New Cobalt Claims Expand SLAM's Bathurst Mining Camp Portfolio
MIRAMICHI, NB, Oct. 2, 2017 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) ("SLAM" or the "Company") is pleased to announce it has signed an agreement to acquire the Ramsay Brook cobalt property (the "Property") from local prospectors. The 2 claim property comprises 18 claim units covering 392 hectares that straddle 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.
The history of cobalt on the Property began with a trenching program in 1992 followed by a diamond drilling program in 2004 all by previous workers. This historic program included 3 holes located within the Ramsay Brook Property. The first hole numbered M04-01 produced a 0.9 m core interval grading 0.37% cobalt and 0.17% copper within a 3 m interval grading 0.19% cobalt and 0.21% copper. Hole M04-02 hole collared 100m to the northeast cut 0.25% cobalt and 0.16% copper over 0.5m. The third hole, M04-03 was collared 110m to the southeast but did not intersect significant mineralization. The above results are drill core intervals and true widths were not reported.
The 2004 drilling program was a follow-up to a series of events dating back to 1989 when a prospector discovered mineralized rubble along a logging road. Subsequent work led to a field investigation by Noranda Exploration in 1991. Fourteen samples were collected from a breccia zone that produced grab samples grading up to 0.86% copper with no record of cobalt analysis. The following year a mineralized boulder with a reported grade of 5.77% copper was discovered by a prospector (1992). Subsequent trenching confirmed the presence of mineralization but no assays were published. It should be noted that boulders and grab samples indicate the presence of copper mineralization but may not be representative of the overall grade of these mineral occurrences.
The signed option agreement gives SLAM the right to earn 100% interest in return for 400,000 shares and $100,000 in cash payable in stages over a 3 year period. The Vendors retain a royalty of 2% Net Smelter return. The Company can buy back half the royalty for $500,000. The agreement and share issuance remains subject to approval by the TSXV.
The Company has launched a preliminary prospecting and trenching program to verify the locations of previous drill holes and determine the scope of this cobalt occurrence.
QA-QC Procedures: The technical information referenced in this news release derive from an assessment report written by a qualified person in 2004. The report documents the sawing of core and sampling procedures and includes copies of the assay certificates for the drilling program. The assays were done using the ICP70 method by SGS Canada Inc. of Toronto, Ontario.
Other BMC Properties: The Company owns 12 projects covering 20,000 hectares of mineral land acquired for volcanogenic massive sulphide potential in the BMC. These include the Lower 44, Connector, North Rim, Satellite and LBM projects along with others selected for acquisition based on a database that covers the entire BMC district. The database includes airborne and ground geotechnical surveys as well as previous drilling results compiled from previous exploration workers and government sources. The Company continues with exploration activities to identify drilling targets associated with historic occurrences and intends to focus on the zinc, lead, copper and silver potential of this mineral producing region.
Joint Venture/Earn-In Opportunity: SLAM has a portfolio of zinc-lead-silver properties available for joint venture or earn-in agreements in the Bathurst Mining Camp of New Brunswick. These include the properties described above as well as Costigan and other properties with mineral potential demonstrated by previous drilling results. For additional information, call Mike Taylor 506-623-8960.
About SLAM Exploration Ltd:
SLAM is a project generating resource company that holds an NSR royalty on the Superjack and Nash Creek zinc‐lead‐copper‐silver deposits and owns a portfolio of 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 region of mineral potential. Other projects include the Menneval gold project and the Reserve Creek and Miminiska gold projects in Ontario. 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.
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 statements that address the Private Placement, the closing of the Private Placement, future production, reserve potential, 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 uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. 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.
SOURCE SLAM Exploration Ltd.