MIRAMICHI, NB, Sept. 10 /CNW/ - SLAM Exploration Ltd. (TSX-V: SXL)
("SLAM") announces the discovery of a near-surface, flat lying extension to
its wholly owned Nash Creek Deposit in New Brunswick. SLAM has drilled
39 holes to date for a total of 4,500 metres of a 10,000 metre drill program
planned for completion in 2007.
Twenty-four of the 39 holes have encountered a zone of near-surface base
metal mineralization extending northward from the Nash Creek deposit.
Preliminary core logs from twenty of these holes have intersected volcanogenic
massive sulphide ("VMS") breccia mineralization. Intercepts range from a depth
of 10 to 50 metres from the surface with 14 holes collaring directly into
sulphide mineralization. The discovery is associated with an area of gravity
and intermittent zinc-lead-silver soil anomalies trending a further
2,000 metres northward from the deposit with an approximate width of
500 metres. Current drilling has tested 200 metres of this trend which remains
open for expansion to the north. Assays are pending on all 24 holes.
Photographs of the drill core as well as a plan map of drill hole locations
are on the company web site
The Nash Creek Deposit is a flat lying system of VMS mineralization with
a minimum strike length of 1050 metres and thickness ranging from 2.5 to
27.0 metres. The new discovery presently has a drilled thickness ranging from
2.5 to 32.5 metres. SLAM is very encouraged by this discovery of near-surface
mineralization with potential for low-cost open pit mining. A bulk-mineable
open pit resource will increase the viability of this project and greatly
reduce start-up costs when the deposit is developed. After completion of the
current drilling program, the grade and tonnage will be updated in an
independent 43-101 Report and used in conjunction with metallurgical test
results for feasibility purposes.
Details of the latest resource calculation are available in a recent
Technical Report filed by SLAM at www.sedar.com. Results for the first
14 holes of the current program which were drilled in or near the known
deposit and the central zone 1600 metres to the east are posted at
Drilling continues at a rate of approximately two days per hole. SLAM
intends to complete approximately 70 additional drill holes for a further
5500 metres under the current drilling contract. The drill holes are at
25 metre intervals on lines spaced 50 metres apart. The drilling will follow
the anomalous soil/gravity trend for a potential additional strike length of
2,000 metres. With cash assets of approximately $2.4M in secure bank deposits,
SLAM has adequate funds to complete this drilling.
Derek F. Brown, P.Geo., SLAM's Exploration Manager, is the Qualified
Person, as defined under National Instrument 43-101, responsible for
management of the exploration program at Nash Creek and the drilling results
reported in this news release.
SLAM Exploration Ltd. is a mineral resource company based in Miramichi,
New Brunswick. It is involved in base metal exploration in New Brunswick
including the world class Bathurst Mining Camp as well as gold exploration in
the Uchi sub-province of northwest Ontario. Additional information about SLAM
and its projects is available at www.slamexploration.com or from Sedar filings
at www.sedar.com. 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 facts, 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. Factors that could cause actual
results to differ materially from those in forward-looking statements include
market prices, exploration and development successes, continued availability
of capital and financing, and general economic, market or business conditions.
Please see our public filings at www.sedar.com for further information.
For further information:
For further information: Mike Taylor, President & CEO, (506) 627-1353,
firstname.lastname@example.org; Bob Smylie, Investor Relations, Toll-Free
(866) 309-6719, email@example.com