SLAM Identifies 20 km Gold and Copper Trend
31 August 2023 - 5:00PM
SLAM Exploration Ltd. (TSXV-SXL)
(“
SLAM” or the “
Company”) is
pleased to announce it has identified a 20 kilometre (km) trend of
gold and copper mineralization associated with volcanic and
intrusive rocks on the Shadow Lake gold project located 30 km west
of Saint John, New Brunswick. (The “
Property”).
The Company has received assays grading up to
3.39% copper and 0.17% molybdenum for grab samples that were
collected from a breccia zone during a follow-up visit to the
Shadow Lake gold project. This copper-molybdenum breccia zone is
located 2,000 metres northwest of the LLP vein where Company
geologists had reported visible gold in 2 grab samples. These 2
samples returned assays of 31.50 g/t gold and 9.93 g/t gold
respectively. Previous workers traced this vein over a strike
length of 150 metres and reported grab samples up to 54.9 g/t gold.
In addition, they reported grab samples grading up to 70.4 g/t gold
at one of six gold occurrences approximately 15 kilometres east of
the LLP vein. Assays are pending on 250 soil samples collected in
the vicinity of these gold occurrences.
SLAM President Mike Taylor states, “This area
has seen very little previous exploration and the Company plans to
further delineate the size of these discoveries.”
The Shadow Lake Gold Project:
The Property comprises 6 claims covering 3782 hectares along a 20
kilometre stretch of granitic and sedimentary rocks associated with
the Fundy fault zone. The Fundy fault zone is the name for a series
of regional fault structures cutting through SLAM’s Shadow Lake,
Rogers Lake, Jake Lee and Highway claim groups. The discovery of
gold mineralization in the vicinity of these faults is similar to
recent gold discoveries by Newfound Gold Corp. along the Appleton
and JBP faults as well as other structures in Newfoundland.
About SLAM Exploration Ltd:
Exploration for gold along regional fault
structures has resulted in significant gold discoveries in the
mineral-rich province of New Brunswick. These include the Maisie
gold vein system at SLAMs wholly owned Menneval project. With gold
and copper trends up to 20 km long, SLAM has identified an area
with high potential for additional gold discoveries and acquired
the Shadow Lake, Jake Lee, Rogers Lake and Highway projects. Gold
assays are pending on 250 soil samples collected in the vicinity of
the Shadow Lake gold occurrences. These projects are associated
with the Fundy fault zone and located in southwestern New Brunswick
where Galway Metals recently announced a 2.3-million-ounce gold
deposit at Clarence stream. Targeting critical elements as well as
gold, the Company aggressively pursues new exploration
opportunities such as the recently staked Highway project with has
known occurrences of cobalt, copper, zinc and silver as well as
gold. The Company is evaluating the Cumberland Bay rare earth
element (REE) project in central New Brunswick.
To view SLAM’s corporate presentation, click
SXL-Presentation. Additional information is available on SLAMs
website SLAM and SEDAR+ filings at www.sedarplus.ca. Follow
us on twitter @SLAMGold.
QA-QC Procedures: Grab
samples were collected and delivered to ALS Chemex in Moncton, New
Brunswick. The samples were prepared according to ALS code Prep 31B
and were analyzed for gold using standard fire assay (30 gram) with
AAS finish according to ALS code Au-AA23. Samples over the 10 g/t
limit for the AAS method were analyzed by fire assay with a
gravimetric finish. Selected samples were analyzed for multiple
elements including copper and molybdenum using ICP method
ME-ICP-41.
Qualifying Statements: Mike
Taylor P.Geo, President and CEO of SLAM Exploration Ltd., is a
qualified person as defined by National Instrument 43-101, and has
approved the contents of this news release.
Certain information in this press release may
constitute forward-looking information, including statements
regarding mineral resources and the Company’s plans with respect to
the exploration and development of its properties. 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 & CEOContact:
506-623-8960 mike@slamexploration.com
Eugene Beukman, CFOContact: 604-687-2038
ebeukman@pendergroup.ca
SEDAR: 00012459E
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