Third Hole Intersects Mineralized Zone
MIRAMICHI, NB, June 24 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") announces drilling results from the third hole on its wholly owned Reserve Creek project in the Fort Hope area of Ontario. Hole RC10-16 intersected visible gold and mineralized core intervals similar to the first 2 holes. Samples with visible gold are included in a total of 368 samples from the 3 Reserve Creek holes being prepared and shipped for gold analysis.
Visible gold occurs in the third hole at 30.2 m within a 41 foot (12.5 m) core interval containing 10 to 15 % sulphides extending from 29.0 m to 41.5 m. This zone is flanked by 198 feet (60.5 m) of mineralized core with magnetite and 2% to 5% sulphides from 41.5 m. This mineralization is similar to gold-bearing intervals drilled in 13 holes by SLAM in 2003 and 2008. Mineralized intervals previously reported by SLAM include grades up to 0.22 oz/t gold over 15 feet (7.5 g/t over 4.6 m) and individual samples as high as 0.72 oz/t gold over 1.6 feet (24.77 g/t over 0.5m).
Visual results from the 3-hole program are consistent with drilling results published by previous workers dating back to the initial gold discovery in 1941. Historical records, although non-compliant with NI43-101, indicate gold-bearing intervals over a strike length of 400 m and depths to 100 m. The deposit is open along strike and at depth. The historical results pre-date NI 43-101 regulations and can only be verified by additional drilling.
The Fort Hope gold area is located 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 Lake areas are underlain by Uchi Subprovince rocks similar to the world-famous Red Lake gold mining camp.
Michael R. Taylor, P.Geo. President and CEO of SLAM, is the Qualified Person responsible for management of the Reserve Creek drilling program and for the technical information contained herein. The mineralized zones described above are drilled core intervals. The true widths are unknown.
The drilling activities have been performed 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 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.
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.
SOURCE SLAM EXPLORATION LTD.
For further information: For further information: SLAM Exploration Ltd.: Mike Taylor, President & CEO, 506.627.1353, Toll Free: 866.523.6719, firstname.lastname@example.org