SLAM Signs Contract for Drilling at Miminiska-Keezhik Gold Project and at Opikeigen Gold Joint Venture
MIRAMICHI, NB, May 17 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") and Beatrix Ventures Inc. (CNSX: BXV) (Beatrix) announce that SLAM has signed an agreement with Cartwright Drilling Inc. to complete a minimum of 2,000 metes of diamond drilling. SLAM expects to start drilling on or about the first week of June on SLAM's 100% owned Keezhik-Miminiska gold project where SLAM hit a new gold discovery named the PEN zone in 2008. A single hole, KL08-18 intersected widespread gold mineralization including 6.05 g/t gold over 1.5 metres and 4.69 g/t gold over 1.0 metres. This new gold discovery is associated with humus geochemical anomalies that trend for 2 km along the contact zone of a quartz-feldspar porphyry. The PEN zone is a high priority drilling target open in all directions.
After Keezhik-Miminiska, the drill will move to the Opikeigen Gold Project held in 50/50 joint ownership between Beatrix and SLAM. The planned drilling program at Opikeigen will focus on testing the depth extent of Zone OL-12 where previous workers drilled significant intercepts in 1987. Examples of ore-grade results from historical drilling are hole OL87-42 with 3.85 g/t over 14.80 m and including an interval grading 8.68 g/t gold over 6.10 m. In hole OL87-46, two separate intervals were reported with 6.22 g/t gold over 7.00 m and 8.91 g/t gold over 0.80 m. These intervals are drilled core lengths. The true widths are unknown. The results pre-date NI 43-101 regulations and can only be verified by additional drilling.
Zone OL12 was tested by 2 holes in SLAM's 2008 drilling program. These holes flattened excessively and did not intersect the target at the recommended depth. The most significant core interval averaged 0.786 g/t gold over 5.0 m. Previous work indicates that the best results were obtained from deeper holes. Beatrix recently filed a 43-101 Technical Report on the 4,144 hectare, 38 claim Opikeigen gold property.
These projects are located in the Fort Hope area east of the historic Pickle Lake gold camp where PC Gold Inc. (TSE:PKL) recently announced successful drilling results (press release 23 March 2010). The Fort Hope and Pickle Crow areas are underlain by Uchi Subprovince rocks similar to the world-famous Red Lake gold mining camp.
All of these projects lie within EFN traditional territories and are subject to a recently signed Exploration Agreement whereby EFN and SLAM will work cooperatively to advance their gold potential.
Michael R. Taylor, P.Geo. President and CEO of SLAM and Director of Beatrix is the Qualified Person responsible for the technical information contained herein.
About Beatrix: Beatrix is a mineral resource company based in Vancouver, British Columbia recently formed to focus on gold projects. Beatrix owns 50% of the Opikeigen Gold Joint Venture. Additional information about Beatrix and its projects is available at www.beatrixventures.com or from SEDAR filings at www.sedar.com.
About SLAM: SLAM is a mineral resource company based in Miramichi, New Brunswick and continues to be active in gold, silver and base metal exploration in Ontario and New Brunswick. 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: For further information: SLAM Exploration Ltd.: Mike Taylor, President & CEO, (506) 627-1353, Toll Free: (866) 523-6719, firstname.lastname@example.org; Beatrix Ventures Inc.: Eugene Beukman, President, (604) 687-2038, www.beatrixventures.com