MIRAMICHI, NB, Nov. 29 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL)
("SLAM") announces drilling results from 10 additional holes drilled at its
wholly owned Nash Creek Project in New Brunswick. All 10 holes encountered
mineralization ranging from 1.66 to 40.97 metres thick within the new
discovery area. This discovery is an extension of "the Hickey Zone" an area of
near-surface mineralization detected by previous workers north of the main
deposit. Weighted average grades, as tablulated below, continue to demonstrate
the potential for open-pit mining at Nash Creek.
Hole ID From To Metres Zinc % Lead % Silver g/t
------- ---- -- ------ ------ ------ ----------
NC0764 12.00 30.50 18.50 1.30 0.48 17.57
NC0765 27.00 36.37 9.37 1.95 0.36 13.38
NC0766 27.50 34.30 6.80 1.74 0.23 9.87
NC0767 53.75 72.71 18.96 1.75 0.39 16.08
NC0768 24.50 65.47 40.97 2.21 1.84 24.27
NC0769 9.50 27.10 17.60 2.60 0.52 24.71
NC0770 23.60 42.30 18.70 1.62 0.21 11.35
NC0772 11.52 13.18 1.66 2.82 1.03 22.37
NC0773 87.50 93.60 6.10 3.15 0.61 17.77
NC0774 148.50 155.00 6.50 1.79 0.48 14.16
The drilling results from the Hickey Zone are expected to substantially
expand the estimated tonnage at Nash Creek. Although there is potential for
huge tonnage within the extensive, flat-lying zone of alteration and
conductivity, the immediate target is 10M tonnes. This size deposit could
support a potential 3,000 tonne per day mining and milling operation for
10 years. Since SLAM expects to reach this target soon, metallurgy studies are
in progress. SLAM is negotiating contracts for environmental testing and other
pre-feasibility work. SLAM will update the Nash Creek resource with an
independent 43-101 Technical Report early in 2008.
As reported 10 July 2007, the deposit comprises 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. The resource calculation and other information described
in a Technical Report filed 27 August 07 at www.sedar.com. Additional
information including maps and core pictures are available for viewing on-line
The Hickey Zone is spatially associated with gravity and intermittent
zinc-lead-silver soil anomalies trending 2,000 metres northward from the
deposit over an approximate width of 500 metres. The drill is now testing the
eastern flank of this discovery. Assays are pending on 30 more holes already
drilled and approximately 20 more drill holes are planned to complete the
10,000 metre drill program started in May 2007. With $4M cash on hand, SLAM
has adequate funds to expand this drilling program and to complete drilling on
its Ontario gold properties as well.
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. Most 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 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