SLAM Receives Approval On Portage Zinc Acquisition
TSX Venture Exchange Approves Zinc Deal In Bathurst Mining Camp
MIRAMICHI, NB, Dec. 18, 2017 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) ("SLAM" or the "Company") is pleased to announce the TSX Venture Exchange has conditionally approved the agreement to acquire the Portage zinc-lead-copper-silver property that was announced by news release Nov 6, 2017. The 3-claim Portage property comprises 38 claim units covering 827 hectares contiguous to mineral claims already owned by SLAM. The Portage property now covers 3004 hectares accessible by logging roads and located 2 km from the Restigouche VMS deposit owned by Trevali Mining Corp. in the Bathurst Mining Camp ("BMC") of New Brunswick, Canada.
The property is host to the Portage volcanogenic massive sulphide occurrence discovered by previous workers in 1976. Approximately 15 historic diamond drill holes have been drilled on or near this mineral occurrence. Significant early results include a 25.30m core interval grading 3.27% zinc, 0.52% lead and 0.30% copper containing 3.35m at 5.81% zinc, 2.97% lead and 0.61% copper in hole CP77-57. Mineralization was detected over a strike length of 450 m and to a depth of 250m and is open at depth with potential for extensions along strike. The setting and style of mineralization is similar to the Restigouche deposit located 4km to the northeast. SLAM's prospecting team has verified the locations of previous drill holes and rates the Portage as a high priority, drill-ready zinc target.
Other BMC Properties: Utilizing a technical database that covers the entire BMC, the Company has acquired 15 projects covering 29,000 hectares of mineral land in this mineral-producing district. These include the Portage, North Rim, Connector and Lower 44 zinc projects as well as the Ramsay cobalt project.
QA-QC Procedures: The technical information referenced in this news release is derived from historic assessment reports that predate NI43-101. The work was supervised and the historic reports were written by well qualified geologists familiar with mineral exploration in New Brunswick. SLAM intends to design its future drilling programs to verify and expand upon the reported results.
About SLAM Exploration Ltd:
SLAM is a project-generating resource company holding an NSR royalty on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties and owning a portfolio of base metal and cobalt properties in the Bathurst Mining Camp ("BMC") of New Brunswick. The Company intends to utilize its extensive BMC mineral database to explore and develop properties in this historic region of mineral potential. 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 the 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.
View original content: http://www.newswire.ca/en/releases/archive/December2017/18/c8878.html