MIRAMICHI, NB, April 16 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL)
("SLAM") is pleased to announce the acquisition, by claim staking, of the Jake
Lee gold property in southern New Brunswick. The wholly owned property
comprises 50 claims covering 800 hectares of volcanic and sedimentary rocks
favourable for gold mineralization.
Previous workers reported assays of 302.50 g/tonne gold and 1.62 g/tonne
gold from mineralized boulders located on the property. Also reported were
five anomalous stream sediment samples ranging from 1260 ppb to 5280 ppb gold.
A soil geochemical survey yielded 38 anomalous sites in the range of 10 ppb to
460 ppb gold including 5 sites in the range of 130 ppb to 460 ppb gold. The
distribution of gold in soils combined with mineralized boulders indicate a
5 kilometre strike length of potential gold-bearing rock within SLAM's newly
staked claim block.
Acquisition of this property is consistent with SLAM's exploration
strategy to explore for both base metals and gold in Canada. Management
continues to review and acquire mineral properties as opportunities arise.
However, the main focus of the company is to increase its base metal reserves
in New Brunswick. The cornerstone of this strategy remains the 3.4M tonne
drill indicated resource averaging 5.01% zinc, 0.89% lead and 30.95 g/tonne
silver (NI 43-101 report September 2005) at Nash Creek. The success of the
drilling program currently in progress indicates the growing importance of the
Nepisiguit zinc deposit towards SLAM's objective of increased base metal
Derek F. Brown, P.Geo., SLAM's Exploration Manager, is the Qualified
Person, as defined under National Instrument 43-101, responsible for
management of the exploration results reported in this news release.
SLAM Exploration Ltd. is a mineral resource company based in Miramichi,
New Brunswick. The Company is 100% owner of the Nash Creek zinc-lead-silver
deposit. In addition, it wholly owns the Nepisiguit A, Nepisiguit B, Ahearn,
Strachens East and Strachens base metal deposits within the world class
Bathurst mining camp. SLAM also holds the right to earn 100% interest in 1935
claims centered in the Bathurst Mining Camp. In western New Brunswick, SLAM is
sole owner of the Lewis Brook silver deposit and has the right to earn 100%
interest in the Costigan zinc deposit. In Southern New Brunswick, SLAM
recently acquired and wholly owns the Jake Lee gold property. The Company
holds varying interests in four gold properties in the gold producing Uchi
sub-province of northwest Ontario.
Additional information about SLAM and its projects is available at
www.slamexploration.com or from SEDAR filings at www.sedar.com. The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
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 facts, that address future production, reserve
potential, exploration and development activities and events or developments
that the Company 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. Factors that could cause actual
results to differ materially from those in forward-looking statements include
market prices, exploration and development successes, continued availability
of capital and financing, and general economic, market or business conditions.
Please see our public filings at www.sedar.com for further information.
For further information:
For further information: Bob Smylie, Investors' Relations, Toll-Free
(866) 309-6719, firstname.lastname@example.org; Mike Taylor, President & CEO,
(506) 627-1353, email@example.com