ASSAYS PENDING
TSXV: SXL
MIRAMICHI, NB, Aug. 7, 2018
/CNW/ - SLAM Exploration Ltd. ("SLAM" or the
"Company" on TSXV: SXL) is pleased to announce a new
massive sulphide discovery in its first hole on the Portage project
in the Bathurst Mining Camp ("BMC") of New Brunswick. Diamond
drill hole PZ-18-01 drilled into a zone of massive sulphide
mineralization over a core length of 1.35
m at a depth of 147 m.
The mineralized core interval comprises 80% sulphides, mainly
pyrite with visible zinc and lead mineralization. This
new VMS discovery occurs in the Boucher Brook formation
120m above the Portage zone. It
is open down-dip and along strike. Assays are pending.
![Slam Exploration Ltd. (CNW Group/SLAM Exploration Ltd.) Slam Exploration Ltd. (CNW Group/SLAM Exploration Ltd.)](https://mma.prnewswire.com/media/727710/SLAM_Exploration_Ltd__SLAM_Discovers_New_Massive_Sulphide_Zone.jpg)
Below the new discovery, hole PZ18-01 intersected volcanic rocks
including a dyke and fault where the Portage zone was expected at
280m. The hole was drilled to a
final depth of 340 m. Hole
PZ18-02 was collared at a site 120 m
north and drilled to 302 m. It
intersected weakly mineralized volcano-sedimentary rocks that
correlate with the Portage zone at a depth of 270m. This completes the 642 m drilling phase of its initial exploration
program on the Portage project.
The Portage zone was discovered by previous workers in
1976. To date, drilling by previous workers has roughly
outlined a zone with dimensions of 450
m along strike, 250 m down-dip
and up to 60 m thick. Early
drilling results include a 3.35m wide
core interval grading 5.81% zinc 2.97% lead 0.61% copper within a
25.30 m core interval of volcanogenic
stringer and massive sulphide mineralization that averages 3.27%
zinc 0.52% lead and 0.30% copper in hole CP77-57.
Mineralized core intervals occur in 15 of the 21 historic diamond
drill holes drilled on the Portage zone. The zone is open
down-dip to the west and that direction is the focus of the
drilling program.
Since the new discovery of mineralized float announced
July 19, 2018, the Company expanded
and re-grouped its Portage claims. The Portage property covers 7100
hectares comprising 4 mineral claims acquired through prospector
agreements and 4 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. The Portage zinc-lead-copper-silver property is SLAM's
flagship project in the Bathurst Mining Camp ("BMC") of
New Brunswick, Canada where the
Company now owns 39,000 hectares of mineral land.
$50,000 NBJMAP Grant:
The Company has been awarded a grant of $50,000 under the New Brunswick Junior Mining
Assistance Program ("NBJMAP") in support of the proposed Portage
drilling program.
QA-QC Procedures: Drill core was logged at the
drill site. Selected core was marked for sampling and
delivered to a secure government facility for sawing. The
company inserted a blank and a standard into the sample
series. A total of 37 samples were shipped to AGAT
Laboratories of Mississauga,
Ontario for analysis. Technical information and
previous drilling results referenced in this news release derive
from historic assessment reports that predate NI43-101. The
work was supervised and the historic reports were written by
qualified geologists familiar with mineral exploration in New
Brunswick.
About SLAM Exploration Ltd:
SLAM is a
project-generating resource company holding NSR royalties on the
Ramsay cobalt property and on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver
properties in the Bathurst Mining Camp ("BMC") of New
Brunswick. The Company owns a portfolio of base metal and
cobalt properties and intends to combine technical expertise with
an extensive BMC mineral database to explore and develop properties
in this prolific mineral region. 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 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 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.