SLAM Seeking Zinc-Lead-Copper-Silver VMS and Cobalt IOCG
Deposits
TSXV: SXL
MIRAMICHI, NB, June 6, 2018 /CNW/ - SLAM Exploration Ltd.
("SLAM" or the "Company" on TSXV: SXL)
announces that it has received payment of 500,000 shares and
$25,000 cash from Callinex Mines Inc.
("Callinex", TSXV: CNX) in accordance with the agreement allowing
Callinex to purchase the Superjack and Nash base metal properties
located in the Bathurst Mining Camp ("BMC") of New Brunswick, Canada, as announced on
May 18, 2016.
The Portage Zinc-Lead-Copper-Silver Property:
The 2018
exploration program is in progress on the Portage
zinc-lead-copper-silver property located in the BMC of New
Brunswick. As previously announced, this program is intended
to focus on the Portage volcanogenic massive sulphide occurrence
discovered by previous workers in 1976. SLAM's prospecting
team has found mineralized boulders that suggest potential for
additional zinc-lead-silver-copper discoveries on the Portage
property. Historic geochemical surveys suggest potential for cobalt
as well.
The Portage property covers 5000 hectares comprising 4 mineral
claims acquired through a prospector agreement and 7 mineral claims
acquired by staking. The property is accessible by logging roads
and located 1 km south and west of the Restigouche VMS deposit
owned by Trevali Mining Corp. Trevali's Caribou mine is in
continuous operation 25 km to the east.
Royalties Held By SLAM:
- The Company retains a 1% NSR on all future production from the
Superjack and Nash Projects (the "Royalties"). The Royalties
increase by 0.25% NSR if zinc prices exceed US $1.25 per pound and US $1.50 per pound respectively. Callinex may
purchase one-half of the Royalties at any time for $500,000.
- SLAM retains a 1% NSR on any future mineral production from the
Coulee property in the BMC of New
Brunswick. Osisko Metals Incorporated may purchase the NSR
at any time in return for a cash payment of $750,000.
- SLAM retains a 2% NSR royalty on future production from the
Ramsay Cobalt Property. International Cobalt Corp. (Listed on CSE:
CO) may buy down 1% NSR at any time for $1M.
About SLAM Exploration Ltd:
SLAM is a
project-generating resource company holding NSR royalties on the
Ramsay Cobalt Property as well as the Superjack, Nash Creek and Coulee zinc-lead-copper-silver
properties in the BMC of New
Brunswick. The Portage VMS project is the flagship of a
39,000 hectare portfolio of base metal and cobalt properties in
this prolific mineral region. Other projects include the
Menneval gold project, the Reserve Creek and the 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.