First Two Holes Cut Mineralized Zones
MIRAMICHI, NB, June 21 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") announces drilling results from the first two holes on its wholly owned Reserve Creek project in the Fort Hope area of Ontario. Visible gold occurs in both holes within sulphide-bearing intervals ranging from 10 to 39 feet (3 to 11.8 m) in core length.
Visible gold occurs at a depth of 3.55 m in hole RC10-14. Visible gold also occurs at 10.9 m and 11.2 m within a 10 foot (3.1 m) mineralized core interval containing 10% sulphides (pyrrhotite-pyrite) at a depth of 9.2 m. A second 20 foot (6.0 m) zone starting at 18.0 m contains 5% sulphide mineralization. The hole stopped at 56.35 m.
Visible gold occurs in the second hole, RC10-15 at 16.9 m within a 19 foot (5.9 m) mineralized core interval containing 10% sulphides starting at a depth of 12.6 m. At 22.2 m, the hole cut a 39 foot (11.8 m) mineralized core interval with 5% sulphides and visible gold at 42.5 m. These mineralized zones occur within a 123 foot (37.4 m) interval of magnetite-bearing tuffs from 12.6 m to 50.0 m.
The initial drilling phase of the program is now complete with 3 holes drilled at Reserve Creek. All three holes were drilled from one collar set-up to test the Williamson gold deposit. The first hole intersected the zone near-surface. The second hole tested the zone to a depth of 50 m. The 3rd hole was drilled to a depth of 195 metres to test the zone and potential extensions at depth beneath the second hole. This hole, RC10-16 is currently being evaluated and information will be published when available.
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: Mike Taylor, President & CEO, SLAM Exploration Ltd., 506.627.1353, Toll Free: 866.523.6719, firstname.lastname@example.org