Drilling Program To Test Historic Nickel Deposit
TSXV: SXL US-OTC: SLMF
MIRAMICHI, NB, Feb. 17, 2012 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") is pleased to announce a diamond drilling program underway at its
wholly owned Goodwin project in northern New Brunswick. The Goodwin
project is located 25 km southwest of SLAM's Nepisiguit
copper-lead-zinc-silver deposit and 5 km south of the Halfmile
lead-zinc-silver deposit currently being developed by Trevali Mining
Corporation (TSE: TV) in the prolific Bathurst Mining Camp. The Company
expects to complete 3 drill holes for an approximate total of 500 m.
The initial hole, GW12-01 has collared into mineralized gabbro, cut a 3
m zone with visible sulphides from 6.0 m to 9.0 m (see photo) and is
still in progress.
About Goodwin: SLAM's 100% owned Goodwin project comprises 120 claims covering 2,500
hectares located in the Bathurst Mining Camp of New Brunswick. The
Goodwin Project is host to the Bruce copper-nickel deposit discovered
by Rio Tinto Canadian Exploration (Rio) in 1955. Rio reported a chip
sample grading 0.63% Ni and 0.60% Cu over 26.0 feet from a trench near
the discovery and subsequently drilled 14 holes for a total of 2443
feet. The most significant drilling intercept was reported at a grade
of 1.05% nickel, 0.36% copper and 0.038% cobalt over a 9.5 foot core
interval. No samples were assayed for platinum, palladium, gold or
silver. There is no record of drilling since 1955.
SLAM's 2004 MegaTEM aeromagnetic survey covering the entire Bathurst
Mining Camp indicates a 900 m X 500 m magnetic anomaly associated with
the Bruce deposit. A 2011 Mobile Metallic Ion geochemical survey
outlines a nickel anomaly of similar dimensions. The deposit is
associated with a layered mafic intrusive body with dimensions
approximately 1400 m X 1400 m.
The Goodwin drilling program is consistent with the corporate objective
of building assets in the mineral-rich Bathurst Mining Camp. Final
results are pending from the 70 hole diamond drilling program completed
at SLAM's wholly-owned Nepisiguit deposit at year end.
Qualifying Statements: SLAM Project Geologist, Sara Lloyd, P.Geo. is the Qualified Person
responsible for the technical information contained herein.
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and
owns the Nepisiguit silver-copper-lead-zinc deposit and the Nash Creek
lead-zinc-silver deposits in New Brunswick. The Company recently
acquired the recently discovered Lavoie gold occurrence at the NW Gold
Project in New Brunswick and owns the Reserve Creek gold deposit in
Ontario. Additional information about SLAM and its projects is
available at www.slamexploration.com or from SEDAR filings at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
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.
Image with caption: "DDH GW12-01 Sulphide Mineralization. (CNW Group/SLAM EXPLORATION LTD.)". Image available at: http://photos.newswire.ca/images/download/20120217_C5317_PHOTO_EN_10227.jpg
SOURCE SLAM EXPLORATION LTD.
For further information:
SLAM Exploration Ltd.
Brian Jones, Investor Relations; Toll Free: 855.800.6109