Core Interval Assays 9.47 g/t Over 7.2 m and Includes 64.1 g/t Over 1.0 m
MIRAMICHI, NB, July 14 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") is pleased to announce an intercept grading 64.1 g/t gold over 1.0 m (1.87 oz/ton over 3.3 ft) in diamond drill hole MM10-01. This high grade interval occurs within a 7.2 metre core interval that averages 9.47 g/t gold (0.276 oz/ton over 23.6 ft) starting at a depth of 147 metres. Visible gold was reported for this interval (news release 30 June 2010). This new high grade gold discovery occurs directly below a gold soil anomaly and is open in all directions.
Hole MM10-01 cut an additional intercept grading 19.7 g/t gold over 1.5 m (0.575 oz/ton over 4.9 ft) starting at a depth of 17.4 m. This occurs within a 3.8 m interval averaging 9.79 g/t gold (0.286 oz/ton over 12.5 ft). The second hole at Miminiska, MM10-02, drilled beneath hole MM10-01, intersected 3 m grading 1.76 g/t gold (0.05 oz/ton over 9.8 ft) at a depth of 48 m. This hole was designed to follow-up to a successful hole drilled by SLAM (5.97 g/tonne gold over 2.0 metres) in 2008.
These results follow hole KL10-19 at Keezhik Lake in which SLAM intersected 1.5 m grading 22.0 g/t gold (0.642 oz/ton gold over 5 ft) as reported 30 June 2010. The Keezhik and Miminiska gold properties are owned 100% by SLAM.
SLAM is very encouraged with gold intercepts in the first 3 holes of the 10 hole campaign. Assays are still pending from an additional 50 metres of core from MM10-01. Assays are also pending from 4 holes drilled on the Opikeigen Gold Joint Venture, a joint funded project owned 50/50 with Beatrix Ventures Inc. (BXV on CNSX), as well as from 3 holes drilled on SLAM's wholly owned Reserve Creek gold project. Visible gold occurs in all 3 holes drilled at Reserve Creek.
The Fort Hope gold area is located 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 Lake areas are underlain by Uchi Subprovince rocks similar to the world-famous Red Lake gold mining camp.
The core intervals described above are drilled intervals. The true thicknesses are unknown. The weighted average for the 7.2 m interval was calculated at a grade of 9.47 g/t gold based upon uncut values with a cut-off grade of 0.6 g/t. Individual samples within this interval range from 0.18 to 64.2 g/t.
All drill cores were delivered from the drill sites to a facility in Fort Hope for logging and sampling. Selected cores were split or sawn with half retained for reference. Sampled halves were shipped to Act-Labs in Thunder Bay for gold assay. Standards and blanks were inserted in the sample batches to augment the Quality Assurance and Quality Control program of duplicates and standards utilized by the laboratory. 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.
The drilling activities have been performed in consultation with Eabametoong First Nation ("EFN") in accordance with a recently signed Exploration Agreement. This Agreement calls for EFN and SLAM to work cooperatively to advance the gold potential of the Fort Hope area.
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: Mike Taylor, President & CEO, SLAM Exploration Ltd., 506.627.1353, Toll Free: 866.523.6719, firstname.lastname@example.org