MIRAMICHI, NB, Oct. 3 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL) ("SLAM")
announces assay results from 5 more holes drilled at its wholly owned Nash
Creek Project in New Brunswick. These results expand the near-surface
mineralization recently discovered north of the Nash Creek deposit with
significant open-pittable grades in zinc, lead and silver over core lengths up
to 26.8 metres. All 5 holes were drilled in the new discovery area north of
the deposit. Core intervals for the 5 holes are tabulated below.
Hole ID From To Metres Zinc % Lead % Silver g/t
------- ---- -- ------ ------ ------ ----------
NC0748 16.30 26.40 10.10 1.42 0.30 17.81
NC0749 27.00 53.80 26.80 2.24 0.68 19.16
NC0750 13.50 29.40 15.90 1.36 0.29 10.87
NC0751 19.50 45.50 26.00 2.51 0.40 16.63
NC0752 28.00 31.90 3.90 1.35 0.25 16.86
Assay results as well as maps and core pictures are available for viewing
Drilling continues with 5,500 metres completed in 47 holes since the
program started in May 2007. Assays are pending on 25 holes that have been
drilled in the new discovery area. These holes have been testing a grid
pattern at 25 metre intervals on lines spaced 50 metres apart. The drill is
currently moving approximately 2,000 metres north to test a soil geochemical
anomaly. This is the most northerly of a trend of soil, chargeability and
gravity anomalies extending from the deposit. SLAM plans to drill
approximately 60 more holes for an additional 4500 metres under the current
drilling contract. With approximately $2.3M cash on hand, SLAM has adequate
funds to complete this drilling.
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. SLAM expects the results from approximately 100 holes
to be completed within the current 10,000 metre drilling program to
substantially expand the estimated resource. The resource calculation and
other information about the deposit are described in a Technical Report filed
27 August 07 at www.sedar.com.
Wardrop Engineering Inc. was engaged to audit the methodology and results
of the resource estimate. All drill-hole information and assay data as well as
historical drill logs were used in the audit. Wardrop reports: "The SLAM
polygonal estimate for Nash Creek compares favourably with the NN (Nearest
Neighbour) estimate created by Wardrop. Differences in tonnages and grade are
minor when cut-off values of 1.4% Zn and 4.35% Zn are used for the Total and
High Grade resource categories (respectively)."
SLAM is pleased with these results and expects the exciting new discovery
to add significant potential tonnage to the deposit.
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
news release. 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 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 zinc, lead and silver.
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. 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