SLAM ACQUIRES NEW GOLD PRO JECT New Mineral Properties In Emerging Gold District
TSXV: SXL
SLAM ACQUIRES NEW GOLD PRO JECT
New Mineral Properties In Emerging Gold District
For Release 7:30 EST, May 11, 2023
Miramichi, New Brunswick ‐ SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL)
is pleased to announce it has entered into an option agreement (the “ Option Agreement”) to acquire the
Shadow Lake gold property located on the Trans-Canada highway 15 kilometres west of Saint John, New
Brunswick (the “ Property”). Previous workers reported 7 recent gold discoveries with grab samples
ranging up to 70 .4 grams per tonne (“ g/t”) gold at Shadow Lake. On a due diligence visit, SLAM’s
prospecting team collected 5 samples and reported visible gold at one of these gold discovery sites. The
Shadow Lake and adjacent Jake Lee claims cover gold occurrences associated with the Fundy fault zone,
a broad system of deep- rooted Appalachian structures centered around the Belleisle bay fault. This i s
similar to the setting of the Queensway project adjacent to the Appleton fault in Newfoundland where
recent gold discoveries have been reported by Newfoundgold (TSXV-NFG).
The Shadow Lake Gold Project
The Property is host to 7 recent gold discoveries made in 2021 by previous workers. Six gold discoveries
on the east portion of the claims include one site that returned a grab sample grading 70.4 g/t gold and 5
sites where grab samples are grading from 0.396 g/t to 3.03 g/t gold. Approximately 14 kilometres to the
west, a similar occurrence returned grab samples ranging up to 54.9 g/t gold. SLAM’s prospecting team
reported a site of visible gold at this occurrence after a due diligence visit. Assays are pending on 5
samples collected from the property during this visit.
The Property comprises 6 claim s covering 3782 hectares along a 20 kilometre stretch of granitic and
sedimentary rocks associated with the Fundy fault zone.
The Shadow Lake Property Acquisition
To earn a 100% interest, the Company will be required to issue a total of 1,500,000 common shares (the
“Shares”) and pay $245,000 cash in accordance with the following payment schedule:
Due Date Common Share
Payments
Cash Payment
Upon signing the Option Agreement - $15,000
Upon receipt of approval from the TSX-V 100,000 0
On or before the 1st anniversary of signing the 200,000 $35,000
2
Option Agreement
On or before the 2nd anniversary of signing the
Option Agreement
300,000 $45,000
On or before the 3rd anniversary of signing the
Option Agreement
400,000 $50,000
On or before the 4th anniversary of signing the
Option Agreement
500,000 $100,000
Total 1,500,000 $245,000.00
Under the terms of the Option Agreement, such Shares shall be fully paid and non-assessable, and subject
to applicable regulatory restrictions, inc luding a four month hold period. The Property is subject to a
royalty of 2% Net Smelter Return (“NSR”). The Company may purchase one half of the royalty for
$1,000,000 at any time and the remaining half of the royalty for $2,000,000 at any time. The Option
Agreement remains subject to approval by the TSX Venture Exchange.
About SLAM Exploration Ltd:
The Company continues to generate cash an d collect securities from other companies through mineral
property option agreements. During the past 6 months, t he Company has received a total of $529,250
from a combination of mineral property payments and private placements. The Company currently hold s
an aggregate of 2,760,949 common shares received from mineral property option agreements with other
issuers.
Targeting critical elements as well as gold, the Company aggressively pursues new exploration
opportunities such as the recently staked Highway project which has known occurrences of cobalt, copper
and silver as well as gold.
SLAM’s exploration team is following up on known and recent ly discovered gold occurrences on the
Jake Lee, Highway and Shadow Lake gold projects . These projects are associated with the Fundy fault
zone and located in southwestern New Brunswick where Galway Metals recently announced a 2.3 million
ounce gold deposit at Clarence stream. The Company plans further work at its drill -ready Menneval gold
project in northern N ew Brunswick and intends to explore cobalt, nickel and copper geochemical
anomalies on its Portage project in the Bathurst Mining Camp (“BMC”). The Company is evaluating the
Cumberland Bay rare earth element (REE) project in central New Brunswick and the K eezhik gold
project in Ontario.
The Company has sufficient funds for the work currently in progress. To view SLAM’s corporate
presentation, click SXL-Presentation. Additional information is available on SLAMs website SLAM and
SEDAR filings at www.sedar.com. Follow us on twitter @SLAMGold.
QA-QC Procedures: Previous workers collected 261 grab samples including 47 samples from 0.010 to
0.100 g/t gold, 19 samples grading 0.10 to 1.00 g/t gold and 6 samples grading 1.47 to 70.40 g/t gold.
According to their reports, s amples were sent to ALS Global and were analyzed for gold using standard
3
fire assay (30 gram) with Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP -AES) finish.
SLAM has been provided with an xlsx spreadsheet of this data but does not have access to the assay
certificates.
Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., a qualified
person as defined by National Instrument 43- 101, approves the technical information contained in 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.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.
CONTACT INFORMATION:
Mike Taylor, President & CEO
Contact: 506-623-8960 [email protected]
Eugene Beukman, CFO
Contact: 604-687-2038 [email protected] SEDAR: 00012459E