Broad Mineral Intercepts Drilled 215 m From Previous Bonanza Hole
MIRAMICHI, NB, Dec. 23 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL)
("SLAM") announces significant core intervals of pyrrhotite-pyrite
mineralization ranging from 10.5 m to 29.85 m in its 3 latest diamond
drill holes RS10-23 to 25 at its wholly owned Reserve Creek gold
project. These holes have mineralization similar to and are located
more than 200 m west of hole RS10-16 drilled in June 2010. Hole RS10-16
intersected 16.45 g/t gold over a 16.85 m core interval with individual
samples of bonanza gold grading up to 274 g/t gold over 0.5 m (news
release 17 August 2010).
Hole RS10-23 intersected 10.5 m of silicified tuff containing
pyrrhotite-pyrite mineralization from 133.5 m to 143 m. RS10-24
intersected a 14.55 m core interval of banded quartz and chlorite with
pyrrhotite-pyrite from 140.85 m to 155.4 m. Hole RS10-25 intersected a
29.85 m core interval of mineralized tuff from 132.4 m to 162.25 m.
Holes RS10-23 and 24 were drilled to depths 161 m and 201 m at dips of
55 o and 60 o from one site 215 m west of bonanza hole RS10-16. Holes RS10-25 was
drilled at 55 o to a depth of 171 m a further 15 m west of RS10-23. After hole RS10-25
drilling was temporarily suspended for the holiday season.
The Company is pleased with the visual results of the first 9 holes and
the progress of this drilling program. All 9 holes have cut significant
mineralized intercepts with visible gold in 5 of the holes. Gold assays
are pending on 200 samples already shipped. The remaining core is being
sampled and prepared to send for assay. The Company expects to resume
drilling in January and continue with an extended program in 2011.
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 are progressing 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 Reserve
Creek and other SLAM projects in the Fort Hope area of Ontario.
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.
SOURCE SLAM EXPLORATION LTD.
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