Acquires Adjacent Gold-Antimony Property With 34.4% Antimony
TSXV: SXL US-OTC: SLMF
MIRAMICHI, NB, Nov. 14, 2011 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") is pleased to announce a new gold discovery 12 km west of Xstrata's BMS
No. 12 Mine and 10 km north of SLAM's wholly owned Nepisiguit deposit
where the Company has 2 diamond drill rigs turning in northern New
Brunswick. The gold discovery was uncovered by a recent trenching
program on SLAM's wholly owned California property. A grab sample
returned 15.3 g/t gold from a carbonate zone with quartz veining. This
gold occurrence is open in all directions.
The Company acquired the adjacent Orlo gold-antimony property through an
option agreement with prospectors Mert Stewart and Frank Ross. They
reported a mineralized boulder occurrence on their Orlo property 500 m
north of the new SLAM gold discovery. A grab sample from this boulder
assayed 34.4% antimony and 4.220 g/t gold. The boulder is associated
with a soil geochemical anomaly. Additional trenching is planned to
test this soil anomaly as well as the extent of the new gold discovery.
The Option Agreement: SLAM can earn 100% interest in the Orlo property through payment of
$100,000 cash and 300,000 common shares over a 3 year period. This
includes a down-payment of $10,000 cash and 50,000 shares payable
immediately. The vendors are to retain 2% Net Smelter Return (NSR) with
$1M buyback on 1% NSR. This option agreement and issuance of shares is
subject to approval from the TSX Venture Exchange.
The Prospectors: Mert Stewart is a famous prospector and a former recipient of the PDAC
Prospector of The Year award in recognition of his achievements in
Eastern Canada. Frank Ross is a well-known New Brunswick prospector and
past President of the New Brunswick Prospectors and Developers
About California Project: SLAM's 100% owned California project comprises 192 claims and the
adjacent Orlo gold-antimony property comprises 68 claims. Combined they
cover 6500 hectares of favourable volcano-sedimentary rocks located
approximately 12 km west of the world-class BMS No. 12 mine operated by
Qualifying Statements: Derek F. Brown, P.Geo. and consultant to SLAM is the Qualified Person
responsible for the technical information contained herein. Grab
samples were collected and sent to Actlabs in Ancaster, Ontario for
multi-element ICP analysis. Samples that detected gold above 10,000 ppb
were then tested by fire assay.
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and
currently has 2 diamond drilling rigs turning on its wholly owned
Nepisiguit silver-copper-lead-zinc deposit in New Brunswick. The
Company has a significant gold portfolio including the Reserve Creek
gold deposit in Ontario. Additional information about SLAM and its
projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
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