Veining and Mineralization Intersected In All Six Holes
TSXV: SXL US-OTC: SLMF
MIRAMICHI, NB, June 30, 2011 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") announces completion of the initial phase of drilling on its summer
drilling program. Six holes were drilled at Reserve Creek for a total
of 1137 m. This program utilized new high resolution airborne magnetic
data to prioritize previously known geochemical anomalies and test for
extensions to the Reserve Creek gold deposit where SLAM drilled an
interval grading 16.45 g/t gold over 16.85 m in 2010. Significant
quartz veining with minor sulphide mineralization occurs in all 6
holes. Sulphide mineralization includes pyrrhotite and pyrite locally
with traces of visible copper and molybdenum. These minerals can be
indicators for gold in the Reserve Creek area. Assays are pending on
575 samples representing 588.9 m of mineralized core.
After the Reserve Creek program the drill rig was moved to the Opikeigen
gold joint venture with Beatrix Ventures Ltd. (TSXV: BXV). The program
at Opikeigen will test a series of targets along strike from known gold
occurrences identified by previous drilling and prospecting. The
program will utilize the new high resolution aeromagnetic survey data
combined with induced polarization (IP) and soil geochemistry from
previous surveys to identify high priority targets. Meanwhile, SLAM
will analyze the pending results from Reserve Creek in preparation for
SLAM CEO, Mike Taylor, feels that Fort Hope is the centre of a major
mineralizing event or sequence of events. The huge greenstone belt
around Fort Hope has all the geological features of a potential gold
camp. The Company has made significant gold discoveries in past
drilling campaigns and expects the current program to result in
additional new discoveries. Gold was first discovered at Fort Hope in
1927 but to date most of the area remains unexplored. SLAM is currently
at the forefront of exploration in the area, with its flagship Reserve
Creek project and active partnerships on 3 other gold projects.
Derek F. Brown, P.Geo., consultant to SLAM, is the Qualified Person, as
defined under NI 43-101 regulations, responsible for the technical
results reported in this news release. All core is delivered to a
secure site for logging and sampling. The BTW size core is split in
half along the core axis; one half is sent to Accurrassay Laboratories
and the other half retained for future reference. Accurrassay is using
a 30-gram split for multi-element ICP analysis and gold fire assay with
AA finish. Samples grading over 1000 ppb are analyzed by fire assay
techniques with gravimetric finish. Samples greater than 3 grams are
re-assayed with pulp-metallic procedure. Standard and blank samples are
included in each sample batch for quality control purposes.
About the Reserve Creek Gold Project:
SLAM's wholly owned Reserve Creek gold project encompasses 7120 hectares
in 34 mineral claims located near Fort Hope, Ontario. Reserve Creek is
part of a large and valuable land package with an expanding inventory
of gold deposits centered around Fort Hope approximately 150 km east of
the former gold mining town of Pickle Lake. Previous drilling at
Reserve Creek has encountered several high grade intercepts, including
16.45 g/t gold over 16.85 m and 9.02 g/t over 15.1 m. The property is
located within the prolific gold producing Uchi Subprovince, home to
Goldcorp's Red Lake Mine; Canada's largest gold mine and one of the
world's richest and lowest cost producers. SLAM Exploration is
currently the leading exploration company in the Fort Hope area.
The Reserve Creek drilling activities have been accomplished 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 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