SLAM Awarded $50,000 NBJMAP Assistance For Proposed Drilling Program
MIRAMICHI, NB, June 21, 2018 /CNW/ - SLAM Exploration Ltd. ("SLAM" or the "Company" onTSXV: SXL) is pleased to announce the discovery of a series of volcano-sedimentary boulders with zinc and copper mineralization spread over 1,200 m along a prominent ridge 3.5 km south of the Portage zone. Preliminary trenching has uncovered favourable volcano-sedimentary rock units and previous surveys indicate a number of untested airborne electromagnetic anomalies in the vicinity of this prospecting discovery. Assays are pending on samples from the mineralized boulders.
The Portage zinc-lead-copper-silver property is SLAM's flagship project in the Bathurst Mining Camp ("BMC") of New Brunswick, Canada where the Company now owns 38,000 hectares of mineral land. The prospecting and trenching program is the initial stage of the 2018 exploration program at Portage. The program is centered around the Portage volcanogenic massive sulphide occurrence discovered by previous workers in 1976.
Mineralized core intervals occur in 15 of the 21 historic diamond drill holes drilled on the Portage zone. Drilling has outlined a zone with dimensions of 450 m along strike, 250 m down-dip and up to 60 m thick. Early drilling results include a 25.30 m core interval grading 3.27% zinc 0.52% lead and 0.30% copper including a 3.35m core interval of 5.81% zinc 2.97% lead 0.61% copper at a depth of 100m in hole CP77-57. The Company has located most of the historic sites including CP77-57 and is conducting preliminary geological work and prospecting in preparation for a proposed drilling program later this summer. The zone is open down-dip and that direction will be the focus of the proposed drilling program.
$50,000 NBJMAP Grant: The Company has been awarded a grant of $50,000 under the New Brunswick Junior Mining Assistance Program ("NBJMAP") in support of the proposed Portage drilling program.
About The Portage Property: Based on the new prospecting discovery, the Company staked an additional 325 hectare claim. The expanded Portage property now covers 5245 hectares comprising 4 mineral claims acquired through a prospector agreement and 4 mineral claims acquired by staking. The property is accessible by logging roads and located 1 km south and west of the Restigouche VMS deposit owned by Trevali Mining Corp. The setting and style of mineralization at Portage is similar to the Restigouche deposit.
QA-QC Procedures: The technical information referenced in this news release derive from historic assessment reports that predate NI43-101. The work was supervised and the historic reports were written by qualified geologists familiar with mineral exploration in New Brunswick.
About SLAM Exploration Ltd:
SLAM is a project-generating resource company holding NSR royalties on the Ramsay cobalt property and on the Superjack, Nash Creek and Coulee zinc-lead-copper-silver properties in the Bathurst Mining Camp ("BMC") of New Brunswick. The Company owns a portfolio of base metal and cobalt properties and intends to combine technical expertise with an extensive BMC mineral database to explore and develop properties in this prolific mineral region. 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 this 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.