First Hole Testing Multiple Targets
MIRAMICHI, NB, May 27 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") announces drilling has begun to test for gold on its 2,000 m diamond drilling program in the Fort Hope area of Ontario. 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 drill is now turning at Keezhik Lake on a set-up 40 m ahead of KL08-18 which intersected widespread gold mineralization in 2008. The new hole, KL10-19 will test multiple targets. The initial target is the porphyry contact expected at 30 m depth. The previous hole hit this contact at 80m where it was associated with a gold intercept grading 6.05 g/t over 1.5 m. After the initial target, the drill is expected to core approximately 200 m of altered porphyry with potential for additional gold intercepts. The previous hole stopped in mineralized porphyry grading 4.69 g/t gold over 1.0 m. At about the 250 metre depth, the hole is expected to pass from porphyry into mafic volcanic rock with potential for additional contact related mineralization. This porphyry contact strikes in excess of 2,000 m.
In anticipation of drilling, SLAM recently staked an additional 58 units in 6 claims, thereby expanding its 100% owned Miminiska-Keezhik gold project to 29 claims covering 4,912 hectares in 2 groups.
The claim staking and 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.
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 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