Gold Bearing Formations Extended An Additional 100 m Along Strike
TSXV: SXL US-OTC: SLMF
MIRAMICHI, NB, Sept. 13, 2011 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") and Beatrix Ventures Inc. (TSXV: BXV) ("Beatrix") are pleased to announce initial diamond drilling results from the
Opikeigen Gold Joint Venture, a promising gold project located near
Fort Hope in northwestern Ontario and owned 50/50 by SLAM and Beatrix.
The first 2 holes both intersected gold-bearing formations. Hole
OG11-05 intersected 1.834 g/t gold over 0.7 m within a 33.9 m anomalous
interval grading 0.149 g/t. Hole OG11-06, drilled beneath hole OG11-05,
intersected 0.791 g/t gold over 4.5 m within a broad anomalous interval
grading 0.211 g/t gold over 86.5 m.
Holes OG11-05 and OG11-06 were drilled at dips of 50o and 68o respectively from a site 25 m east of hole OL88-52 drilled on zone OL41
by previous workers in 1988. Assays are pending on 2 additional holes
OG11-10 and OG11-11 drilled on an induced polarization (IP) target
along strike 75 m further east. These 4 holes extend Zone 41 to a
strike-length of 150 m. Geophysical evidence suggests Zone OL41 may be
an extension of Zone OL12 located 500 m along strike to the west. Zone
OL12 has produced significant results in the past including 113.57 g/t
gold over 0.1 m reported to contain visible gold within a core interval
grading 6.22 g/t gold over 7.00 m in hole OL87-46. These results
pre-date NI 43-101 regulations and can only be verified by additional
Five additional holes OG11-07 to OG11-11 were drilled bringing the total
summer program at Opikeigen to 7 holes for a total of 1500 m. Holes
OG11-08 and OG11-09 both intersected gold-bearing intervals in the
anomalous range up to 0.483 g/t over 1.5 m. These holes tested induced
polarization IP/ aeromagnetic anomalies. The new high resolution
aeromagnetic data indicates that favourable strata and structures are
centered around Zone OL12, OL41 and the Fort Hope Gold Mine all located
within the Opikeigen Gold Joint Venture claim group.
All mineralized intervals are reported as drilled core lengths. True
widths are unknown. Sara Lloyd, P.Geo., Project Manager for SLAM, is
the Qualified Person, as defined under NI 43-101 regulations,
responsible for the technical results reported in this news release.
About the Opikeigen Gold Joint Venture:
SLAM and Beatrix jointly own and manage the Opikeigen Gold Joint Venture
property on a 50/50 basis. The Opikeigen Gold property encompasses 4112
hectares in 37 mineral claims located near Fort Hope, Ontario. Previous
drilling at Opikeigen has resulted in discovery of 10 separate gold
occurrences within the 10 km long claim block. Opikeigen is at the
centre of an emerging gold camp with an expanding inventory of gold
deposits located near Fort Hope approximately 150 km east of the former
gold mining town of Pickle Lake. The property is underlain by
volcano-sedimentary rocks of the Uchi Subprovince. Uchi rocks are host
to Goldcorp's Red Lake Mine; Canada's largest gold mine and one of the
world's richest and lowest cost producers.
The Opikeigen drilling activities are being conducted in consultation
with Eabametoong First Nation ("EFN") in accordance with a mutual
Exploration Agreement. This Agreement calls for EFN and SLAM to work
cooperatively to advance the gold potential of Reserve Creek and other
SLAM projects in the Fort Hope area of Ontario.
About Beatrix: Beatrix is a mineral resource company based in Vancouver, British
Columbia and is aggressively acquiring gold properties. In addition to
its 50% ownership of the Opikeigen Gold Joint Venture in Ontario,
Beatrix has an option to earn 100% of the Uniacke Gold property and
100% of the Lower Seal Harbor gold property both located in the
historic Meguma gold terrane of Nova Scotia. Additional information
about Beatrix and its projects is available at www.beatrixventures.com or from SEDAR filings at www.sedar.com
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and
is exploring for gold in Ontario and for silver-copper-lead-zinc in New
Brunswick. Additional information about SLAM and its projects is
available at www.slamexploration.com or from SEDAR filings at www.sedar.com.
Neither 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.
On behalf of the Board
Mike Taylor, P. Geo.
President & CEO
SLAM Exploration Ltd.
This news release does not constitute an offer to sell or a solicitation
of an offer to sell any of securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available. This release includes certain
statements that may be deemed to be "forward-looking statements" within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. All statements in this release, other than statements of
historical fact, that address future production, reserve potential,
exploration and development activities and events or developments that
SLAM expects, are forward-looking statements. Although management
believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees
of future performance, and actual results or developments may differ
materially from those in the forward looking statements. Please see our
public filings at www.sedar.com for further information.
SOURCE SLAM EXPLORATION LTD.
For further information:
SLAM Exploration Ltd.
Brian Jones, Investor Relations; Toll Free: 855.800.6109