Slam Generates Cash, Shares & Royalties and Plans to Raise $450,000 IN Private Placement Ready to Launch GOLD Program at Jake Lee
TSXV: SXL
SLAM GENERATES CASH, SHARES & ROYALTIES AND
PLANS TO RAISE $450,000 IN PRIVATE PLACEMENT
READY TO LAUNCH GOLD PROGRAM AT JAKE LEE
For Release 7:30am, March 23, 2023
Miramichi, New Brunswick ‐ SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL)
announces that it holds NSR royalties on 8 projects in the mining provinces of New Brunswick and
Ontario. These include the Goodwin cobalt-nickel-copper project, the Nash Creek, Superjack, Coulee and
Wedge VMS copper-lead-zinc volcanogenic massive sulphide projects and the Ferguson Brook, Ramsay
Brook, Reserve Creek and Opikeigen gold projects all retained pursuant to the sale of mineral claims
through option agreements.
Pursuant to these option agreements, the Company currently holds common shares in its account with a
current valuation of $139,065 and certificates held pending the 4- month hold period for common shares
with a current valuation of $56,500. These valuati ons are based on share prices quotes on March 17,
2023. In additi on, the Company may receive potential cash and share payments for a total valuation of
$1,670,000 in cash and $454,000 over the next 4 years as listed in the table below:
Year **Future Cash **Future Shares ***Future Share Value
Total 2023 $ 230,000 650,000 $ 5,500
Total 2024 $ 350,000 650,000 $ 74,500
Total 2025 $ 690,000 650,000 $ 74,500
Total 2026 $ 250,000 1,350,000 $ 167,000
Total 2027 $ 150,000 1,100,000 $ 132,500
Total $ 1,670,000 4,400,000 $ 454,000
**Potential cash and shares to be received if all option payments are made.
***Based on share price quotes March 17, 2023. The reader is cautioned that these prices are subject to
volatility and that some or all of these payments may not occur if the respective option agreements are
allowed to expire.
Proposed Private Placement: The Company also announces it intends to raise $450,000 through the sale
of 9 million units (“Units”) at a price of $0.05 per Unit. Each Unit is comprised of one common share
(each a “Share”) and one common share purchase warrant (each a “Warrant”). Each Warrant provides the
holder the right to purchase one additional Share at a price $0.08 for a period of 2 years from the closing
date. The company may pay finders fees on the unbrokered private placement. Proceeds to be used for
corporate purposes and to fund exploration activities in Canada.
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Jake Lee Gold Project: Permits are in place for trenching, diamond drilling and related activities on its
wholly-owned Jake Lee gold project in southwestern New Brunswick. The Company intend to start
trenching as soon as weather conditions permit and may follow with a diamond drilling program if such is
warranted by the trenching results.
Gold trenching targets include 4 sub-angular boulders respectively grading 39.300 g/t gold, 3.390 g/t
gold, 2.420 g /t gold and 1.49 g/t gold reported by SLAM on January 25, 2023 . Other targets include the
No 16 vein and the historic Lepreau river placer gold occurrence. The No 16 vein was discovered by
SLAM when its advance scout team collected one grab sample* grading 0.662 g/t gold from a 2 metre
wide quartz vein in November, 2022. The Lepreau river placer gold occurrence i s described in the New
Brunswick Mineral Occurrence database under reference 563: “Large flakes of gold (up to 5 mm) were
found in the gravels of the Lepreau River about 4 km north of the village of Lepreau…” and, in the St.
Croix Courier - July 13, 1899, Lepreau, “Mr. Stafford has a fine piece of gold which was found on the
Lepreau river and is about as fine a specimen as has been seen in the province.” The No 16 vein is a
follow-up discovery resulting from a geochemical survey of 1904 soil samples by previous workers in
2021. The survey shows include 51 sites with elevated gold ranging from 0.040 to 0.173 g/t plus one soil
sample that graded 16.200 g/t gold as shown on the attached map.
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*The reader is cautioned that boulder samples and grab samples are col lected to detect the presence of
gold and do not represent the grade of any potential deposits that may be present.
Menneval Gold Project: The Company completed a 747 m diamond drilling program in 2022. Gold-
bearing core was intersected in 9 of 11 holes drilled including a 0.5 m core interval grading 56/9 g/t gold
over 0.5 metres in hole BG22-30 drilled on the No 18 vein. The program included 5 holes designed to test
the eastward extension of the Maisie vein in the vicinity of an offsetting fault. Significant gold intercepts
include a 0.60 m core interval grading 7.09 g/t gold. The Company is evaluating these results in
preparation for a follow-up exploration program in 2023.
Portage Cobalt Nickel Project: The Company originally staked these claims based on cobalt, nickel and
copper anomalies detected in a 1971 soil geochemical survey. Previous workers collected 411 samples
over a layered ultra mafic body and detected cobalt ranging to 78 ppm, nickel ranging to 480 ppm and
copper ranging to 150 ppm. After discovery of zinc -bearing boulders 3,000 metres north of this grid
SLAM conducted a soil geochemical survey of 840 samples, to test for base me tals in 2021. Anomalous
levels of cobalt, nickel and copper as well as zinc, lead and silver were detected. T he Company reported
additional gold analyses in 2022. Anomalous gold ranging from 11 ppb to 139 ppb w as detected in 43
samples and from 5 to 10 ppb gold in 137 samples. The Company intends to complete trenching and, if
warranted, diamond drilling to test these geochemical anomalies. Priority targets include cobalt, nickel,
copper anomalies with potential for gold and critical elements.
About SLAM Exploration Ltd:
The Company continues to search for critical elements as well as gold and to pursue an aggressive policy
of property acquisition by claim staking. SLAM is always doing research to identify new mineral
properties and define staking opportunities. Th ese activities have generated the cash, share and royalty
agreements discussed above and SLAMs current portfolio of 15 wholly owned projects with 2379 claim
units covering 61,865 hectares.
SLAM is an active and successful exploration company with new gold discoveries recently reported at
Jake Lee to be tested by trenching and, if warranted, by diamond drilling program . Menneval is a drill
ready project and targets were identified on the recently acquired High way project by the previous claim
holders. Additional projects such as Mount Victor and M ount Blai r require preliminary exploration to
define gold and critical element targets in the vicinity of the Clarence Stream gold deposit where Galway
Metals recently announced a 2.3 million ounce gold deposit in southwestern New Brunswick. Other
priority targets include the cobalt, nickel, copper anomalies on t he Portage project in the Bathurst Mining
Camp (“BMC”) in New Brunswick. The Company owns the Cumberland Bay rare earth element (REE)
project in central New Brunswick and the Keezhik gold project in Ontario.
The Company continues to generate cash and collect securities from mineral property option agreements
with other companies and has sufficient funds for the work currently in progress. Additional information
is available at SLAM and from SEDAR filings at www.sedar.com. Follow us on twitter @SLAMGold.
QA-QC Procedures:
SLAM collected 186 grab samples from boulders and outcrop at Jake Lee in November, 2022 and
submitted 49 samples to AGAT Laboratories of Mississauga, Ontario and 137 samples to ALS Chemex in
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Moncton, New Brunswick all for gold analysis using Fire Assay with AAS finish. One sample above the
10 g/t detection limit was re-assayed using a gravimetric method.
The Company reported the Menneval drilling results November 21, 2022. Drill core was delivered daily
from the drill site a secure facility for logging by SLAM’s professional team. Selected core was marked
for sawing and sampling. The company inserted blanks and standards at r egular intervals. The samples
were sent to AGAT Laboratories (“AGAT”) for gold fire assay with AA finish using AGAT code 202 -
051. One sample above 10 g/t gold was re-analyzed using gravimetric methods.
For the Portage project, historic results are reported for 411 soil samples collected by previous workers in
1971. The results are considered reliable for prospecting purposes but , since the assay certificates are no t
available. The results can only be validated by collection of n ew samples. On a separate grid, SLAM
reported results for 839 samples collected by GeoXplore Surveys Inc in 2021 . The samples were
submitted to ALS Chemex Ltd in Sudbury, Ontario for ME-ICP41, a 36 element ICP method and for gold
analysis by fire assay using ALS method Au-AA23.
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.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Forward-Looking Information
Forward-looking information in this news release includes statements regarding: mineral resources and
the Company’s plans with respect to the exploration and development of its properties. Forward-looking
statements are based on a number of assumptions and estimates that, while considered reasonable by
management based on the business and markets in which SLAM operates, are inherently subject to
significant operational, economic, and competitive uncertainties, risks and contingencies. There can be
no assurance that such statements will prove to be accurate and actual results, and future events could
differ materially from those anticipated in such statements. Important factors that could cause actual
results to differ materially from the Company's expectatio ns including; actual exploration results,
interpretation of metallurgical characteristics of the mineralization, changes in project parameters as
plans continue to be refined, future metal prices, availability of capital and financing on acceptable
terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or
inability to receive required approvals, and other exploration or other risks detailed herein and from time
to time in the filings made by the Company with secu rities regulators, including those described in the
Company’s most recently filed MD&A. 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. The Company does not undertake to update or revise any forward-looking statements,
except in accordance with applicable law.
CONTACT INFORMATION: SEDAR: 00012459E
Mike Taylor, President & CEO
Contact: 506-623-8960 [email protected]
Eugene Beukman, CFO
Contact: 604-687-2038 [email protected]