Acquires high grade copper occurrences adjacent to Silverjack; Options granted
MIRAMICHI, NB, March 9 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") is pleased to announce acquisition of the Mitchell Property through an Agreement with prospector Clovis Godin. The Property comprises 10 claims covering 160 hectares adjacent to SLAM's Silverjack and Nash Creek properties and located 12 kilometres southwest of the Belledune smelter and seaport. The Company will explore the claims as part of its on-going Silverjack exploration program where SLAM recently reported drilling results with grades ranging up to 653 g/t (19.05 oz/ton) silver, 2.69% copper, 11.9% zinc and 9.8% lead.
The Mitchell property is host to two copper occurrences located 1400m apart on a linear magnetic feature and known as the Doyle zone and the D2 prospect respectively. The prospectors report grab samples up to 12.9% copper and 126 g/t silver from the Doyle zone, a volcanic hosted vein and breccia occurrence hosted within felsic volcanics. At the D2 prospect, grades are reported up to 4.04% copper and 248 g/t silver in a stockwork within clastic sediments and limestones similar to the units hosting the Silverjack deposit on SLAM's adjacent claims.
The Agreement calls for SLAM to complete staged payments for a total of $55,000 CAD and 430,000 shares over a 4 year period to earn 100% interest subject to a 1.5% NSR. There is a buyback provision on 1% NSR for $1M.
The Company granted a total of 1,500,000 common share purchase options under the Company's Stock Option Plan to certain directors, officers and employees at an exercise price of $0.10 per common share expiring on March 8, 2015.
Michael R. Taylor, P.Geo. President and CEO of SLAM Exploration Ltd. is the Qualified Person responsible for the technical information contained herein.
SLAM is a mineral resource company based in Miramichi, New Brunswick. SLAM continues to be active in gold and base metal exploration in Ontario and New Brunswick and has recently reported rare earth minerals at Nash Creek. 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.
Additional information about SLAM can be viewed at http://www.slamexploration.com as well at www.sedar.com.
On behalf of the Board
Mike Taylor, P. Geo.
President & CEO
SLAM Exploration Ltd.
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: Corporate Inquiries: Mike Taylor, President & CEO, (506) 627-1353, Toll Free: (866) 523-6719, firstname.lastname@example.org