SLAM Exploration Acquires 23 Claim Units of Cobalt Properties (523 Hectares) in Bathurst Mining Camp - Video Available on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - October 5, 2017) - SLAM Exploration (TSXV: SXL) (OTC Pink: SLMXF) has acquired 2 adjoining cobalt properties that now comprise the Ramsay Brook Cobalt project.
The 2 properties, comprised of 23 claim units covering 523 hectares, straddle Highway 180, approximately 25 kilometres west of the Caribou mine operated by Trevali Mining Corp., in New Brunswick's Bathurst Mining Camp.
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The Bathurst Mining Camp, which occupies a roughly circular area of approximate 70 kilometres diameter in northern New Brunswick, boasts some 46 mineral deposits with well defined tonnage and another 100 mineral occurrences.
The history of cobalt on the property, by previous workers, began with a trenching program in 1992, followed by a diamond drill program in 2004. Hole M04-01 intercepted 3.0 metres grading 0.19% cobalt and 0.21% copper, including an intercept of 0.9 metres grading 0.37% cobalt and 0.17% copper. Hole M04-02, collared 100 metres to the northeast cut 0.25% cobalt and 0.16% copper over 0.5 metres. Hole M04-03, collared 11 metres to the southeast did not intersect significant mineralization. Hole M04-04 reported a 24.8 metre interval grading 0.18% cobalt and 0.18% copper, which contained a 4.8 metre interval grading 0.35% cobalt, which further included 0.8 metres of 0.96% cobalt.
An addition 5 holes were drilled later in 2004. Hole M04-05 collared 50 metres southeast of Hole number 4, intersected 6.1 metres grading 0.31% cobalt, including 2 metres grading 0.81% cobalt. Hole M04-06, located 65 metres east of hole M04-04, cut three 1.0 metre core intervals, each grading 0.23% cobalt, 0.32% cobalt, and 0.89% cobalt, within a 90-metre length of mineralized rock with anomalous cobalt at 350 parts per million and copper at 970 parts per million.
| Interval(metres) | Cobalt (%) | Copper (%) | |
| Hole M04-01 | 3.0 | 0.19 | 0.21 |
| including | 0.9 | 0.37 | 0.17 |
| Hole M04-02 | 0.5 | 0.25 | 0.16 |
| Hole M04-04 | 24.8 | 0.18 | 0.18 |
| including | 4.8 | 0.35 | |
| further including | 0.8 | 0.96 | |
| Hole M04-05 | 6.1 | 0.31 | |
| including | 2.0 | 0.81 | |
| Hole M04-06 | 90.0 | 350 ppm | 970 ppm |
| including | 1.0 | 0.23 | |
| including | 1.0 | 0.32 | |
| including | 1.0 | 0.89 | |
| Hole M04-07 | 4.0 | 371 ppm | 1610 ppm |
| Hole M04-08 | 4.0 | 346 ppm | 1953 ppm |
| Hole M04-09 | 13.3 | 378 ppm | 817 ppm |
SLAM has an option to earn 100% in these properties by paying a total of $205,000 and issuing 1.3 million shares, over a three-year period, subject to net smelter returns.
SLAM has launched a preliminary prospecting and trenching program to verify the locations of previous drill holes and determine the scope of this cobalt occurrence.
SLAM, a project-generating company, holds portfolio of base metal and cobalt properties in the Bathurst Mining Camp. Excluding these new cobalt properties, the company owns 9 projects covering 22,600 hectares of prospective land in the Bathurst Mining Camp, which are available for joint venture or earn-in agreements.
According to a New Brunswick Government report, the value of total historic zinc production from the Bathurst Mining Camp was approximately $27.5 billion in 2005 dollars, with the majority of the production coming from the giant Brunswick No. 12 underground mine.
The company has a number of other properties, and holds an NSR royalty on the Superjack and Nash Creek zinc-lead-copper-silver deposits.
The shares are trading at $0.04 and with 32.4 million shares outstanding, the company is capitalized at $1.3 million.
For more information, please visit the company's website at www.slamexploration.com, contact Mike Taylor, President and CEO, at 506-623-8960 or email mike@slamexploration.com, or Eugene Beukman CFO, at 604-687-2038, or email ebeukman@pendergroup.ca.
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