Extending Contract To Test Bonanza Gold Zone
MIRAMICHI, NB, Jan. 7 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM")
announces it plans to deploy its exploration team to resume drilling
operations on its wholly owned Reserve Creek gold project on 15 January
2011. This is a continuation of 9 holes drilled for a total of 1145 m
in December. Mineralized zones occur in all 9 holes over core intervals
ranging from 3.5 m to 29.85 m. Visible gold occurs in 5 of the holes.
Assays are pending on 555 samples that were submitted for gold assay and
representing 525 m of mineralized core from the 9 holes. Initial assay
results are expected on or about 11 January 2011. These holes are
testing the strike extent up to 230 m from bonanza grade intercepts in
hole RS10-16 previously drilled in June 2010. Hole RS10-16 intersected
16.45 g/t gold over a 16.85 m core interval with individual samples
grading up to 274 g/t gold over 0.5 m (news release 17 August 2010).
The Company expects to complete the current 2000 m contract program in
the next few weeks and plans to extend the program through the winter
months of 2011.
Michael R. Taylor, P.Geo. President and CEO of SLAM is the Qualified
Person responsible for the technical information contained herein. The
core intervals described are drilled intervals. True thicknesses are
unknown. Reserve Creek drilling activities are progressing in
consultation with Eabametoong First Nation ("EFN") in accordance with a
recently signed 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: SLAM is a mineral resource company based in Miramichi, New Brunswick
and is currently drilling 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 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.
SOURCE SLAM EXPLORATION LTD.
For further information:
SLAM Exploration Ltd.
Head Office 506.627.1353 Toll Free: 866.523.6719
Brian Jones, Investor Relations
Mike Taylor, President & CEO