Property Is Host To The Former Wedge VMS Deposit
TSXV: SXL OTCBB: SLMF
MIRAMICHI, NB, March 3, 2017 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) ("SLAM" or the "Company") is pleased to announce it has acquired the former producing Wedge Mine property (The "Wedge"). The Wedge claim covers 100 hectares of mineral land property located in the Bathurst Mining Camp ("BMC") of New Brunswick, Canada. The Wedge is 18 km west of the former producing Brunswick No. 12 mine owned by Glencore and 22 km south of the Caribou mine owned and operated by Trevali Mining Corp.
The Wedge was operated by Consolidated Mining And Smelting ("Cominco") from 1962 to 1968 when it produced 1,500,000 tonnes grading 2.88% copper, 0.88% lead and 1.75% zinc with unspecified silver credits. Cominco maintained the mineral claims until 1992, when it was acquired by Noranda Exploration Company Ltd. ("Noranda").
According to a historical estimate published by Noranda in 1993, the Wedge contains a mineral resource of 545,000 tonnes grading 1.75% copper, 5.21% zinc 1.71% lead to a depth of 274 metres. The historical estimate was based upon the results of 356 drill holes provided to Noranda by Cominco. SLAM considers the historical estimate as reliable based upon the following assumptions: the drilling was supervised and the drill logs were completed by the professional staff of Cominco, a well–established multinational mining company; the Historical Estimate was completed by the professional staff of another large multinational company, Noranda, who was operating two large mines in the area. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves" and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
The Wedge is adjacent to SLAM's wholly-owned Lower 44 property that was described by SLAM in a news release dated Feb 14, 2017. The Lower 44 is host to three historic zinc-lead-copper-silver-gold mineral occurrences known as the Lower 44 zone, the Essex zone and the Tribag zone. Approximately 53 holes have been drilled to date on the property, all by previous workers. Results from these holes range from nil up to a 3.8 m core length grading 12.9% zinc, 5.35% lead, 0.78% copper, 70.6 g/tonne silver and 1.37 g/t gold drilled in 1983 on the Lower 44 zone and published in an assessment report by BP Minerals that includes drill logs and assay data.
The Company will pay a finders fee of 100,000 shares in connection with acquisition of the Wedge and similar finders fee of 100,000 shares in connection with acquisition of the Lower 44 property. Both fees are payable to arms-length parties.
The Wedge, Lower 44, Essex and Tribag zones are volcanogenic massive sulfide (VMS) occurrences discovered by previous workers in drilling campaigns dating back to the 1950's. These VMS occurrences are hosted by folded sedimentary and volcanic rocks similar in age and lithology to the Brunswick No. 12 and Caribou ore-bodies. Soil geochemical anomalies associated with airborne geophysical conductors demonstrate potential for extensions along strike as well as at depth and are considered drill-ready VMS targets.
Joint Venture/Earn-In Opportunity: SLAM has a portfolio of zinc-lead-silver properties that are available for joint venture and/or option-earn-in agreements in the Bathurst Mining Camp of New Brunswick. These include Costigan, Wedge, Connector, Lower 44 and other mineral properties with mineral potential demonstrated by previous drilling results as well as airborne and ground geophysical and geochemical surveys. For additional information, call Mike Taylor 506-623-8960.
About SLAM Exploration Ltd:
SLAM is a project generating Resource Company with a portfolio of gold, base metal and lithium projects in the mineral-rich Province of New Brunswick where SLAM's main focus is the wholly-owned Menneval gold project. SLAM 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"). The Company intends to utilize its extensive BMC mineral database to explore and develop properties in this region of world-class mineral potential. SLAM also owns the Cumberland lithium project in southeastern New Brunswick. Other gold projects include 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.