Drilling Underway to Test High Priority Gold Targets in Proximity to
TSXV: SXL US-OTC: SLMF
MIRAMICHI, NB, June 10, 2011 /CNW/ - SLAM Exploration Ltd. (TSXV:SXL) (US-OTC: SLMF) ("SLAM") is pleased to announce that drilling is underway at the 100% owned
Reserve Creek gold project in northwest Ontario located near Fort
Hope. The drill is currently set up 900 m east of the Reserve Creek
deposit where SLAM drilled an interval grading 16.45 g/t gold over
16.85 m in 2010. The initial target is a coincident geochemical and
aeromagnetic anomaly with a signature very similar to the Reserve Creek
SLAM is using high resolution data generated from the recently completed
airborne magnetic survey as well as previous exploration results to
focus drilling on high potential targets. The aeromagnetic data
indicates that favourable strata and structures are associated with the
Reserve Creek deposit and extend approximately 10 km eastward across
the property. The initial program at Reserve Creek will comprise 1,500
m after which the drill rig will move to the Opikeigen gold joint
venture with Beatrix Ventures Ltd. (TSX:BXV). This will allow time for
results from Reserve Creek to be assayed and analyzed in preparation
for potential follow-up.
SLAM CEO, Mike Taylor, feels that the Fort Hope area has all the
geological features of a potential gold camp. The Company has made
significant gold discoveries in past drilling campaigns and expects the
current program to result in additional new discoveries. Gold was first
discovered at Fort Hope in 1927 but to date most of the area remains
unexplored. SLAM is currently at the forefront of exploration in the
area, with its flagship Reserve Creek project and active partnerships
on 3 other gold projects.
Michael Taylor, P.Geo., President & CEO of SLAM, is the Qualified
Person, as defined under NI 43-101 regulations, responsible for the
technical results reported in this news release.
About the Reserve Creek Gold Project:
SLAM's wholly owned Reserve Creek gold project encompasses 7120 hectares
in 34 mineral claims located near Fort Hope, Ontario. Reserve Creek is
part of a large and valuable land package with an expanding inventory
of gold deposits centered around Fort Hope approximately 150 km east of
the former gold mining town of Pickle Lake. Previous drilling at
Reserve Creek has encountered several high grade intercepts, including
16.45 g/t gold over 16.85 m and 9.02 g/t over 15.1 m. The property is
located within the prolific gold producing Uchi Subprovince, home to
Goldcorp's Red Lake Mine; Canada's largest gold mine and one of the
world's richest and lowest cost producers. SLAM Exploration is
currently the leading exploration company in the Fort Hope area.
The Reserve Creek drilling activities have been accomplished in
consultation with Eabametoong First Nation ("EFN") in accordance with a
mutual Exploration Agreement. This Agreement calls for EFN and SLAM to
work cooperatively to advance the gold potential of Reserve Creek and
other SLAM projects in the Fort Hope area of Ontario
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and
is exploring for gold in Ontario and for silver-copper-lead-zinc in New
Brunswick. Additional information about SLAM and its projects is
available at www.slamexploration.com or from SEDAR filings at www.sedar.com.
Neither TSXV nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts 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 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 unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available. 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
SLAM 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.
SOURCE SLAM EXPLORATION LTD.
For further information:
SLAM Exploration Ltd.
Brian Jones, Investor Relations; Toll Free: 855.800.6109