Re-Evaluation of Historic Silver Discovery In Progress
MIRAMICHI, New Brunswick, June 18, 2020 (GLOBE NEWSWIRE) — SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce it has re-acquired the Lewis Brook silver property by E-staking. SLAM discovered silver at Lewis brook by diamond drilling 11 holes in 1999 and 2000. Mineralized intervals include 346.81 g/t silver over a core interval of 3.6 m in the discovery hole LB99-01 and 1227.71 g/t silver over a 2.20 m core interval in hole LB00-10.
The Lewis Brook property is underlain by volcano-sedimentary rocks similar to those hosting the Nash Creek deposit where Callinex Mines Inc. recently reported significant silver intercepts. SLAM is re-evaluating the results of the soil geochemical and induced polarization surveys it had completed at Lewis Brook along with the 1999-2000 drilling results. Silver was detected in all 11 holes as summarized in the following table:
| Drill Hole |
Hole Dip |
Down-hole Depth m |
Interval m |
Zinc % |
Lead % |
Silver g/t |
| LB9901 | -50 | 15.10 | 4.90 | 0.35 | 0.18 | 13.23 |
| LB9901 | -50 | 79.90 | 0.50 | 0.55 | 0.54 | 144.00 |
| LB9901 | -50 | 84.90 | 3.60 | 2.43 | 1.41 | 346.81 |
| LB9902 | -50 | 115.20 | 27.40 | 0.36 | 0.02 | 2.30 |
| LB9903 | -50 | 78.80 | 35.90 | 0.33 | 0.02 | 1.36 |
| LB9904 | -50 | 112.10 | 3.30 | 1.39 | 0.88 | 15.47 |
| LB0005 | -52 | 37.90 | 2.90 | 0.16 | 0.09 | 170.60 |
| LB0006 | -50 | 37.90 | 0.30 | 1.25 | 0.55 | 54.80 |
| LB0007 | -52 | 26.50 | 1.00 | 1.23 | 6.08 | 50.84 |
| LB0007 | -52 | 88.00 | 0.30 | 0.09 | 0.86 | 299.00 |
| LB0007 | -52 | 111.40 | 0.20 | 3.59 | 0.67 | 652.00 |
| LB0008 | -52 | 17.50 | 0.70 | 0.59 | 0.73 | 10.99 |
| LB0009 | -52 | 42.00 | 1.80 | 1.85 | 0.03 | 4.32 |
| LB0010 | -52 | 50.70 | 1.20 | 0.18 | 0.26 | 239.58 |
| LB0010 | -52 | 63.10 | 2.80 | 0.04 | 0.03 | 40.44 |
| LB0010 | -52 | 73.50 | 2.20 | 0.66 | 0.86 | 1227.71 |
| LB0011 | -65 | 31.80 | 0.20 | 1.09 | 0.10 | 39.80 |
| LB0011 | -65 | 34.00 | 0.30 | 3.13 | 1.04 | 122.00 |
| LB0011 | -65 | 35.40 | 0.30 | 2.73 | 0.73 | 75.80 |
The core intervals described are drilled core lengths. The down-hole depths and intervals are in m. True widths were not determined. East and North coordinates (UTM NAD 83 Z19), elevations and hole depths are listed in the following table:
| Drill Hole | East m | North m | Elev m | Azimuth | Dip | Depth m |
| LB99-01 | 647688 | 5201018 | 424 | 040 | -50 | 152.00 |
| LB99-02 | 647940 | 5201013 | 427 | 040 | -50 | 155.00 |
| LB99-03 | 647618 | 5200902 | 413 | 040 | -50 | 203.00 |
| LB99-04 | 647876 | 5200905 | 425 | 040 | -50 | 134.00 |
| LB00-05 | 647705 | 5201043 | 427 | 040 | -52 | 113.70 |
| LB00-06 | 647706 | 5200997 | 424 | 040 | -50 | 135.00 |
| LB00-07 | 647678 | 5201025 | 424 | 044 | -52 | 132.00 |
| LB00-08 | 647879 | 5201068 | 428 | 040 | -52 | 100.30 |
| LB00-09 | 647660 | 5201041 | 425 | 040 | -52 | 95.70 |
| LB00-10 | 647712 | 5201028 | 425 | 040 | -52 | 105.20 |
| LB00-11 | 647678 | 5201025 | 424 | 040 | -65 | 80.20 |
The Lewis Brook property comprises 2 mineral claim covering 495 hectares acquired by staking on the NB e-CLAIMS portal. The property is contiguous to SLAM’s wholly owned Costigan property, accessible by logging roads and located 30 km northeast of Plaster Rock, New Brunswick.
QA-QC Procedures: Core was delivered to a secure logging facility in Miramichi where it was logged. Selected core intervals were split with half core samples sent to XRAL Laboratories Ltd. XRAL completed a multi-element ICP analysis on all samples using method ICP70. Samples that run over 1% lead or zinc were re-analyzed using their method ICAY50. Samples containing elevated silver were re-analyzed using method CHAY50 and/or FA31G. The Company relied on XRAL for its QA-QC procedures including duplicate assays. The work was supervised by Mike Taylor, P.Geo. President and CEO of SLAM Exploration Ltd.
About SLAM Exploration Ltd:
SLAM is a project-generating resource company with a portfolio of precious metal and base metal properties in New Brunswick and Ontario. The Company owns the Menneval gold project in northwestern New Brunswick as well as 5 gold projects located in the vicinity of Clarence Stream where Galway Gold Inc. has reported successful drilling for gold in southern New Brunswick. SLAM also owns the Reserve Creek, Opikeigen and Miminiska gold projects in Ontario. The Company owns a portfolio of base metal properties in the Bathurst Mining Camp (“BMC”) that are currently under option to Eastern Zinc Corp (EZNC on TSXV). SLAM also holds NSR royalties on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties in the BMC. 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.
Qualifying Statements: Mike Taylor, P.Geo. President and CEO of SLAM Exploration Ltd., as the Qualified Person, approves the scientific and technical disclosure 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 [email protected]
Eugene Beukman, CFO
Contact: 604-687-2038 [email protected] SEDAR: 00012459E