SLAM Exploration Announces 3M Tonne Resource Estimate
05.06.2012 | Marketwire
MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 06/05/12 -- SLAM Exploration Ltd. (TSX VENTURE: SXL) (OTCBB: SLMF) ("SLAM") is pleased to announce new Inferred Resources for the A-Zone and C-Zone of the wholly-owned Nepisiguit Project in New Brunswick. These resources will be disclosed in an independent NI 43-101 Technical Report by Wardrop, a Tetra Tech Company ("Tetra Tech"), which will be posted on the Company's SEDAR profile within 45 days of this release.The A-Zone
The A-Zone has an Inferred Resource of 2,985,432 tonnes grading 3.13% zinc, 0.81% lead, 0.22% copper and 30.28 g/t silver based on a 1.5% zinc equivalent cut-off. The Inferred Resource for the A-Zone is based on an Ordinary Kriged estimate using 56 diamond drill holes by SLAM and 4 holes by previous Operators. The deposit is open at depth and in all directions, located near-surface and thought to be amenable to open-pit mining methods. The resource estimate is disclosed at a range of cut-off grades in the following table:
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NEPISIGUIT A-ZONE: INFERRED RESOURCE
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Cut-off Tonnes Grade Contained metal
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Ag Zinc Lead Copper
Zn EQ % Zn % Pb % Cu % g/t mT mT mT Silver oz
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1.5 2,985,432 3.13 0.81 0.22 30.28 93,371 24,243 6,695 2,906,636
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3 2,061,896 3.94 1.06 0.26 39.22 81,316 21,913 5,265 2,599,900
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3.5 1,913,406 4.08 1.11 0.26 40.96 78,098 21,236 4,993 2,519,470
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6 900,724 4.73 1.37 0.30 52.20 42,570 12,315 2,712 1,511,672
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The C-Zone
The C-Zone has an Inferred Resource of 289,563 tonnes grading 1.37% zinc, 0.31% lead, 0.27% copper and 16.18g/t silver at a 1.5% zinc equivalent cut-off. The Inferred Resource for the C-Zone is based on an Ordinary Kriged estimate using 18 diamond drill holes.
Recommendations
Tetra Tech has recommended an 11-hole drilling program, combined with trenching, to convert some of the A-Zone resource from an Inferred to Indicated Resource Category. SLAM intends to implement these recommendations and intends to begin an Environmental Impact Assessment process for a potential open pit mining operation.
About Nepisiguit: SLAM's 100% owned Nepisiguit project comprises 78 claims covering 1770 hectares located on highway 430 approximately 15 km southwest of the world-class BMS No. 12 mine operated by Xstrata. The deposit is approximately 30 km from the Caribou mill just purchased and being put into production by Trevali. Additional information about Nepisiguit can be viewed on SLAM's website at www.slamresources.com/projects/new-brunswick/nepisiguit/.
Qualifying Statements: Robert Morrison, MAusIMM (CP), P.Geo., is an employee of Tetra Tech and Independent Qualified Person as defined by section 1.5 of NI 43-101. He is responsible for the Mineral Resources disclosed above. The Mineral Resources have an effective date of May 31 2012 and have been estimated in accordance with CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines. Sara Lloyd, P.Geo. is an employee of SLAM and the Qualified Person who has reviewed and approved any additional technical and scientific disclosure in this news release.
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and owns the Nepisiguit silver-copper-lead-zinc deposit and the Nash Creek lead-zinc-silver deposit, both NI 43-101 compliant and located in New Brunswick. The Company is actively exploring to follow up a new gold discovery on its NW Gold project in northwestern New Brunswick. The Company also owns a significant gold portfolio in Ontario including the Reserve Creek gold deposit. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com.
On behalf of the Board
Mike Taylor, P. Geo., President & CEO
SLAM Exploration Ltd.
SEDAR: 00012459E
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration and development activities and events or developments that SLAM expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward looking statements. Please see our public filings at www.sedar.com for further information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
SLAM Exploration Ltd.
Brian Jones, Investor Relations
Toronto: 647.729.1436, or Toll Free: 855.800.6109
info@slamexploration.com
www.slamexploration.com