First hole on new discovery in the Bathurst Mining Camp intersects
sulphide stringer zones. Next target is coincident VTEM, magnetic and
MIRAMICHI, NB, Feb. 27 /CNW/ - SLAM Exploration Ltd. ("SLAM") (TSX-V:
SXL) has completed drilling on the first hole of its 2000 metre drilling
program at its TSN property located in the Bathurst Mining Camp in New
Brunswick, Canada. Hole TN0901 was drilled to a depth of 287 metres and
contains up to 10% sulphide mineralization from 7 to 245 metres. Two distinct
zones of sulphide stringer mineralization occur from 11 to 48 metres and 140
to 188 metres, respectively.
The interval from 11 to 48 metres contains sulphide stringers with up to
10% pyrite-pyrrhotite and visible copper mineralization. The interval from 140
to 188 metres contains 2 to 10% pyrrhotite-pyrite with locally visible copper
and zinc mineralization. The core has been transferred to a secure facility
where SLAM's exploration team is preparing samples for analysis. A section of
core will be on display at PDAC booth 2824 from 1st to 4th March.
Hole TN0901 was designed to test a VTEM conductor coincident with
aeromagnetic, ground gravity and soil geochemical anomalies. These anomalies
correlate with the TSN volcanogenic massive sulphide discovery and with a
gossan zone exposed by trenching in 2008. As reported by press release 29
October 2008, 50 grab samples were collected from 4 trenches. Results included
6 samples of semi-massive to stringer sulphide mineralization ranging from
1.58 to 7.95% zinc, 1.40% to 4.71% lead, and 26.16 to 118.57g/t silver.
The drill has moved along strike approximately 5 kilometres to test a
second VTEM conductor with coincident magnetic and ground gravity signatures.
Management is very encouraged by these results and has staked an
additional 203 claims on a regional magnetic trend that could represent an
extension of the TSN mineralized horizon. The TSN property is wholly owned by
SLAM and now comprises 810 claims, covering 12,960 hectares located 50
kilometres west of Miramichi. Although the area is underlain by highly
prospective Miramichi and Tetagouche Group sedimentary and volcanic rocks,
previous exploration has been limited due to lack of outcrop. The rock
sequence appears similar and along strike to that hosting the 150M tonne
Brunswick Mining and Smelting No. 12 Mine located 50 km to the north.
The TSN property is part of SLAM's strategy to discover and develop base
metal resources within close proximity to the world class Bathurst Mining Camp
in New Brunswick. In a press release 12 February 2009, SLAM reported the Nash
Creek Deposit contained an indicated resource of 468M lbs zinc, 95M lbs lead
and 4.6M oz silver plus an inferred resource of 71.0M lbs zinc, 14M lbs lead
and 0.7M oz silver after mill recoveries are factored in as estimated by
Wardrop Engineering Inc. Wardrop estimates an indicated resource of 7,807,900
tonnes grading 2.72% zinc, 0.55% lead and 18.26 g/t silver plus an inferred
resource of 1,211,700 tonnes grading 2.66% zinc, 0.52% lead and 18.00 g/t
Derek F. Brown, P.Geo., SLAM's Exploration Manager, is the Qualified
Person, as defined under National Instrument 43-101, responsible for the
technical results reported in this news release.
Additional information about SLAM can be viewed at
http://www.slamexploration.com as well at www.sedar.com. SLAM Exploration Ltd.
is a mineral resource company based in Miramichi, New Brunswick. It is
extremely active in base metal exploration in New Brunswick as well as gold
exploration in the Uchi subprovince of northwest Ontario. The TSX Venture
Exchange has not reviewed and does not accept responsibility for the adequacy
or accuracy of this release.
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 the Company 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.
For further information:
For further information: Corporate Inquiries & Investor Relations: Mike
Taylor, President & CEO, (506) 627-1353, Toll Free: (866) 523-6719,