Slam Trenches Gold Bearing Vein Over 115 Metres
October 20 2020 - 11:29AM
SLAM Exploration Ltd. (“
SLAM” or
the “
Company”
on TSXV:
SXL) is pleased to announce additional occurrences of
visible gold discovered by trenching on its wholly owned Menneval
Gold project in northwestern New Brunswick. Trench M20-18 followed
a new vein that was identified by a grab sample that graded 59.30
g/t as reported by news release October 7, 2020. This new vein is
referenced as No. 18.
Visible gold was reported from 12 of 16 grab
samples collected from vein No 18 over a strike length of 115m.
This mineralized vein ranges from 0.04 to 0.12 m thick. It is part
of a network of veins extending southwest of Zone 9 as reported
October 7, 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.
Assays are pending on 16 grab samples collected
from vein No. 18 and 5 samples from trenches M20-19 to 21. All 21
samples are comprised of quartz vein material mineralized with
limonite, pyrite and, in 12 of the samples, visible gold. Results
are pending from 282 soil samples that may assist the Company in
the search for potential new veins and extensions.
The Company is currently digging trench M20-22
on the east flank of Zone 9 and 300 m east of trench M20-18. M20-22
has traced a vein southward over a strike length of 250m and is
open to the north and south. This vein ranges up to 0.30 m in
thickness but locally is 1.0 m thick. This vein is mineralized with
limonite and locally, pyrite. Following this trenching program, the
Company expects a potential resumption of diamond drilling
activities to test these new gold occurrences. 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 grab samples of vein material from bedrock. The
samples were tagged and shipped to ALS Geochemistry in Moncton New
Brunswick for gold analysis using Au-A23, a fire assay with AAS
finish. Samples over 10 g/t were re-analysed by fire assay with
gravimetric finish.
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 materially 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 & CEOContact: 506-623-8960
mike@slamexploration.com
Eugene Beukman, CFOContact: 604-687-2038
ebeukman@pendergroup.ca
SEDAR:
00012459E
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