SLAM Discovers Extension of Gold Vein Network
October 26 2020 - 1:33PM
SLAM Exploration Ltd. (“
SLAM” or
the “
Company”
on TSXV:
SXL) is pleased to announce trench M20-22 has followed a
quartz vein (“No. 22”) over a strike length of 560 m. Vein No. 22
is located 200 m southeast of vein No. 18 which was reported to
have multiple sites of visible gold in the Company’s news release
issued October 20, 2020. The vein system at Menneval now extends an
overall distance of 1,400 m from the northern tip of the Maisie
vein to the southern tip of vein No. 22 with an east-west dimension
of 600 m. The Maisie vein and these new gold discoveries are all
located on SLAM’s wholly owned Menneval gold project.
The northeast section of vein No. 22 is
mineralized with limonite, goethite and pyrite over a strike length
of 180 m and one site of visible gold reported. Vein No. 22
terminated against a porphyry dyke at its northeast end. The
Company is currently excavating cross-trenches designed to locate
the extension of vein No. 22 northeast of the porphyry dyke. Two
additional flanking veins have already been discovered in
cross-trench M20-23.
Assays are pending on 16 grab samples collected
from vein No. 18 and 5 samples from trenches M20-19 to 21, some
containing visible gold as reported October 20, 2020. In addition,
35 samples collected from No. 22 are being shipped to the lab.
Results are still pending from 282 soil samples that may assist the
Company in the search for potential new veins and extensions.
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.
Mike Taylor, President & CEO of SLAM, will present a powerpoint
to illustrate these new discoveries at 10:00 EST on Tuesday,
October 27 at the EMP Zoom Conference hosted by the New Brunswick
Department Of Natural Resources And Energy(“NBDNRE”). For
information and registration for this free conference please visit:
https://www2.gnb.ca/content/gnb/en/departments/erd/energy/content/conference/Conf_home.html
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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