SLAM Evaluates Gold, Lithium, Niobium and Tantalum Assets
05 Dezember 2023 - 6:05PM
SLAM Exploration Ltd. (TSXV-SXL) (OTC: SLMXF)
(“
SLAM” or the “
Company”)
announces that it has recently made significant acquisitions with
the addition of three projects in the critical element space and
now holds a diversified portfolio of gold, lithium, niobium,
tantalum, silver and zinc projects. The Company has mandated its
consultants to evaluate each project for possible option, vend-out
or spin off arrangements in a strategic manner to focus on core
projects. This strategic evaluation begins with the Menneval and
Jake Lee gold projects where the company has reported significant
gold discoveries as summarized below:
Menneval Gold Project: The
discovery of the Maisie vein resulted from a SLAM prospecting
expedition designed to investigate an 8000 metre (m) long gold
anomaly from a regional till survey conducted by the government.
This was followed by discovery of the No 2, No. 9, No 18 and No 22
veins, all associated with a 1500 m by 3000 m antiformal dome
structure in the footwall of the Restigouche fault. This regional
Appalachian structure is similar to the Appleton fault where
NewFound Gold Corp. has reported major gold discoveries such as
Queensway. The following selected results were reported in the past
from Menneval trenching and drilling programs by SLAM:
- 1838.00 g/t gold over 0.10 m in
trench M18-12
- 3950.00 g/t gold over 0.10 m in
trench M18-13 (News Release 2020-Dec-03)
- 162.50 g/t gold over 0.2 m core
interval in diamond drill hole BG21-11
- 56.90 g/t gold over 0.5 m core
interval in diamond drill hole BG22-30
- 104.00 g/t gold over 0.3 m core
interval in diamond drill hole MG12-26
- 7.09 g/t gold over 0.6 m core
interval in diamond drill hole MG22-77
It should be noted that the drilling results
listed above are core intervals and may not represent the true vein
widths. The vein system is associated with a 3,000 m gold soil
anomaly shown on Figure 1 that is largely untested. SLAM is
planning a diamond drilling program to test the depth extent of
these veins and to test for potential extensions.
Figure 1: Menneval Gold Occurrences And
3000 Metre Gold Anomaly
Jake Lee Gold Project: Multiple
gold anomalies were detected with assays ranging from 0.005g/t to
0.980 g/t in 190 of the 517 soil samples collected on SLAM’s wholly
owned Jake Lee mineral claims located 30 kilometres west of Saint
John, New Brunswick.
- The highest
value, 0.980 g/t gold occurs 100m east of a cluster of gold-bearing
float grading up to 39.300 g/t gold reported January 25, 2023.
- Three trenches
uncovered the CT vein at 3 points for a strike length of 150 m near
its north end. The vein is up to 8 metres wide and locally
mineralized with limonite, pyrite and chalcopyrite.
- Grab samples
collected from angular float associated with the CT vein have
returned anomalous levels ranging to 0.125 g/t gold and copper to
0.663%.
Recent Acquisitions:
- The
Peninsula Lithium Project: SLAM announced on November 22,
2023, an option to acquire the 4,700 hectare Peninsula lithium
project comprising 302 claim units near the 60 million tonne Rose
lithium-tantalum deposit and mine project operated by Critical
Elements Lithium Corp. (“CRE”). CRE reported new lithium
discoveries northeast of the Rose deposit suggesting a possible
trend toward the Peninsula project. The Peninsula lithium project
is located in the centre of the James Bay lithium district which
includes Rose, Corvette, Whabouchi and other deposits as shown on
Figure 2. SLAM intends to conduct prospecting, geochemistry and
diamond drilling in exploration for additional lithium rich
pegmatites in 2024.
Figure 2: Peninsula Project - James Bay
Lithium District
- The
Notre Dame Niobium Project: SLAM announced on October 25,
2023, that it signed an agreement with St-Georges
Eco-Mining to acquire the option to earn a
51% interest in the Notre Dame Niobium Critical Mineral Project
located 110 km northwest of the Niobec niobium mine in Quebec.
- St-Georges
identified niobium and rare earth element (REE) in pegmatites and
carbonatites with grab samples range up to 2,320 ppm niobium (0.33%
Nb2O5) with 3,901 ppm total REE including 1,726 ppm heavy REE and
2,175 ppm light REE. Permits are in place for a trenching and
drilling program to test these new discoveries at Notre Dame.
- The Ear
Falls Lithium Project: SLAM announced on October 12, 2023,
that it had acquired an option from Perry English and Gravel Ridge
Resources Ltd., to acquire a 100% interest in the Ear Falls lithium
project, located in the vicinity of a new lithium discovery by
Beyond Lithium Inc. (BY on CSE) near Ear Falls in northwestern
Ontario.
- Beyond Minerals
recently reported, “New spodumene bearing pegmatites zone
discovered at the Ear Falls Project with grab samples up to 4.54%
Li2O” on its claims.
- SLAM intends to
conduct prospecting, geochemistry and, if warranted, diamond
drilling in 2024.
Figure 3: SLAM Lithium, Niobium and
Gold* Projects In Ontario And Quebec
*Reserve Creek gold project is under option to
S2 Minerals Inc.
- The
Mine Road Base Metal Project: SLAM announced on September
6, 2023, an option to acquire a 100% interest in the Mine Road
project, located adjacent to the former Heath Steele mine in the
historic Bathurst Mining Camp of New Brunswick. The property is
host to several volcanogenic massive sulphides (VMS) occurrences
including the Railroad zone.
- Previous
workers drilled a number of VMS core intercepts on the Railroad
Zone including 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.
The Railroad zone is a drill ready VMS target.
About SLAM Exploration Ltd:
SLAM is a resource company with a large
portfolio of mineral claim holdings in 3 divisions; Gold, Critical
elements and Base Metals. SLAM has built its gold portfolio through
exploration for gold along regional fault structures has resulted
in significant gold discoveries including the Maisie gold vein
system at SLAM’s wholly owned Menneval project and a number of
recent gold discoveries in southern New Brunswick on its Shadow
Lake, Jake Lee and Highway projects. These projects have potential
for critical elements minerals as well as cobalt, silver and base
metals.
The recently acquired Peninsula
Lithium-Tantalum, Ear Falls Lithium and Notre-Dame Niobium projects
are significant additions to SLAM’s Critical and Strategic Element
portfolio.
The Company recently added the Mine Road zinc,
lead, silver project to its base metal portfolio in the mineral
rich Bathurst Mining Camp of New Brunswick. Previous workers
drilled massive sulphide zones including one hole with a core
interval grading 14.51% zinc, 5.86% lead, 0.67% copper and 139.9
g/t silver over a 9.0 metre interval. The Company holds NSR
royalties and expects additional cash and share payments on the
Wedge, Goodwin, and Ferguson base metal projects. SLAM also holds
NSR royalties and may receive addition cash and share payments on
the Ramsay, Reserve Creek and Opikeigen gold projects.
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: SLAM
collected grab samples from boulders and outcrop. These samples
were submitted to ALS Chemex in Moncton, New Brunswick for sample
prep followed by gold analysis using fire assay with AAS finish
(Au-AA23). Samples above the detection limit were re-assayed using
a gravimetric method. In addition, selected samples were analyzed
for multiple elements using ICP. Soil samples were submitted to
ActLabs in Fredericton, NB for gold analysis using fire assay with
AAS finish as well as multi-element analysis using ICP.
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 |
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/23fdfc71-4411-4834-9ad4-4ddbbbd9f2fd
https://www.globenewswire.com/NewsRoom/AttachmentNg/1a1c1a14-b0b9-417e-bcf9-0a478714384e
https://www.globenewswire.com/NewsRoom/AttachmentNg/e05782c1-2eda-45c4-82df-826f877fb190
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