Exploration Planned To Source Mineralized Float
MIRAMICHI, NB, March 23, 2018 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) ("SLAM" or the "Company") is pleased to announce it has acquired a new cobalt project by staking 67 units in 3 mineral claims. The 1863 hectare property was acquired to cover a historic mineral discovery known as the Reids Gulch cobalt-nickel-copper-zinc occurrence. The new property is located on a logging road 40 kilometres northwest of the Caribou mine operated by Trevali Mining Corp in New Brunswick, Canada.
According to provincial records, previous workers found mineralized float (boulders) grading 0.10% cobalt, 0.66% nickel, 0.10% copper and 5.0% zinc at Reids Gulch in 1972. Four trenches were dug by hand but the source of mineralized float was not located. The occurrence is associated with an aeromagnetic anomaly detected by a later government survey. The same survey suggests the presence of unmapped intrusive rocks at or near surface on the Reids Gulch property. There is no record of any other work in the vicinity of this occurrence. SLAM intends to mobilize its advance scout team at the start of the 2018 field season to re-locate this mineral occurrence and search for the bedrock source.
The Company also announces that pursuant to the Company's stock option plan, it has granted incentive stock options to its directors, officers, employees and consultants to purchase an aggregate of 1,220,000 common shares with an exercise price of $0.05 per share for up to five (5) years.
About SLAM Exploration Ltd:
SLAM is a project-generating resource company holding an NSR royalty on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties and owning a portfolio of base metal and cobalt properties in the Bathurst Mining Camp ("BMC") of New Brunswick. The Company continues 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.