MIRAMICHI, NB, March 15, 2018 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) ("SLAM") announces it has signed a Letter Of Intent (LOI) with American Cobalt Corp ("ACC") that sets the terms for purchase of the Ramsay Cobalt property by ACC. ACC can earn 100% interest in the Ramsay Cobalt Property by completing a total of $500,000 in cash and 2,500,000 in share payments over a 2 year period. SLAM retains a 2% NSR royalty of which ACC may buy down 1% NSR at any time for $1M. The proposed Agreement and issuance of shares remain subject to the approval of the CSE. Slam Exploration will continue to maintain obligations to underlying option holders other than certain royalties which will become the responsibility of American Cobalt.
The 8-claim Ramsay cobalt property covers 2500 hectares located on highway 180 approximately 25 km west of the Caribou mine operated by Trevali Mining Corp. in the Bathurst Mining Camp ("BMC") of New Brunswick, Canada. Well-developed infrastructure includes paved road access and nearby electric power within a well-known mining camp administered by a mining friendly jurisdiction.
The Ramsay Cobalt Property: Previous operators identified cobalt and copper mineralization over a 650m strike length through trenching, geochemical and ground based geophysics followed by a limited drilling program totaling 1321 meters. The mineralized zone remains open along strike and at depth.
Nine holes were drilled on the Ramsay cobalt property by previous workers in 2004. Reported intervals include 0.8m grading 0.956% cobalt within a 4.8m core interval grading 0.352% cobalt. Such higher grade zones typically occur within wider core intervals ranging to 24.8 m grading 0.180% cobalt and 0.182% copper. Significant core intervals from all nine holes are summarized in the table below:
Source SLAM news release dated January 9, 2018.
Previous operators identified Cobalt and Copper mineralization over a 650m strike length through trenching, geochemical and ground based geophysics and a limited drilling program totaling 1321 meters. The mineralized zone remains open along strike and at depth.
The above noted drilling results are drill core intervals. True widths were not reported.
ABOUT AMERICAN COBALT CORP: American Cobalt Corp. is a North American mineral exploration and development business focusing on the burgeoning cobalt sector. The rapidly growing large battery industry, a major consumer of cobalt, makes cobalt an appealing sector of focus. The Company seeks to add shareholder value by sourcing and developing projects in safe, progressive jurisdictions adhering to strict environmental and social standards.
ABOUT SLAM EXPLORATION LTD: SLAM is a project generating company that holds an NSR royalty on the Coulee, Superjack and Nash Creek zinc‐lead‐copper‐silver deposits and owns a portfolio of cobalt and base metal properties in the Bathurst Mining Camp ("BMC") of New Brunswick. The Company intends to utilize its extensive BMC mineral database to explore and develop properties in this historic mineral-rich region. Other projects include the Menneval gold project and, in Ontario, the Reserve Creek gold project. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com. Follow us on twitter @SLAMGold.
QA-QC Procedures: The technical information referenced in this news release derive from two assessment reports written by a qualified person in 2004. The reports document the sawing of core and sampling procedures and include copies of the assay certificates for the drilling program. The assays were done using the ICP70 method by SGS Canada Inc. of Toronto, Ontario.
Qualifying Statements: Mike Taylor, P.Geo. President and CEO of SLAM Exploration Ltd., as the Qualified Person, approves the scientific and technical disclosure in the news release.
Certain information in this press release may constitute forward-looking information, including statementsthat address the Private Placement, the closing of the Private Placement, future production, reservepotential, exploration and development activities and events or developments that the Company expects.This information is based on current expectations that are subject to significant risks and uncertaintiesthat are difficult to predict. Actual results might differ materially from results suggested in any forward-lookingstatements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com. Neither the 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.