 Minerals Inc. (STWO) onDecember 19, 2023 pursuant to the Reserve Creek gold agreement;534,000 shares and 333,000 warrants (exercisable at $0.01) issued byNine Mile Metals Inc. (NINE) on March 01, 2024 pursuant to the Wedgeproject agreement and $25,000 cash plus 2,500,000 shares of Lode GoldResources Inc. (LOD) pursuant to the Ramsay gold agreement. TheCompany holds NSR royalties and expects additional cash and sharepayments on the Wedge copper zinc project and on the Ramsay, ReserveCreek 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 ExplorationLtd., is a qualified person as defined by National Instrument 43-101,and has approved the contents of this news release.
Certain information in this pressrelease may constitute forward-looking information, includingstatements regarding mineralresources and the Company’s plans with respect to the explorationand development of its properties . This information is based on current expectations that are subjectto significant risks and uncertainties that are difficult to predict. Actualresults might differ materially from results suggested in anyforward-looking statements.The Company assumes no obligation to update the forward-lookingstatements, or to update the reasons why actual results could differfrom those reflected in the forward looking-statements unless anduntil required by securities laws applicable to the Company. There area number of risk factors that could cause future results to differmaterially from those described herein. Information identifying risksand uncertainties is contained in the Company's filings with theCanadian securities regulators, which filings are availableat www.sedarplus.ca . Neither theTSXV nor its Regulation Services Provider (as that term is defined inthe policies of the TSXV) accepts responsibility for the adequacy oraccuracy 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+:00012459
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