Slam Awarded $100,000 Grant from Province
To Fund Additional Drilling on NI 43-101 Compliant Deposit at NepisiguitMIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 08/15/12 -- SLAM Exploration Ltd. (TSX VENTURE: SXL) (OTCBB: SLMF) ("SLAM") announces it has been awarded $100,000 from the Province of New Brunswick under the Deposit Evaluation Program (DEP). These funds will be used along with matching funds from SLAM to support a program of trenching and diamond drilling on SLAM's wholly-owned Nepisiguit Project in the Bathurst Mining Camp of New Brunswick.
The proposed program is expected to upgrade and expand the NI 43-101 compliant resource in the Nepisiguit A and C zones. The main goal will be to define the potential open pit resource by trenching and drilling. The lateral and downward projection will also be tested. SLAM also intends to begin an Environmental Impact Assessment process for a potential open pit mining operation. The current resource as announced by news release June 26, 2012 is summarized below.
The A-Zone
The A-Zone has an Inferred Resource of 2,938,613 tonnes grading 3.16% zinc, 0.82% lead, 0.23% copper and 30.64 g/t silver based on a 1.5% zinc equivalent cut-off. The deposit is open at depth and in all directions, located near-surface and thought to be amenable to open-pit mining methods. As shown in the following table, potential mining could be optimized to higher grades by increasing the cut-off:
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NEPISIGUIT A-ZONE: INFERRED RESOURCE
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Cut-off Tonnes Grade Contained metal
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Zn EQ % Zn % Pb % Cu % Ag g/t Zinc mT Lead mT Copper mT Silver oz
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1.5 2,938,613 3.16 0.82 0.23 30.64 92,928 24,164 6,633 2,895,222
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3.0 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 1,907,677 4.09 1.11 0.26 41.03 77,972 21,204 4,979 2,516,167
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6.0 876,565 4.75 1.38 0.30 52.76 41,603 12,100 2,625 1,486,792
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The C-Zone
The C-Zone has a revised Inferred Resource of 272,402 tonnes grading 1.41% zinc, 0.32% lead, 0.27% copper and 16.60 g/t silver at a 1.5% zinc equivalent cut-off. The Inferred Resource for the C-Zone is based on 18 diamond drill holes by SLAM.
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 and approximately 30 km from the Caribou mill owned by Trevali Mining Corp. The recently filed NI 43-101 Technical Report and independent resource estimate is available for viewing along with other filed company documents at http://www.sedar.com. The Technical Report provides a complete description including maps, sections and other illustrations to support the 3M tonne inferred resource estimate prepared by Wardrop (Tetra Tech). Additional information about Nepisiguit can be viewed on SLAM's website at http://www.slamresources.com/projects/new-brunswick/nepisiguit/.
Qualifying Statements: The Mineral Resources described herein were previously disclosed by news releases on June 26 and July 12, 2012. 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 2 new gold discoveries on its Menneval and NW Gold projects 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
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
Toll Free: 855.800.6109
Toronto: 647.729.1436
info@slamexploration.com