Deposit contains indicated resource of 468M lbs zinc, 95M lbs lead and
4.6M oz silver, plus inferred resource of 71.0M lbs zinc, 14M lbs lead
and 0.7M oz silver after mill recoveries are factored in.
MIRAMICHI, NB, Feb. 12 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL)
("SLAM") announces it has received a draft 43-101 Technical Report and
resource estimate from Wardrop Engineering Inc. ("Wardrop") for its
wholly-owned Nash Creek Project in New Brunswick.
Using a 2% Zinc Equivalent cut-off and after mill recoveries are factored
in, Wardrop estimates the Nash Creek deposit contains an indicated resource of
7,807,900 tonnes grading 2.72% zinc, 0.55% lead and 18.26 g/t silver plus an
inferred resource of 1,211,700 tonnes grading 2.66% zinc, 0.52% lead and 18.00
Drilling has been audited and validated by Wardrop in accordance with CIM
Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines
and within NI 43-101 guidelines by Bob Jankovic, P. Geo., an independent
Qualified Person as defined by NI 43-101.
Mineral resources were classified according to the CIM Definition
Standards for Mineral Resources and Mineral Reserves (December 2005) by Bob
Jankovic, P.Geo. of Wardrop Engineering, an independent Qualified Person as
defined by NI 43-101.
Wardrop is not aware of any known environmental, permitting, legal,
title, taxation, socio-economic, marketing or other relevant issues that could
potentially affect this estimate of mineral resources. There is insufficient
information at this early stage of study to assess the extent to which the
mineral resources will be affected by these factors.
Zinc and lead recovery rates were based on the results from metallurgical
tests reported 8 January 2008 (stated below). Mill recovery used for silver
was 50%, based on historical data.
The near-surface deposit is amenable to open pit mining. The deposit
remains open to the north where the continuation of a resistivity anomaly
shows potential to extend the near-surface mineralization.
The property boasts excellent infrastructure with a power-line, railway
and major highway transecting the property. These links provide immediate
access to the Belledune seaport and lead smelter located within 25 km as well
as Xstrata's BMS No. 12 mine and mill within 75 km. Blue Note's Caribou mine
and mill, currently on care and maintenance status, is approximately 90 km by
road from Nash Creek.
Preliminary metallurgical tests reported 8 January 2008 show projected
mill recovery rates of 90.5% for zinc and 81.5% for lead. These tests produced
a zinc concentrate grading 54.5% zinc, 0.9% lead, 5.7% iron and 115 grams per
tonne silver as well as a lead concentrate grading 48.51% lead, 5.88% zinc,
16.83% iron and 160 grams per tonne silver.
Bob Jankovic, P.Geo., of Wardrop Engineering is the Qualified Person,
under National Instrument 43-101, responsible for the Technical Report and the
resource estimates described above. Derek F. Brown, P.Geo., SLAM's Exploration
Manager and Qualified Person responsible for management of the Nash Creek
Project, provided information to Wardrop.
SLAM is a mineral resource company based in Miramichi, New Brunswick. The
Company continues to be active in base metal exploration in New Brunswick. It
is also active in gold exploration in the Uchi subprovince of northwest
Ontario, where SLAM recently reported successful drilling results from
Miminiska-Keezhik and Reserve Creek. 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 fact, 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. Please see our public filings at
www.sedar.com for further information.
For further information:
For further information: Nash Creek Project: Derek Brown, Exploration
Manager, (506) 627-1353, firstname.lastname@example.org; Corporate Inquiries: Mike Taylor,
President & CEO, (506) 627-1353, Toll Free: 866-523-6719,