Assays Confirm Bonanza Gold Veins At New Saint-Quentin Gold Discovery
TSXV: SXL US-OTC: SLMF
MIRAMICHI, NB, Jan. 9, 2012 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") is pleased to report assay results ranging up to 493 g/t gold from
trenching at the recently acquired "Saint-Quentin" gold discovery in
northwest New Brunswick. Nine grab samples collected from Vein 7
contain gold ranging from 0.5 g/t to 493 g/t gold. These include 5
bonanza grade samples in the range 244 to 493 g/t gold. Vein 7 was
exposed and sampled over a strike length of 10 m. It ranges up to 1.2 m
in width and is located approximately 90 m north of the original gold
In addition, trenching beneath the original discovery uncovered a quartz
vein (the "Discovery Vein) with a strike length of approximately 10 m
ranging up to 1.5 m in width. Visible gold was reported in a previous
press release December 6, 2011. Six grab samples from the Discovery
Vein contain gold ranging from 0.11 g/t to 21.6 g/t gold. It should be
noted that grab samples are selective by nature and unlikely to
represent average grades of the deposits.
The Company also uncovered a series of quartz veins in trenches 250 m
south of Vein 7. Nine grab samples collected from this area samples
contain anomalous gold ranging from up 0.60 g/t gold. This suggests an
extensive gold-bearing system and the Company is currently trenching to
test for additional veining and mineralization in this area.
The Company drilled 4 holes beneath the gold-bearing quartz vein in
trench 7. One hole NW11-02 intersected quartz veining with anomalous
gold grading 0.04 g/t over 1.6 m. After drilling at St. Quentin, the
drill was moved to Nash Creek to test a deep Induced Polarization
Mike Taylor, President and CEO states; "Considering that this is a brand
new gold discovery, SLAM is very encouraged by these results and
intends to exercise the next stage of its option. The trenching is
generating spectacular gold grades and has extended the gold-bearing
structure over a strike-length of 250 m. We plan to follow up with a
program of soil geochemistry, prospecting and trenching designed to
further trace this system and identify other gold-bearing structures
within the extensive NW Gold property."
About The SAINT QUENTIN Gold Discovery: SLAM has an option to earn 100% interest in the NW Gold Project which
comprises 251 units in 20 claims located near Saint Quentin, in
northwest New Brunswick. Combined they cover 6275 hectares of highly
prospective sedimentary rocks with favourable gold-bearing structures.
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
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and
currently has assays pending on 45 holes drilled on its wholly owned
Nepisiguit silver-copper-lead-zinc deposit in New Brunswick. In
addition to the NW Gold project, 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