MIRAMICHI, NB, Dec. 7 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") announces visible gold reported from the first diamond drill hole in a 2,000 m program at its wholly owned Reserve Creek project in the Fort Hope area of Ontario. Hole RS10-17, the first of a planned 12 holes intersected approximately 14 m of mineralized iron formation with quartz stringers from 21 m to 35 m. Specks of visible gold were noted at 31.5 m. This mineralized interval is 15 m east of a 13.41 m core interval grading 3.07 g/t gold in hole RS10-14 drilled in June 2010. SLAM reported bonanza grade gold mineralization with individual samples up to 274 g/t gold over 0.5 meters within a 16.85 m core interval grading 16.45 g/t gold from hole RS10-16 which was drilled beneath RS10-14 (news release 17 August 2010).
After hole RS10-17, the Company steepened the drill from 45 o to 60o for the second hole RS10-18 which places it directly beneath hole RS10-17. This is a similar pattern to previous holes RS10-14, 15 and 16 that produced bonanza grade results in SLAM's successful program of June 2010. The Company will continue with a similar series of holes stepping out laterally to potentially expand the bonanza gold zone along the 350 m strike length of mineralized, gold-bearing iron formation indicated by previous drilling. SLAM expects to complete the 2,000 m drilling program at Reserve Creek by year-end and, with $4M in the treasury, plans additional drilling in 2011.
Reserve Creek gold mineralization is hosted within iron formations and mafic volcanics similar to the rocks hosting the historic Pickle Crow gold mine near Pickle Lake, Ontario. These volcano-sedimentary sequences are part of the Uchi Subprovince, a huge system of greenstone belts extending from Lake Winnipeg to the Hudson Bay lowlands hosting the world-famous Red Lake gold mining camp as well as the Pickle Lake and Fort Hope gold areas in Ontario.
Michael R. Taylor, P.Geo. President and CEO of SLAM is the Qualified Person responsible for the technical information contained herein. The core intervals described are drilled intervals. True thicknesses are unknown. Reserve Creek drilling activities will be done in consultation with Eabametoong First Nation ("EFN") in accordance with a recently signed Exploration Agreement. This Agreement calls for EFN and SLAM to work cooperatively to advance the gold potential of the Fort Hope area.
About SLAM: SLAM is a mineral resource company based in Miramichi, New Brunswick and is currently drilling for gold in Ontario and for silver-copper-lead-zinc in 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.
On behalf of the Board
| Mike Taylor, P. Geo.
President & CEO
SLAM Exploration Ltd.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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.
For further information: For further information:
SLAM Exploration Ltd.
Mike Taylor, President & CEO
Toll Free: 866.523.6719