MIRAMICHI, NB, Feb. 25 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL)
("SLAM") announces prospecting results from the historic Fort Hope Gold Mine
("FHGM") situated within the Opikeigen project located in northwest Ontario.
The property comprises 30 claims covering 2784 hectares jointly owned with
Bard Ventures Inc. (TSX-V: CBS) (Bard), one of three gold properties in close
proximity owned by SLAM, the operator of the Opikeigen project. Fifteen grab
samples were collected from rock rubble piles surrounding the FHGM Shaft
adjacent to historic trenches.
All 15 samples contain gold in amounts ranging from 0.001 oz/ton up to
1.998 oz/ton (38 ppb to 68,489 ppb). The results from 15 samples as tabulated
below are similar to high grades reported by previous workers dating back to
discovery by Lorne Howey in 1927.
Fort Hope Gold Mine - Grab Samples
Sample Gold ppb Gold oz/t
162201 8431 0.246
162202 24392 0.711
162203 44802 1.307
162204 10456 0.305
162205 68489 1.998
162206 346 0.010
162207 4542 0.132
162208 75 0.002
162209 62 0.002
162210 285 0.008
162210 392 0.011
162211 34316 1.001
162212 38 0.001
162213 237 0.007
162214 241 0.007
162215 2519 0.073
A grab sample of "good-looking ore" collected at FHGM by E.M. Burwash in
1928 assayed 9.37 oz/ton gold. Burwash (Ontario Department of Mines, 1929)
reported an average grade of 1.01 oz/ton gold across and average width 0.88m
(34.5 in) over a length of 175m (575 feet) in trenches. In 1928, a 38m shaft
was sunk and 101m of lateral drift was cut at the 30m level, but there is no
recorded gold production from this shaft. A 1935 report describes underground
results from 4 samples that averaged 0.608 oz/t for a strike length of 10.6m
(35 ft). In 1959, a 3105 kg composite bulk sample comprised of 5 ore shipments
from a surface vein adjacent to the shaft averaged 3.54 oz/ton gold. One bulk
sample shipment returned an assay of 8.8 oz/ton.
The Fort Hope Gold Mine is associated with a gold mineralized system that
hosts 8 other gold occurrences on the property. Drilling and prospecting to
date have identified gold occurrences up to 2 oz/ton associated with rock
types, structures and alteration systems similar to the Red Lake gold camp.
SLAM management believes that these results show potential for gold deposits
similar to the gold mines at Red Lake. SLAM and Bard plan to complete a 1200
metre drilling program to systematically explore the FHGM and associated
In addition to Opikeigen, SLAM owns the Reserve Creek gold property and
has an option to earn 70% interest in the Keezhik-Miminiska gold property.
These 3 properties combine for a strategic land package of known gold
occurrences located east of the former gold mining town of Pickle Lake in the
East Uchi Subprovince of Ontario. SLAM is currently negotiating a contract for
drilling on all 3 properties.
In 2003, SLAM completed 7 diamond drill holes at Reserve Creek to test
the Williamson A and B zones to a depth of 125m. Five holes intersected
significant gold-bearing intervals, including 40.9 g/tonne (1.19 oz/ton) gold
over 0.50m and 7.73 g/tonne (0.23 oz/ton) gold over 4.1m. At Keezhik-Miminiska
in 2004, a 13 hole drilling program by SLAM resulted in discovery of 2 new
gold occurrences. More information is available at www.slamexploration.com.
These gold properties all lie within the Traditional Territories of the
Eabametoong First Nation (EFN). SLAM and EFN have signed a Memorandum of
Understanding to guide activities. SLAM intends to work closely with EFN in
the exploration and potential development of gold deposits within the area.
Derek F. Brown P.Geo., SLAM's Exploration Manager, is the Qualified
Person, as defined under National Instrument 43-101, responsible for the
results reported in this news release.
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
including updated information on our Ontario gold projects is available at
www.slamexploration.com or from its 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 news release does not constitute an offer to sell or a solicitation
of an offer to sell any of the 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" as such term is defined by regulations under the U.S. Securities Act,
unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
For further information:
For further information: Corporate Inquiries: Mike Taylor, President &
CEO, (506) 627-1353, http://www.slamexploration.com; Investor Relations: Bob
Smylie, Toll Free: (866) 523-6719, Direct: (604) 224-4945; AGORACOM Investor