Recent Activities In The Mineral-Rich Bathurst Mining Camp
MIRAMICHI, NB, Nov. 29, 2017 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) ("SLAM" or the "Company") is pleased to report acquisition of the Red Pine property by staking. Combined with recent acquisition of the Portage claims, this expands SLAM claim holdings to 29,000 hectares in the Bathurst Mining Camp ("BMC") of New Brunswick, Canada where an evolving zinc play is attracting companies and investment dollars. The Red Pine property is located on the east side of the BMC where potential targets are hidden beneath a cover sequence of younger sedimentary rocks.
The New Brunswick Zinc Play: Other companies with large land holdings include Osisko Metals and Wolfden Resources with 50,000 and 20,000 hectares respectively. Trevali Mining Corp. operates the Caribou mine and owns the advanced Restigouche, Half-mile and Stratmat deposits.
SLAM 2017 Exploration Program: The Company has focused on property acquisition and preliminary prospecting in exploration for zinc-rich volcanogenic massive sulphide (VMS) deposits in the Bathurst Mining Camp. This Phase I program includes compilation of previous results combined with prospecting to evaluate and prioritize projects and drilling targets for the next phase of activity. The higher priority projects include Portage, Connector and Lower 44, all prospective for zinc-rich VMS deposits along with related minerals copper, lead and silver. SLAM acquired the Ramsay cobalt project based on previous drilling results and its location adjacent to SLAM's Portage property approximately 25 km west of the Caribou mine.
Ramsay Cobalt Project: SLAM reported acquisition of the Ramsay claims by news release October 11, 2017 and the results of nine holes were drilled on the Ramsay property by previous workers in 2004. Drilled intervals include a 4.8m core interval grading 0.35% cobalt0.8m grading 0.96% cobalt within. Such higher grade zones typically occur within wider core intervals ranging to 24.8 m grading 0.18% cobalt and 0.18% copper. This cobalt zone is considered a drill-ready, high priority target. A map showing the Ramsay cobalt project along with SLAM's other BMC properties can be viewed at www.slamexploration.com.
Portage VMS Project: Following acquisition (SXL news release November 6, 2017) of the key claims, SLAM's prospecting team located key sites for historic diamond drill holes dating back to its discovery of the Portage zone by previous workers in 1976. These include hole CP77-57 which cut a core interval of 3.35m grading 5.81% zinc 2.97% lead 0.61% copper within a 25.30m core interval grading 3.27% zinc 0.52% lead and 0.30% copper. The setting and style of mineralization is similar to the Restigouche deposit located 4km to the northeast. On July 27, 2017, Trevali Mining Corp announced acquisition of the Restigouche. According to Trevali, "It is anticipated that initial production from Restigouche to supplement feed to the Caribou mill will be in Q3-2018".
Connector VMS Project: SLAM's prospecting team is currently evaluating potential targets directly along strike from the former producing Brunswick No. 12 and No. 6 mines owned by Glencore. The massive Brunswick No 12 deposit was discovered in 1953 and operated continuously from 1964 to 2013. It produced 150 million tonnes of ore grading 8.46% zinc, 3.33% lead, 0.37% copper, and 99 g/t silver. No 6, discovered in October, 1952 was the first major discovery in the Bathurst Mining Camp.
QA-QC Procedures: The technical information disclosed in this news release is derived from government publications and from assessment reports available from the New Brunswick Department of Natural Resources and Energy.
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 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 the Reserve Creek 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.