Slam Drills Gold Mineralization in Maisie Zone

Maisie Gold Vein Intercepts Range Up To 10.3 g/t Gold

MIRAMICHI, New Brunswick, Oct. 05, 2020 (GLOBE NEWSWIRE) —

SLAM Exploration Ltd.

(“

SLAM

” or the “

Company



on


TSXV: SXL

) is pleased to announce the results from a diamond drilling on its wholly owned Menneval Gold project in northwestern New Brunswick. Gold mineralization was intersected in all 9 holes ranging from 0.10 g/t up to 10.3 g/t gold over 0.3 m.

The Company completed 9 diamond drill holes for a total of 624 m that test the Maisie gold vein over a strike length of 250 m. All 9 holes intersected quartz and carbonate zones representing the Maisie vein over core lengths ranging from 0.2 m to 1.1 m at down hole depths ranging from 28 m to 105 m. Previous trenching and drilling programs traced the Maisie gold‐bearing quartz vein over a strike‐length of 700 metres and to a depth of 30 metres.


Hole_ID

From_m

interval_m

Au_g


/t
MG2065 58.60 0.90 0.33
MG2065 61.28 1.42 0.29
MG2065 66.16 0.50 0.67
MG2066 36.79 0.10 1.45
MG2067 29.00 0.30 3.61
MG2068 36.55 0.35 0.07
MG2069 17.50 1.10 0.50
MG2069 18.60 0.30 10.30
MG2070 20.00 0.55 3.05
MG2070 20.55 1.45 0.45
MG2071 26.80 0.20 0.10
MG2072 78.90 0.50 0.45
MG2072 79.40 1.10 0.25
MG2073 105.07 0.38 0.17

Drill collar data For the drilling program is tabled below:

Hole_ID Dip Az Depth m East_UTM North_UTM
MG20-65 -50 180 104 629191 5297380
MG20-66 -50 180 77 629087 5297325
MG20-67 -45 340 41 629314 5297393
MG20-68 -55 340 62 629314 5297393
MG20-69 -50 155 41 629298 5297422
MG20-70 -50 170 38 629298 5297422
MG20-71 -65 170 50 629303 5297445
MG20-72 -65 170 92 629295 5297467
MG20-73 -60 165 119 629189 5297401

The Company recently announced the new discovery of a series of

quartz veins

uncovered by trenching in the area south of the Maisie vein adjacent to Zone 9. The new veins range up to 1 m thick and are mineralized with limonite and locally pyrite. Visible gold was reported from two of the veins. The Company collected 42 grab samples from the trenches and 282 soil samples from the trench area. Pending assays from the grab samples, additional trenching is planned for this new gold discovery.

The drilling program is supported in part by a $30,000 contribution to the Menneval Gold project under the New Brunswick Junior Mining Assistance Program.


The Menneval Project:

Based on the new gold discovery, the Company staked 118 additional claim units covering an additional 2530 hectares at Menneval. The expanded Menneval Gold project is now comprised of 480 claim units covering 10,460 hectares located in northwestern New Brunswick. The Company holds a 100% interest in the Menneval claims. Four (4) claim units covering 105 hectares are subject to a 1.5% NSR. The Company can buy down 0.5% of the NSR for $500,000 and it has the right of first refusal on the remaining 1% NSR.



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 and the Lewis Brook silver project in northern New Brunswick, as well as 5 gold projects located in the vicinity of Clarence Stream where Galway Gold Inc. has reported successful gold drilling results 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 is subject to an option agreement. 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.


QA-QC





Sampling Procedures


All drill core was delivered from the Menneval gold project to a secure facility for logging. After logging, selected samples were sawn and sampled. Standard and blank samples were inserted in the sample sequence. The samples were shipped to ALS Geochemistry in Moncton New Brunswick for gold analysis using Au-A23, a fire assay with AAS finish. Samples over 10 g/t were re-analysed by fire assay with gravimetric finish.



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 materiall


y 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


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