Exploration Planned To Source Mineralized Float
TSXV: SXL
MIRAMICHI, NB, March 23, 2018 /CNW/ - SLAM Exploration Ltd.
(TSXV: SXL) ("SLAM" or the "Company") is pleased
to announce it has acquired a new cobalt project by staking 67
units in 3 mineral claims. The 1863 hectare property was
acquired to cover a historic mineral discovery known as the Reids
Gulch cobalt-nickel-copper-zinc occurrence. The new property
is located on a logging road 40 kilometres northwest of the Caribou
mine operated by Trevali Mining Corp in New Brunswick, Canada.
According to provincial records, previous workers found
mineralized float (boulders) grading 0.10% cobalt, 0.66% nickel,
0.10% copper and 5.0% zinc at Reids Gulch in 1972. Four trenches
were dug by hand but the source of mineralized float was not
located. The occurrence is associated with an aeromagnetic
anomaly detected by a later government survey. The same
survey suggests the presence of unmapped intrusive rocks at or near
surface on the Reids Gulch property. There is no
record of any other work in the vicinity of this occurrence.
SLAM intends to mobilize its advance scout team at the start of the
2018 field season to re-locate this mineral occurrence and search
for the bedrock source.
The Company also announces that pursuant to the Company's stock
option plan, it has granted incentive stock options to its
directors, officers, employees and consultants to purchase an
aggregate of 1,220,000 common shares with an exercise price of
$0.05 per share for up to five (5)
years.
About SLAM Exploration Ltd:
SLAM is a
project-generating resource company holding an NSR royalty on the
Superjack, Nash Creek and Coulee
zinc‐lead‐copper‐silver properties and owning a portfolio of base
metal and cobalt properties in the Bathurst Mining Camp ("BMC") of
New Brunswick. The Company continues to utilize its extensive
BMC mineral database to explore and develop properties in this
historic region of mineral potential. Other projects include
the Menneval gold project and the Reserve Creek and Miminiska gold
projects in Ontario. 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 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.