SLAM Exploration Ltd. Acquires More Copper Nickel Claims
Assays pending on 214 Diamond Drill Core SamplesSLAM Exploration Ltd. ("SLAM" or the "Company") (TSXV-SXL) announces that further to the news release dated July 16, 2024 it has closed the option agreement dated July 15, 2024 (the "Agreement") to acquire a 100% interest in seven (7) additional mineral claims adjacent to its wholly owned Goodwin claims. The expanded Goodwin Project comprises 194 units covering 4,239 hectares located 5 kilometers southwest of the Half Mile copper zinc silver deposit in the Bathurst Mining Camp of New Brunswick.
The Agreement: SLAM has obtained final approval from the TSX Venture Exchange and has made the first share issuance due pursuant to the Option Agreement and it has issued 100,000 common shares to Fernand Robichaud (the "Optionor") at a deemed price of $0.05 per share. The securities have a four month and one day hold period which will be expire on November 24, 2024, pursuant to Canadian securities laws.
SLAM can earn a 100% interest in and to the Goodwin Project by making the following cash payments and common share issuances over a period of three (3) years:
| Due Date | Common Share Payments | Cash Payment (CAD) |
| Within 5 business days of approval by the TSXV Exchange | 100,000 | $5,000 |
| On or before the 1st anniversary of signing the Agreement | 100,000 | $10,000 |
| On or before the 2nd anniversary of signing the Agreement | 100,000 | $15,000 |
| On or before the 3rd anniversary of signing the Agreement | 200,000 | $20,000 |
| Total | 500,000 | $50,000 |
Upon SLAM earning 100% interest, the Optionor will retain a 2% net smelter return ("NSR") royalty on the Property (the "Royalty"). The Company shall have the right to buy back one-half of the Royalty equal to 1.0% NSR for $1,000,000 at any time and the right of first refusal on the remaining NSR before the commencement of production.
The Goodwin Project: Assays are pending on 214 samples delivered to ALS Chemex Inc. for multi-element analyses using ALS methods ME-ICP41 and PGM-ICP23. These include 38 samples from hole GW24-01; 98 samples from hole GW24-02 and 78 samples sawn from hole GW24-03. The samples represent a 34.55 meter zone of pyrrhotite-chalcopyrite (copper) mineralization in hole GW24-01; a 31.80 meter zone of pyrrhotite-chalcopyrite mineralization in hole GW24-02 and a 58 meter zone of 15% pyrrhotite mineralization intersected by hole GW24-03. According to previous workers, pyrrhotite mineralization at Goodwin generally contains nickel.
Hole GW24-01: The highlight of the hole is an 8.50 meter core interval containing 50% pyrrhotite with copper mineralization (chalcopyrite). This copper-bearing interval occurs within a 34.55 meter zone of variable pyrrhotite mineralization from 24.85 meters to 59.40 meters. Previous workers have shown that pyrrhotite commonly contains nickel at Goodwin. (SXL News Release June 21st, 2024).
Hole GW24-02: Highlights include a 5.1 meter interval containing 70% pyrrhotite and 5% chalcopyrite (copper mineralization). This copper-bearing interval occurs within a 31.80 meter zone of variable pyrrhotite mineralization from 22.60 meters to 54.50 meters. (SXL News Release June 26th, 2024).
Hole GW24-03: This hole intersected three zones of pyrrhotite mineralization including a 23.55 meter core interval with 15% pyrrhotite starting at 72.90 meters, a 13.65 meter interval with 15% pyrrhotite 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. (SXL News Release July 3rd, 2024).
QA-QC Procedures: The Goodwin drilling highlights are from summary logs reported in previous SXL news releases. The results from previous workers are from news releases and reports that predate NI43-101 regulations. The numbers can only be validated by additional drilling.
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