Drilling Critical Elements in the Bathurst Mining Camp

 

July 3rd, 2024 – TheNewswire - Miramichi, New Brunswick ‐ SLAM Exploration Ltd. (TSXV:SXL) (“SLAM” or the “Company”) is pleased to report preliminary results  from the third hole (GW24-03) drilled on its wholly owned  Goodwin Project in the Bathurst Mining Camp (BMC) of New Brunswick. The Goodwin Project is located 5 kilometers southwest of the Half Mile copper zinc silver deposit owned by Trevali Mining Corporation in the BMC.

Hole GW24-03 highlights include a 23.55 meter core interval with 15% pyrrhotite starting at 72.90 meters, a 13.65 meter interval with 15% pyrrhotite mineralization starting at 94.8 meters and a 20.85 meter zone with 15% pyrrhotite from 113.15 meters to 134.00 meters. These intervals combine for 58 meters of pyrrhotite mineralization, which, according to previous workers, generally contains nickel at Goodwin. GW24-03 was drilled from a site located 900 meters southeast of hole GW24-02.  DDH GW24-03 was drilled at a dip of 500 toward azimuth 0400 to a depth of 248 meters. The summary log reads as follows:

Interval Meters	Description	Mineralization
0.00 – 4.50	Casing
6.00 - 24.60	Pegmatite gabbro	Pyrrhotite traces
24.60- 62.90	Gabbro, coarse grained
56.60-62.90	Mineralized gabbro	15% pyrrhotite, chalcopyrite traces
62.90-72.90	Mafic volcanic
72.90-96.45	Mineralized gabbro, coarse grained, local pegmatite	15% pyrrhotite, chalcopyrite traces
94.80-94.85	Mineralized gabbro	20% chalcopyrite
96.45-97.80	Felsic dyke
97.80-111.45	Gabbro coarse grained	15% pyrrhotite
106.75-106.85	Mineralized gabbro	75% pyrrhotite
111.45-113.15	Mafic volcanic
113.15-114.9	Mineralized gabbro	15% pyrrhotite
114.90-115.55	Mafic volcanic	10% pyrrhotite, chalcopyrite traces
115.55- 134.00	Gabbro	15% pyrrhotite, chalcopyrite traces
134.00 169.50m	Gabbro, fine grained	2-5% pyrrhotite
169.50- 219.00	Gabbro	Pyrrhotite traces
219.00-248.00	Mafic volcanic	Pyrrhotite traces and films
248.00	End of Hole

The core has been delivered to a secure facility in Bathurst New Brunswick for detailed logging and sampling.

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Goodwin Project Highlights: The Company sawed 35 meters of mineralized core from hole GW24-01 and bagged 38 samples. The sawn core samples were delivered to ALS Chemex Inc. in Moncton New Brunswick for copper, nickel, silver, cobalt, bismuth, platinum, palladium and gold analyses as well as other elements using ALS multi-element package ME-ICP41 and method PGM-ICP23. Samples that run over 1% copper and/or 1% nickel will be analyzed using an over-limit method ME-OG46.

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Logging and sampling are in progress on diamond drill hole GW24-02 and GW24-03. Holes GW24-01 and GW24-02 tested the Granges zone where previous workers cored a 5.7 meter interval grading 1.79% copper plus 1.51% nickel in diamond drill hole GR87-55. The core length in meters may not equal the true width of this interval. HoleGW24-03 located 900 meters southeast of hole GW24-02 was drilled to test for pyrrhotite and associated nickel mineralization in the Farquharson zone which was discovered by Noranda in a 1960 drilling program. Upon completion of GW24-03, the drill was de-mobilized.

The Goodwin Project consists of 8 original claims plus 5 recently optioned claims that combine for 159 units that cover 3,474 hectares of prospective mineral ground. The project is underlain by the Goodwin Lake gabbro, a 6,500 meter long body of intrusive rocks hosting the 3 copper nickel occurrences referenced above. Permits are in place for a trenching and drilling program to test for copper nickel mineralization as well as gold and platinum group metals. The Goodwin project is accessible by logging roads from the Fraser Burchill road off Route 430 which connects to the city of Miramichi 90 kilometers to the southeast.

 

QA-QC Procedures: The results described above are from news releases and reports that predate NI43-101 regulations. The numbers can only be validated by additional drilling but the Company deems these results to be useful to plan additional drilling. The core descriptions and the summary log for hole GW24-03 are based on visual observations of the core.

About SLAM Exploration Ltd: SLAM Exploration Ltd. a public resource company with a large portfolio of mineral claim holdings built around its wholly owned Menneval gold project in the mineral-rich province of New Brunswick. SLAM has discovered multiple gold veins at Menneval and previously reported gold bearing core intervals including 162.5 g/t gold over 0.2 m and 56.90 g/t gold over 0.5 m (news releases December 13, 2021 and November 22, 2022). The Company reported quartz float grading up to 39.2 g/t gold on its Jake Lee project in the vicinity of the Clarence Stream gold deposit where Galway Metals Inc. is working on a 2.3 M ounce gold deposit in southern New Brunswick.

The Company holds the Goodwin copper nickel project and the Mine Road VMS copper zinc silver project in the mineral rich Bathurst Mining Camp of New Brunswick. Previous workers discovered 3 copper nickel occurrences at Goodwin. Mineralized core intercepts were drilled including 1.79% copper plus 1.51% nickel over 5.7 meters in diamond drill hole GR89-55 on the Goodwin project.

Successful diamond drill holes by previous workers include IL2014-003 with a 9-meter core interval grading 14.51% zinc, 5.86% lead, 0.67% copper and 139.9 g/t silver on the Railroad zone at Mine Road. (Doe Run Canadian Exploration ULC; 2015, New Brunswick Assessment Files, Report of Work 477877), The Railroad zone is 7,000 m east of the 20 M tonne former producing Heath Steele B Zone.

The Company is a project generator and has received significant cash and share payments over the last 6 months as follows; $150,000 cash and 50,000 shares from S2 Minerals Inc. (STWO) on December 19, 2023 pursuant to the Reserve Creek gold agreement; 534,000 shares and 333,000 warrants (exercisable at $0.01) issued by Nine Mile Metals Inc. (NINE) on March 01, 2024 pursuant to the Wedge project agreement and $25,000 cash plus 2,500,000 shares of Lode Gold Resources Inc. (LOD) pursuant to the  Ramsay gold agreement. The Company holds NSR royalties and expects additional cash and share payments on the Wedge copper zinc project and on the Ramsay, Reserve Creek and Opikeigen gold projects.

To view SLAM’s corporate presentation, click SXL-Presentation. Additional information is available on SLAM’s website and on SEDAR+ at www.sedarplus.ca.  Follow us on X @SLAMGold.

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 & CEO

Contact: 506-623-8960 mike@slamexploration.com

 

Eugene Beukman, CFO

Contact: 604-687-2038 ebeukman@pendergroup.ca                                SEDAR+: 00012459