MIRAMICHI, NB, Sept. 25 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL)
("SLAM") announces assay results from 4 holes drilled at its wholly owned Nash
Creek Project in New Brunswick. These results expand on the recent discovery
of near-surface mineralization trending north from the Nash Creek deposit with
significant grades in zinc, lead and silver over core lengths up to 18 metres.
Drilling continues with 41 holes completed since the program started in
May 2007 for a total of 5,000 metres. An additional 5,000 metres are to be
completed by the end of December 2007.
SLAM is pleased with these results, in particular the near surface
mineralization intersected in hole NC0755 of 6.67% zinc, 2.59% lead and
1.28 oz/tonne silver over 11.75 metres. Hole NC0755 also contains a high grade
silver intercept with 2.85% zinc, 1.96% lead and 8.56 oz/t silver over
1.25 metres. Core intervals for the 4 holes are tabulated below.
Hole ID From To metres Zinc % Lead % Silver oz/t
NC0746 15.00 33.00 18.00 1.77 0.78 0.65
NC0747 42.00 52.13 10.13 1.05 0.78 0.47
NC0755 23.90 25.15 1.25 2.85 1.96 8.56
NC0755 26.00 37.75 11.75 6.67 2.59 1.28
NC0759 115.50 132.00 16.50 5.25 1.10 0.90
Assay results to date as well as maps and core pictures can be viewed at
the following link:
Holes NC0746, 47 and 55 were drilled in the new discovery area north of
the deposit. Hole NC0759 was drilled in the known deposit. Core samples from
NC0755 and NC0759 were sent to RPC in Fredericton for metallurgical testing.
Additional assays are pending on holes NC0748 to NC0772. With the
exception of NC0759, all these holes were drilled near the new discovery area.
Mike Taylor, President and CEO, states, "This recent discovery of new
mineralization with open pit potential validates our systematic approach at
Nash Creek. SLAM expects this drilling program to advance the Nash Creek
deposit to the feasibility stage for a mine and mill complex. Mining is a
long-term undertaking requiring commitment and perseverance. The end result at
Nash Creek, however, is expected to be many years of production providing
lasting value to our shareholders and to the Province of New Brunswick."
The Nash Creek deposit has an indicated resource of 3.24M tonnes grading
4.67% zinc 0.80% lead and 27.8 g/t silver plus an additional inferred resource
of 2.69M tonnes grading 3.65 % zinc, 0.77% lead and 20.0 g/t silver as
announced 10 July 2007. The resource calculation and other information about
the deposit are described in a Technical Report filed 27 August 07 by SLAM at
www.sedar.com. The 41 holes completed in the current drilling program are not
included in the resource estimate. After completion of this drilling program,
the grade and tonnage will be updated in an independent 43-101 Report and used
in conjunction with metallurgical test results for feasibility purposes.
Drilling continues at a rate of approximately two-days per hole. SLAM
intends to continue the current drilling contract to complete approximately 60
more drill holes for an additional 5000 metres. The drill holes are collared
at 25-metre intervals on lines spaced 50-metres apart. The drilling program is
designed to test the extension of the Nash Creek deposit along a trend of
soil, chargeability and gravity anomalies to a strike length of 2,000 metres.
With approximately $2.4M cash on hand, SLAM has adequate funds to complete
Drill cores were delivered from the drill to a secure site for logging
and sampling. Selected drill cores were sawn with one half sent for assay and
one half retained for reference. The samples from holes NC0746 and 47 were
sent to Accurassay Laboratories of Thunder Bay for ore grade assay. The
Company inserted blank samples at selected intervals and relied on
Accurassay's system of standards and duplicate samples for quality assurance
and control. Accurassay used aqua regia digestion with AA finish for lead,
zinc and silver. Core samples from holes NC07-55 and 59 were analyzed at
Polymet Resources of Cobalt Ontario as part of metallurgical testing being
undertaken by RPC of Fredericton, New Brunswick. Lab procedures were similar
with Polymet using aqua regia digestion with AA finish for lead and zinc and
fire assay for silver.
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 Nash Creek project and drilling results reported in this
SLAM Exploration Ltd. is a mineral resource company based in Miramichi,
New Brunswick. It is involved in base metal exploration in New Brunswick
including the world class Bathurst Mining Camp as well as gold exploration in
the 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: Mike Taylor, President & CEO, (506) 627-1353,
email@example.com; Bob Smylie, Investor Relations, Toll-Free
(866) 309-6719, firstname.lastname@example.org