SLAM Acquisition Expands Zinc Copper Silver Footprint in BMC
06 September 2023 - 5:14PM
SLAM Exploration Ltd. (TSXV-SXL)
(“
SLAM” or the “
Company”) is
pleased to announce it has entered into an arm’s length option
agreement dated September 01, 2023, to acquire a 100% interest in
and to the Mine Road project, which is located adjacent to the
former producing Heath Steele mine in the Bathurst Mining Camp
(“BMC”) of northern New Brunswick.
Project Highlights:
- Railroad Zone:
14.51% zinc, 5.86% lead, 0.67% copper and 139.9 g/t silver over a
9.0 metre interval in diamond drill hole IL2014-003.
- Roche Trend:
Diamond drill hole IL2018-01 intersected 7.0 meters of 0.9% copper
on the Roche Trend, 5 kilometres southwest of the Railroad
Zone.
- Infrastructure:
Paved road and high voltage powerline transect the property.
- Drill-ready
project: Untested conductors, magnetic and soil anomalies
as well as priority targets on the Railroad and Roche Zones.
Previously drilled holes include IL2014-003 that
cored 14.51% zinc, 5.86% lead, 0.67% copper and 139.9 g/t silver
over a 9.0 metre interval (7.8 metre true width). This hole also
intersected 6.57% zinc, 2.78% lead, 0.46% copper, and 68.1 g/t
silver over a 3 m core interval (2.6 metre true width). This was
one of 5 holes drilled on the Railroad Zone in 2014.
On the Roche Trend, 5 kilometres southwest of
the Railroad Zone, diamond drill hole IL2018-01 intersected 7.0
meters of 0.9% copper. This is the deepest intercept on the Roche
Trend and according to accepted models for VMS deposits, the
increasing copper content may signify that the core of the deposit
lies below this hole.
SLAM President Mike Taylor states, “This is a
drill ready project with a massive previous work database that is
available to design drilling programs to test for potential
extensions and new discoveries. The BMC was a prolific producer of
zinc, lead, copper and silver and is long overdue for such a
discovery.”
Mine Road Project: The 7,500
hectare Mine Road project comprises 347 units in 2 mineral claims
adjacent to the former producing Heath Steele mine property. From
1957 and 1996, the operator mined 21 million tonnes at Heath Steele
with an average grade of 4.98% zinc, 0.36% lead, 0.54% copper and
69.66 g/t silver. A total of 2,330 million pounds of zinc, 833
million pounds of lead, 446 million pounds of copper and 45 million
ounces of silver were processed. (For reference, these numbers are
derived from: McCutcheon, S.R. (compiler) 1997; Geology and massive
sulphides of the Bathurst Camp, New Brunswick; Geological
Association of Canada - Mineralogical Association of Canada, Joint
Annual Meeting, Ottawa ’97, Field Trip B7, Guidebook, 85 p.)
Volcanogenic Massive Sulphide
Occurrences: The Mine Road project contains 7 volcanogenic
massive sulphide occurrences including the Railroad Zone described
above. The Company expects to generate additional targets once the
Mine Road project database is integrated with SLAM’s extensive
Bathurst Joint Venture database. A total of $1,448,000 in
exploration expenditures have been applied to the Mine Road project
during the past 10 years and assessment work credits of $428,776
are available for future claim renewals.
Infrastructure: The Mine Road
project is located on the Mine Road (Route 430) which connects the
former Heath Steele mine to the city of Miramichi which is 60
kilometres to the southeast. The claims are accessed from this
paved road and a series of logging roads. Electric power is
available from lines that connect Heath Steele to the New Brunswick
power grid.
The Agreement: The Company can
earn a 100% interest in and to the Mine Road project by making the
following cash payments and common share issuances:
|
Due Date |
|
Cash Payments |
|
Common Share Issuances |
|
Within 5 days receipt of approval from the TSX-V |
|
- |
|
100,000 |
|
On or before the 1st anniversary of the option agreement |
|
$10,000 |
|
100,000 |
|
On or before the 2nd anniversary of the option agreement |
|
$10,000 |
|
100,000 |
|
On or before the 3rd anniversary of the option agreement |
|
$10,000 |
|
100,000 |
|
On or before the 4th anniversary of the option agreement |
|
$20,000 |
|
100,000 |
|
Total |
|
$50,000.00 |
|
500,000 |
The Mine Road project is subject to a 2% NSR
royalty. SLAM retains the right to buy back half the royalty equal
to 1.0% NSR for $1,000,000 and the further right to buy back the
remaining royalty equal to 1.0% NSR for $1,000,000 at any time. The
option agreement and proposed share issuances remain subject to
approval by the TSX Venture Exchange. All security issuances will
be subject to a statutory hold period of 4 months and one day from
issuance in accordance with Canadian securities laws. No finders’
fees were paid on this arm’s length agreement.
About SLAM Exploration Ltd:The
Mine Road project is a significant addition to SLAM’s portfolio of
wholly-owned BMC projects that include the A’Hearn, Strachens and
Portage volcanogenic massive sulphide projects. The Company has
extensive experience in the BMC and owns a huge database covering
the entire mining camp dating back to its participation in the
Bathurst Joint Venture. The Company holds NSR royalties and expects
additional cash and share payments on the Wedge, Goodwin, Ramsay
and Ferguson projects in this mineral rich area.
Elsewhere in the mineral-rich province of New
Brunswick, exploration for gold along regional fault structures has
resulted in significant gold discoveries. These include the Maisie
gold vein system at SLAM’s 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. 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 recent Highway and Mine
Road acquisitions.
To view SLAM’s corporate presentation, click
SXL-Presentation. Additional information is available on SLAM’s
website SLAM and SEDAR+ filings at www.sedarplus.ca. Follow
us on twitter @SLAMGold.
QA-QC Procedures: The drilling
results described above are from assessment reports by well
established mining firms with assays from commercial laboratories.
The assessment reports included a summary of QA-QC procedures and
the Company deems these results to be reliable.
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.sedarplus.ca.
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+: 00012459
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