Favourable Units Drilled In OG10-03; Next Hole Stepping Further East
MIRAMICHI, NB, June 15 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") and Beatrix Ventures Inc. (CNSX: BXV) ("Beatrix") announce completion of the 3rd hole on the Opikeigen Gold Joint Venture. Hole OG10-03 hit mineralized core intervals including a half metre quartz vein at 171m, a 14.8 m sulphide zone at 185 m (varies 10% to 60% pyrrhotite-pyrite) and a 3 m quartz-sulphide zone at 218 m flanked by a 15 m sulphide zone (varies 10 to 70% pyrrhotite) at 221m.
Hole OG10-03 was collared 40 ft (12.5m) east of high grade gold intercepts in hole OL87-46 previously drilled in 1987. Hole 46 intersected mineralized sections of 113.57 g/t gold over 0.1 m and 49.66 g/t gold over 0.2 m reported to contain visible gold. These occurred within a core interval grading 6.22 g/t gold over 7.00 m at a depth of 141 m. These intervals are drilled core lengths. The true widths are unknown. The results pre-date NI 43-101 regulations and can only be verified by additional drilling.
Drilling is in progress on hole OG10-04, collared an additional 40 ft east of the 3rd hole. The decision to move in that direction was based on the visual core intervals reported from OG10-03.
Hole OG10-02 was drilled beneath the first hole to test the depth extent of visual intervals of mineralization reported 10 June 2010. This hole may have drilled below the favourable rock units and structures reported in hole OG10-01.
SLAM and Beatrix expect to complete approximately 1,000 m of diamond drilling at Opikeigen. The current hole, OG10-04 is expected to be the final hole of the program designed to test for potential extensions of Zone 12 at depth and along strike. Zone 12 is a shear related gold zone associated with quartz-carbonate alteration and veining in mafic volcanic, iron formation and gabbro host rocks. Beatrix recently filed a 43-101Technical Report on the 4,144 hectare, 38 claim Opikeigen gold property.
After the current hole at Opikeigen, the drill will move to SLAM's wholly owned Reserve Creek project to test the historic Williamson gold deposit and conclude the final phase of the 2,000 m drilling contract.
The Opikeigen project is located in the Fort Hope area east of the historic Pickle Lake gold camp where PC Gold Inc. (TSE:PKL) recently announced successful drilling results (press release 23 March 2010). The Fort Hope and Pickle Crow areas are underlain by Uchi Subprovince rocks similar to the world-famous Red Lake gold mining camp.
SLAM and Eabametoong First Nation (EFN) recently signed an Exploration Agreement whereby SLAM and EFN will work cooperatively to advance the gold potential within EFN traditional territories. The Opikeigen and Reserve Creek projects lie within the traditional territories.
Michael R. Taylor, P.Geo. President and CEO of SLAM and Director of Beatrix is the Qualified Person responsible for the technical information contained herein.
About Beatrix: Beatrix is a mineral resource company based in Vancouver, British Columbia recently formed to focus on gold projects. Beatrix owns 50% of the Opikeigen Gold Joint Venture. Additional information about Beatrix and its projects is available at www.beatrixventures.com or from SEDAR filings at www.sedar.com
About SLAM: SLAM is a mineral resource company based in Miramichi, New Brunswick and continues to be active in gold, silver and base metal exploration in Ontario and New Brunswick. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Additional information about SLAM can be viewed at http://www.slamexploration.com as well at www.sedar.com.
On behalf of the Board
Mike Taylor, P. Geo.
President & CEO
SLAM Exploration Ltd.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration and development activities and events or developments that SLAM expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward looking statements. Please see our public filings at www.sedar.com for further information.
SOURCE SLAM EXPLORATION LTD.
For further information: For further information: Corporate Inquiries: Mike Taylor, President & CEO, 506.627.1353, Toll Free: 866.523.6719, firstname.lastname@example.org