Slam Closes New Lithium Project ROAD Accessible Lithium Claims IN Northwestern Ontario
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TSXV: SXL
SLAM CLOSES NEW LITHIUM PROJECT
ROAD ACCESSIBLE LITHIUM CLAIMS IN NORTHWESTERN ONTARIO
For Immediate Release, November 7, 2023
Miramichi, New Brunswick ‐ SLAM Exploration Ltd. (TSXV-SXL) announces that further to
the news release dated October 12, 2023 , it has closed the option agreement dated October 11,
2023, to acquire a 100% interest in the Ear Falls lithium project, located in the vicinity of a new
lithium discovery by Beyond Lithium Inc. (BY on CSE) near Ear Falls in northwestern Ontario.
Project Highlights:
• New Lithium Discoveries: The project comprises 230 claim units covering 4,700 hectares
in 2 claim groups respectively located 10 kilometres (km) northeast and 12 km south of a
new 1,000 metre long spodumene bearing pegmatite zone with grab samples up to 4.54%
Li2O reported by Beyond Lithium on their Ear Falls Project.
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• Mineral Trend: Beyond Lithium also reports “ Favorable geology and a highly
fractionated sample located 2 km northeast of the new discovery spodumene zone .” This
suggests a trend toward SLAM’s northeast claims shown on map. Beyond Lithium reported
on October 23rd that it was launching a trenching and drilling program to test this lithium
discovery.
• Regional Lithium Play: The Ear Falls lithium project is underlain by volcano-sedimentary
and intrusive rocks transected by a splay of the Lake St. Joseph Fault, a regional structure
that cuts through the Root Bay area where Green Technology Metals (ASX-GT1) is drilling
to expand a JORC compliant resource on the Root Bay an d McCombe deposits. Pioneer
Lithium (ASX-PLN) recently announced a new pegmatite discovery on its adjacent Root
Bay claims.
• Infrastructure: Both claim groups are accessible through a network of logging roads and
secondary roads off Highway 105 that connects the mining town of Red Lake to the Trans-
Canada highway.
The Optionors: The Ear Falls Lithium Agreement was signed by Perry English and Gravel
Ridge Resources Ltd., jointly, the Optionors along with the CEO of SLAM.
SLAM President Mike Taylor states , “The new lithium discovery of 4.54% Li2O by Beyond
Lithium is very significant. The geological setting is similar to Root Bay where Green Technology
Metals recently announced drilling to expand its lithium deposits . SLAM wishes to thank the
Optionors for this opportunity and is planning an exploration program at Ear Falls. The Company
intends to continue its aggressive pursuit of new exploration opportunities especially in the critical
element space.”
The Agreement: SLAM has made the first share issuance due pursuant to the Option Agreement
and it has issued 300,000 common shares to the Optionor at a deemed price of $0.05 per share.
The securities have a four month and one day hold period which will be expire on March 7, 2024,
pursuant to Canadian securities laws.
SLAM can earn a 100% interest in and to the Ear Falls Lake lithium project by making the
following cash payments and common share issuances over a period of three (3) years:
Due Date Common Share Payments Cash Payment (CAD)
Upon signing the Agreement - $14,000
Within 7 business days of approval by the
TSXV Exchange 300,000
On or before the 1st anniversary - $14,000
On or before the 2nd anniversary - $21,000
On or before the 3rd anniversary - $30,000
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Total 300,000 $79,000
Upon SLAM earning 100% interest, the Optionors are to hold 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. Upon such purchase and payment being
made, the Optionors will retain a Production Royalty equal to 1.0% of NSR.
SLAM has obtained conditional approval from the TSX Venture Exchange. All security issuances
will be subject to a statutory hold period of 4 months and one day from issuance in accordance
with Canadian securities laws. No finders’ fees were paid on this arm’s length agreement.
About SLAM Exploration Ltd:
SLAM is a resource company with a large portfolio of mineral claim holdings in 3 divisions;
Critical Elements, Gold and B ase Metals. The Ear Falls lithium project and the Notre Dame
niobium projects are significant additions to SLAM’s critical 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
owned Menneval project and a number of recent gold discoveries in southern New Brunswick on
its Shadow Lake, Jake Lee, Rogers Lake and Highway projects.
The Company recently added the Mine Road zinc, lead, silver project to its base metal portfolio in
the mineral rich Bathurst Mining Camp of New Brunswick. 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
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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