MIRAMICHI, NB, Nov. 20 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL)
("SLAM") announces drilling results from 10 holes drilled at its wholly owned
Nash Creek Project in New Brunswick. All 10 holes were drilled in the new
discovery area and demonstrate increasing potential for open-pit mining north
of the Nash Creek deposit.
The 10 holes expand the recent discovery with near-surface
zinc-lead-silver mineralized zones ranging from 2.0 to 32.28 metres thick.
Weighted average grades for selected core intervals are tabulated below.
Hole ID From To Metres Zinc % Lead % Silver g/t
------- ---- -- ------ ------ ------ ----------
NC0753 40.50 47.37 6.87 3.85 0.63 19.35
NC0754 37.50 44.63 7.13 2.03 0.44 19.10
NC0755 15.00 47.28 32.28 2.98 1.58 32.58
(*)NC0755 18.00 29.75 11.75 6.67 2.59 43.87
NC0756 26.20 42.00 15.80 1.07 0.63 5.64
NC0757 19.50 31.70 12.20 2.13 0.27 14.03
NC0758 30.00 50.90 20.90 1.37 0.48 8.13
NC0760 20.54 28.50 7.96 1.65 0.57 14.81
NC0761 60.00 62.00 2.00 2.14 1.09 28.36
NC0762 24.58 27.01 2.43 2.33 0.92 23.75
NC0763 18.68 23.03 4.35 3.49 0.94 20.27
(*) The high grade intercept in Hole 55 was previously reported
25 September 2007.
Additional information including maps and core pictures are available for
viewing at: http://www.slamresources.com/index.cfm?page=projects-NashCreek
Currently, the drill is testing an area of mineralization 450 metres
north of the deposit. SLAM has completed 7,500 metres of drilling in 65 holes
since the program started in May 2007. Assays are pending on 35 additional
holes drilled in the new discovery area. The discovery 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. Approximately 30 more drill holes are planned to complete the
10,000 metre drill program announced in May, 2007. With $4M cash on hand, SLAM
has adequate funds to complete this drilling.
Other work in progress includes metallurgical testing. SLAM plans to
follow up the current drilling program with an independent resource estimate
in an updated 43-101 report. This is expected to lead into a feasibility study
for mining and milling at Nash Creek.
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 regarding the deposit are described in a Technical Report
filed 27 August 07 at www.sedar.com.
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.
Selected core samples from hole NC07-55 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 zinc and lead and fire assay for
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,
firstname.lastname@example.org; Bob Smylie, Investor Relations, Toll-Free
(866) 523-6719, email@example.com