(TheNewswire)
SLAM ACquires MoreCritical Element Claims
July 16 th , 2024 – TheNewswire - Miramichi, New Brunswick ? SLAMExploration Ltd. (TSXV-SXL) (“SLAM” or the“Company”) is pleased to report it has delivered a total of 214sawn 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 acquire7 additional mineral claims adjacent to its wholly owned Goodwinclaims. The expanded Goodwin Project comprises194 units covering 4,239 hectares located 5 kilometers southwest ofthe Half Mile copper zinc silver deposit owned by Trevali MiningCorporation in the BMC.
Assays are pending on 214 samples delivered to theMoncton laboratory of ALS Chemex Inc. These include 38 samples fromhole GW24-01; 98 samples from hole GW24-02 and 78 samples sawn from hole GW24-03. The samples represent a34.55 meter zone of pyrrhotite-chalcopyrite (copper) mineralization inhole GW24-01; a 31.80 meter zone of pyrrhotite-chalcopyritemineralization in hole GW24-02 and a 58 meter zone of 15% pyrrhotitemineralization intersected by hole GW24-03. According to previousworkers, pyrrhotite mineralization at Goodwin generally containsnickel.
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 usingALS multi-element package ME-ICP41 and method PGM-ICP23. Samples thatrun over 1% copper and/or 1% nickel will be analyzed using anover-limit method ME-OG46.
The Agreement :To earn a 100% interest in the 7 mineral claims, SLAM must pay theOptionor a total of $50,000 CAD dollars and issue a total of 500,000common shares (Shares) to the Optionor over three (3) years inaccordance 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 1 st anniversary of signing the Agreement | 100,000 | $10,000 |
On or before 2 nd anniversary of signing the Agreement | 100,000 | $15,000 |
On or before 3 rd anniversary of signing the Agreement | 200,000 | $20,000 |
Total | 500000 | 50000 |
Upon SLAM earning 100% interest, the Optionor willretain a 2% net smelter return (“NSR”) royalty on the Property(the “Production Royalty”). SLAM shall have the right to buy backone- half of the Royalty equal to 1.0% NSR forone million dollars ($1,000,000) at any time and the right of firstrefusal on the remaining NSR before the commencement of production.
The option agreement and proposed share issuancesremain subject to approval by the TSX Venture Exchange. All securityissuances will be subject to a statutory hold period of 4 months andone day from issuance in accordance with Canadian securities laws. Nofinders’ 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 containing50% pyrrhotite with copper mineralization (chalcopyrite). Thiscopper-bearing interval occurs within a 34.55 meter zone of variablepyrrhotite mineralization from 24.85 meters to 59.40 meters. Previousworkers have shown that pyrrhotite commonly contains nickel atGoodwin. (SXL News Release June 21st, 2024).
Hole GW24-02: Highlights include a 5.1 meter interval containing 70% pyrrhotite and5% chalcopyrite (copper mineralization). This copper-bearing intervaloccurs within a 31.80 meter zone of variable pyrrhotite mineralizationfrom 22.60 meters to 54.50 meters. (SXL News Release June 26th,2024).
Hole GW24-03: This hole intersected three zones of pyrrhotite mineralizationincluding a 23.55 meter core interval with 15% pyrrhotite starting at72.90 meters, a 13.65 meter interval with 15% pyrrhotite starting at94.8 meters and a 20.85 meter zone with 15% pyrrhotite from 113.15meters to 134.00 meters. These intervals combine for 58 meters ofpyrrhotite mineralization, which, according to previous workers,generally contains nickel at Goodwin. GW24-03 was drilled from a site located 900 meters southeast of holeGW24-02. (SXL News Release July 3 rd , 2024).
The Goodwin Project : The expanded Goodwin Project consists of 8 original claimsplus 12 recently optioned claims that combine for 194 units covering4,239 hectares of prospective mineral ground. The project is underlainby the 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 Goodwin drilling highlights are from summary logs fromprevious SXL news releases. The results from previous workers are fromnews releases and reports that predate NI43-101 regulations. Thenumbers can only be validated by additional drilling but the Companydeems these results to be useful to plan additional drilling.
About SLAM Exploration Ltd: SLAM Exploration Ltd. is a public resourcecompany with a large portfolio of mineral claim holdings built aroundits wholly owned Menneval gold project in the mineral-rich province ofNew Brunswick. SLAM has discovered multiple gold veins at Menneval andpreviously reported gold bearing core intervals including 162.5 g/tgold over 0.2 m and 56.90 g/t gold over 0.5 m (news releases December13, 2021 and November 22, 2022). The Companyreported quartz float grading up to 39.2 g/t gold on its Jake Leeproject in the vicinity of the Clarence Stream gold deposit owned byGalway Metals Inc. in southern 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 3 quarters asfollows; $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 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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