MIRAMICHI, New Brunswick, Nov. 17, 2022 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce that it has received approval from the TSX-V Venture Exchange with regards to the option agreement dated November 2, 2022 (the “Option Agreement”) to acquire the Roger Lake property located near Lepreau, New Brunswick (the “Property” or “Roger Lake”).
The Company has issued 100,000 common shares at a deemed price of $0.05 per share to satisfy the first share issuance due under the Option Agreement. The securities have a statutory hold period of four months and one day that will expire on March 18, 2023.
The Property is subject to a royalty of 2% Net Smelter Return (“NSR”). The Company may purchase one half of the royalty for $1,000,000 at any time and the remaining half of the royalty for $2,000,000 at any time.
Previous workers detected elevated gold levels ranging up to 16,200 parts per billion (“ppb”) gold in a soil geochemical survey completed on the Roger Lake claim in 2021. In addition to one sample at 16,200 ppb, a total of 121 sample sites ranging from 10 to 173 ppb gold that were detected in survey comprising 1904 samples. The elevated soil samples are in the vicinity of the Lepreau river gold occurrence (reference 563 - New Brunswick Mineral Occurrence database). The following quotations are copied from this reference: “Large flakes of gold (up to 5 mm) were found in the gravels of the Lepreau River about 4 km north of the village of Lepreau…” and, in the St. Croix Courier - Jul. 13, 1899, Lepreau, “Mr. Stafford has a fine piece of gold which was found on the Lepreau river and is about as fine a specimen as has been seen in the province.”
The Roger Lake claim is adjacent to and will be managed as part of SLAM's wholly owned Jake Lee project. The Company reported two grab samples of float grading 39.3 and 1.49 g/t gold respectively 1,600 m northwest of the Cranford-Taylor vein on the Jake Lee project as reported Nov 17, 2022. The Company is mobilizing a prospecting team around November 22, 2022 to further evaluate these new gold discoveries
The Jake Lee Project: SLAM’s Jake Lee gold project comprised of 6 claims covering 9,508 hectares spread over a 20 km stretch of volcano-sedimentary rocks along the Wheaton Brook and St George fault zones. Five of the 6 mineral claims are wholly owned by SLAM. The other one is the recently acquired Roger Lake claim which is subject to completion of cash and share payments over a 4-year period and a 2% NSR royalty retained by the optionor. The Company may purchase one half of the royalty for $1,000,000 at any time and the remaining half of the royalty for $2,000,000 at any time. Updated maps and related information about the Jake Lee project is available at www.slamexploration.com.
About SLAM Exploration Ltd:
SLAM is a project-generating resource company with base and precious metal properties in New Brunswick and Ontario, Canada. In addition to its Menneval and Jake Lee gold projects, the Company owns a portfolio of base metal properties in the Bathurst Mining Camp (“BMC”) in northern New Brunswick. SLAM is actively exploring the Jake Lee, Mount Victor and Little Mount Pleasant gold properties in southwestern New Brunswick where Galway Metals is working on a multi-million ounce gold deposit at Clarence stream. SLAM owns the Cumberland Bay and Benjamin River rare earth element (REE) projects in central and northern New Brunswick. The Company holds NSR royalties on the Ferguson Brook and Ramsay Brook gold properties and on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties in the BMC. The Company holds NSR royalties on the Reserve Creek and Opikeigen gold properties and also owns the Keezhik and Miminiska gold projects in Ontario.
The Company has generated cash from the sale of securities received from mineral property option agreements with other companies and has sufficient funds for the work currently in progress. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com. Follow us on twitter @SLAMGold.
QA-QC Procedures:
SLAM collected grab samples from float (boulders and road rubble) during a prospecting expedition in October. A total of 38 samples were submitted AGAT Laboratories of Mississauga, Ontario for gold analysis using Fire Assay with AAS finish. One sample above the 10 g/t detection limit was re-assayed using a gravimetric method.
Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., a qualified person as defined by National Instrument 43-101, approves the technical information contained in this news release.
Certain information in this press release may constitute forward-looking information, including statements that address the Private Placement, the closing of the Private Placement, future production, reserve potential, exploration and development activities and events or developments that the Company expects. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Mike Taylor, President & CEO
Contact: 506-623-8960 mike@slamexploration.com
Eugene Beukman, CFO
Contact: 604-687-2038 ebeukman@pendergroup.ca SEDAR: 00012459E
