American Cobalt Acquires Ramsay Cobalt Property From SLAM
TSXV: SXL
MIRAMICHI, NB, March 15, 2018 /CNW/ - SLAM Exploration Ltd.
(TSXV: SXL) ("SLAM") announces it has signed a Letter Of Intent
(LOI) with American Cobalt Corp ("ACC") that sets the terms
for purchase of the Ramsay Cobalt property by ACC. ACC can
earn 100% interest in the Ramsay Cobalt Property by completing a
total of $500,000 in cash and
2,500,000 in share payments over a 2 year period. SLAM retains a 2%
NSR royalty of which ACC may buy down 1% NSR at any time for
$1M. The proposed Agreement and
issuance of shares remain subject to the approval of the
CSE. Slam Exploration will continue to maintain obligations to
underlying option holders other than certain royalties which will
become the responsibility of American Cobalt.
The 8-claim Ramsay cobalt property covers 2500 hectares located
on highway 180 approximately 25 km west of the Caribou mine
operated by Trevali Mining Corp. in the Bathurst Mining Camp
("BMC") of New Brunswick, Canada.
Well-developed infrastructure includes paved road access and
nearby electric power within a well-known mining camp administered
by a mining friendly jurisdiction.
The Ramsay Cobalt Property: Previous operators
identified cobalt and copper mineralization over a 650m strike length through trenching, geochemical
and ground based geophysics followed by a limited drilling program
totaling 1321 meters. The mineralized zone remains open along
strike and at depth.
Nine holes were drilled on the Ramsay cobalt property by
previous workers in 2004. Reported intervals include 0.8m grading 0.956% cobalt within a 4.8m core interval grading 0.352% cobalt. Such
higher grade zones typically occur within wider core intervals
ranging to 24.8 m grading 0.180%
cobalt and 0.182% copper. Significant core intervals from all nine
holes are summarized in the table below:
DDH
|
From
|
To
|
Length
|
Cu
%
|
Co
%
|
M04-01
|
13.8
|
14.9
|
1.1
|
0.849
|
0.024
|
M04-01
|
33.3
|
36.3
|
3.0
|
0.213
|
0.19
|
Including
|
33.3
|
34.2
|
0.9
|
0.168
|
0.367
|
M04-02
|
24.9
|
35
|
10.1
|
0.073
|
0.023
|
Including
|
32.6
|
33.1
|
0.5
|
0.160
|
0.245
|
M04-03
|
23.9
|
24.4
|
0.5
|
0.160
|
0.010
|
M04-04
|
24.0
|
48.8
|
24.8
|
0.182
|
0.180
|
Including
|
43.0
|
47.8
|
4.8
|
0.019
|
0.352
|
Including
|
45.0
|
47.8
|
2.8
|
0.037
|
0.721
|
M04-04
|
48.8
|
50.5
|
1.7
|
0.990
|
0.018
|
M04-05
|
11.0
|
12.9
|
1.9
|
0.469
|
0.044
|
M04-05
|
28.4
|
34.5
|
6.1
|
0.052
|
0.341
|
Including
|
32.5
|
34.5
|
2.0
|
0.031
|
0.808
|
M04-05
|
95.4
|
104.7
|
9.3
|
0.111
|
0.028
|
Including
|
102.7
|
103.7
|
1.0
|
0.597
|
0.011
|
M04-06
|
20.0
|
21.0
|
1.0
|
0.114
|
0.341
|
M04-06
|
36.0
|
130.0
|
94.0
|
0.097
|
0.035
|
Including
|
37.0
|
38.0
|
1.0
|
0.570
|
0.149
|
And
|
62.0
|
63.0
|
1.0
|
0.065
|
0.226
|
And
|
85.0
|
86.0
|
1.0
|
0.116
|
0.886
|
And
|
101.0
|
102.4
|
1.4
|
0.950
|
0.009
|
M04-07
|
64.0
|
68.0
|
4.0
|
0.161
|
0.037
|
M08-08
|
5.5
|
10.0
|
4.5
|
0.040
|
0.008
|
M04-08
|
54.0
|
58.0
|
4.0
|
0.195
|
0.035
|
M04-09
|
10.0
|
16.0
|
6.0
|
0.070
|
0.019
|
Source SLAM news
release dated January 9, 2018.
|
Previous operators identified Cobalt and Copper mineralization
over a 650m strike length through
trenching, geochemical and ground based geophysics and a limited
drilling program totaling 1321 meters. The mineralized zone
remains open along strike and at depth.
The above noted drilling results are drill core intervals. True
widths were not reported.
ABOUT AMERICAN COBALT CORP: American Cobalt Corp.
is a North American mineral exploration and development business
focusing on the burgeoning cobalt sector. The rapidly growing large
battery industry, a major consumer of cobalt, makes cobalt an
appealing sector of focus. The Company seeks to add shareholder
value by sourcing and developing projects in safe, progressive
jurisdictions adhering to strict environmental and social
standards.
ABOUT SLAM EXPLORATION LTD:
SLAM is a project
generating company that holds an NSR royalty on the Coulee,
Superjack and Nash Creek
zinc‐lead‐copper‐silver deposits and owns a portfolio of cobalt and
base metal properties in the Bathurst Mining Camp ("BMC") of New
Brunswick. The Company intends to utilize its extensive BMC
mineral database to explore and develop properties in this historic
mineral-rich region. Other projects include the Menneval gold
project and, in Ontario, the
Reserve Creek gold project. 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 Procedures: The technical information referenced in
this news release derive from two assessment reports written by a
qualified person in 2004. The reports document the sawing of
core and sampling procedures and include copies of the assay
certificates for the drilling program. The assays were done
using the ICP70 method by SGS Canada Inc. of Toronto, Ontario.
Qualifying Statements: Mike
Taylor, P.Geo. President and CEO of SLAM Exploration Ltd.,
as the Qualified Person, approves the scientific and technical
disclosure in the 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.
SOURCE SLAM Exploration Ltd.