SLAM Acquires Peninsula Critical Minerals Lithium - Tantalum Project in Proven Lithium Camp in Québec From WhiteRock 302 MINERAL CLAIMS IN PROVEN JAMES BAY LITHIUM DISTRICT
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TSX-V: SXL
SLAM Acquires Peninsula Critical Minerals Lithium -
Tantalum Project in Proven Lithium Camp in Québec
From WhiteRock
302 MINERAL CLAIMS IN PROVEN JAMES BAY LITHIUM DISTRICT
For Release 8:00 EST, November 22, 2023
Miramichi, New Brunswick ‐ SLAM Exploration Ltd. (TSX-V:SXL) (OTC: SLMXF)
(“SLAM” or the “Company”) is pleased to announce it has entered into an option agreement with
Dustin Nanos and WhiteRock Corp. (“WhiteRock”) signed November 7, 2023 (the “Option
Agreement”) whereby SLAM can acquire 100% of the Peninsula Critical Mineral lithium project
neighboring the Rose lithium- tantalum project operated by Critical Elements Lithium Corp.
located on the territory of Eeyou Istchee in the proven James Bay lithium camp in Québec. All
sections of the project are located on the traditional lands of the Cree Nation of Eastmain.
Project Highlights:
• Proven Lithium District: The Peninsula project comprises 302 claim units covering 4,700
hectares in 4 claim groups located 10 to 30 kilometres northeast of the 6 0 million tonne
Rose lithium- tantalum deposit and mine project operated by Critical Elements Lithium
Corp. (“CRE”). CRE filed a positive feasibility study October 11,2023 for a potential mine
at the Rose Deposit* based on the following reserves and resources:
• Rose Deposit:
CRE Website: 60 M tonne Rose Lithium Deposit as of August 1st, 2023
Probable Reserves*: 26.3 M tonnes 0.87% Li2O and 138 ppm Ta2O5
Indicated Resources*: 30.561 M tonnes 0.93% Li2O and 118 ppm Ta2O5
Inferred Resources*: 2.384 M tonnes 0.78 % Li2O and 129 ppm Ta2O5
*Reference: Rose Lithium -Tantalum Project, Feasibility Study Ni 43 -101, Technical
Report, Critical Elements Lithium Corporation 1.3 Project No.: Ca0005226.0808,
Effective Date: August 29, 2023, Issue Date: October 11, 2023 WSP Canada Inc.; pages
27-28 Mineral Resources and Reserves, SEDAR File 000024726.
• Lithium Potential of the Area:
• The Peninsula lithium project located northeast of the Rose lithium tantalum project as
shown on Image 1 and is underlain by volcano-sedimentary and intrusive rock formations
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similar to those occurring on the Rose project . These formations could host pegmatites
similar to the northeast-trending lithium pegmatite bodies that outcrop on the Rose project.
Several potential areas of outcrop that are prospective for pegmatites can be identified from
Google Earth and satellite views.
•
CRE recently announced several new lithium discoveries and identified 4 new spodumene-
bearing pegmatite outcrops in their “New Discovery Area” on the Rose project. According
to CRE, “the apparent strike length along the outcrops exceeds 400 metres t o date, the
results from the initial 10 selected samples have been received. All samples are lithium -
bearing and 50% of them report values over 3% Li2O with some results as high as… 5.62%
Li2O…The reader is cautioned that grab samples are selective by nature and may not
represent average grades”.
• Infrastructure: The Project is 50 km north-west of Nemaska’s Whabouchi lithium mine,
20 km south of Hydro Québec’s Eastmain 1 major hydroelectric dam and 80 km south of
Goldcorp’s Éléonore gold mine. T he project is 45 kilometers north of the Cree village of
Nemaska located approximately 300 km north-west of Chibougamau. The four sections of
the project are all accessible from the Route du Nord, an all season road from
Chibougamau. It can also be reached from Matagami, via Route 109 and Route du Nord.
The Nemiscau airport is 50 km from the project.
SLAM President Mike Taylor states : “The lithium potential of this area is well established by
the known 60 million tonne lithium tantalum resource on the Rose project to the west and the
Whabouchi lithium mine 50 km to the southeast. There is excellent potential for lithium deposits
on our Peninsula claims. SLAM wishes to thank Dustin Nanos and WhiteRock for this opportunity
and is compiling data in preparation for an exploration program on the Peninsula project.”
The Option Agreement
To acquire interest in the Peninsula lithium project, SLAM must pay WhiteRock a total of
$125,000, issue WhiteRock 7,000,000 common shares (“Shares”) and make exploration
expenditures in accordance with the following schedule over a period of three (3) years:
Due Date Common Share
Payments
Cash Payment (CAD) Exploration
Expenditures
Within 30 days of
signing the
Option
Agreement
- $25,000 -
On or before
April 30, 2024
- $100,000 -
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Within 5 days
receipt of TSX
Venture Exchange
(“Exchange”)
approval
2,500,000
- -
On or before the
1st anniversary
date of the Option
Agreement
2,225,000
- -
December 31,
2024
- - $500,000 in exploration
work
On or before the
2nd anniversary
date of the Option
Agreement
2,225,000
December 31,
2026
$1,000,000 in
exploration work
Total 7,000,000 $125,000 $1,500,000
Upon SLAM earning 100%, WhiteRock will retain a 1.5% Net Smelter Return (NSR) production
royalty. SLAM retains the right to buy back one-third of the royalty equal to 0.5% NSR for a one-
time payment of CAD $600,000 at any time.
The Option Agreement and proposed Share issuances remain subject to approval by the Exchange.
All Shares will be subject to a statutory hold period of four months and half the Shares will be
subject to a hold period of eight months from issuance. SLAM will pay a finder’s fee of 700,000
Shares and 0.5% NSR (the “Finder’s NSR”) to a qualified arm’s length party. The Finder’s NSR
will be granted only upon completion of the 100% earn -in by SLAM. SLAM retains the right to
purchase this Finder’s NSR for $1,000,000 at any time.
About SLAM Exploration Ltd:
SLAM is a resource company with a large portfolio of mineral claim holdings in 3 divisions;
Critical & Strategic Elements, Gold and Base Metals. The recently acquired Peninsula Lithium-
Tantalum, Ear Falls Lithium and Notre-Dame Niobium projects are significant additions to
SLAM’s Critical and Strategic Element portfolio.
SLAM has built its gold portfolio through exploration for gold along regional fault structures has
resulted in significant gold discoveries including the Maisie gold vein system at SLAM ’s wholly
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owned Menneval project and a number of recent gold discoveries in southern New Brunswick on
its Shadow Lake, Jake Lee and Highway projects . The Jake Lee, Rogers Lake and Highway
projects are underlain by volcano-sedimentary sequences and highly fractionated intrusive bodies
cut by deep-seated fault structures. These projects have potential for critical elements minerals as
well as cobalt, silver and base metals.
The Company recently added the Mine Road zinc, lead, silver project to its base metal portfolio in
the mineral rich Bathurst Mining C amp of New Brunswick. Previous workers drilled massive
sulphide zones including one hole with a core interval grading 14.51% zinc, 5.86% lead, 0.67%
copper and 139.9 g/t silver over a 9.0 metre interval . The Company holds NSR royalties and
expects additional cash and share payments on the Wedge, Goodwin, and Ferguson base metal
projects. .SLAM also holds NSR royalties and may receive addition cash and share payments on
the Ramsay, Reserve Creek and Opikeigen gold projects.
To view SLAM’s corporate presentation, click SXL-Presentation. Additional information is
available on SLAMs website SLAM and SEDAR+ filings at www.sedarplus.ca . Follow us on
twitter @SLAMGold.
QA-QC Procedures : The prospecting results described above are from recent news releases
reported by other companies.
Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., is a
qualified person as defined by National Instrument 43- 101, and has approved the contents of 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.sedarplus.ca. 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+: 00012459
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Image 1: Peninsula Lithium Project, James Bay region of Quebec