SLAM NEGOTIATES 2000 METER DRILLING CONTRACT Targeting Potential Extensions Of 31.20 Meter Zone Grading 3.84% Copper Equivalent
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TSXV: SXL
SLAM NEGOTIATES 2000 METER DRILLING CONTRACT
Targeting Potential Extensions Of 31.20 Meter Zone Grading 3.84% Copper
Equivalent
For Immediate Release September 13, 2024
Miramichi, New Brunswick ‐ SLAM Exploration Ltd. (“SLAM” or the “Company”) (TSXV-
SXL) announces that it has negotiated a contract for a 2,000 meter diamond drilling campaign to
test copper nickel zones at its wholly owned Goodwin claims. The Goodwin Project is located 35
kilometers south of the Caribou mine and mill complex in the Bathurst Mining Camp (“BMC”) of
New Brunswick.
Flow-Through Private Placement:
The drilling program will commence once the previously announced flow -through private
placement has closed (the “Private Placement ”). Further to the news release dated August 16,
2024, the Private placement is anticipated to now be comprised of up to 16,350,001 flow-through
units (“FT Units”) to be issued at a price of $0.03 per FT Unit for gross proceeds up to $490,503.
Each FT Unit will be comprised of one common share of the Company issued on a “flow-through”
basis and one -half common share purchase warrant (with two such half warrants being a
“Warrant”), each Warrant will be exercisable by the holder thereof at a price of $0.05 for a period
of 24 months to acquire one additional common share of the Company. The FT Units will qualify
for the 30% Critical Mineral Exploration Tax Credit (“ CMETC”) in addition to the Canadian
Exploration Expenditure (“CEE”) flow through tax deduction. Closing of the Private Placement
remains subject to receipt of TSX-V approval.
Video Interview: SLAM President & CEO Mike Taylor discusses the Goodwin copper nickel
project in an interview by Gilbert Chan of NAI 500. To view the interview, click
SLAM_NAI500_YouTube.
Drilling Targets: The 2,000 meter drilling program will be designed to test the following priority
targets:
• The Granges Zone: SLAM drilled a 64.90 meter core interval grading 2.14% copper
equivalent including 31.20 meters grading 3.84% copper equivalent in hole GW24-02.
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• The Farquharson Zone: SLAM drilled a 60.60 meter core interval grading 1.17% copper
equivalent from 72.90 meters to 133.50 meters in hole GW24- 03 as reported August 12,
2024.
• The Logan Zone : Massive sulphide core intervals up to 6 meters and disseminated
sulphide core intervals up to 30 meters were reported from 5 historic holes drilled in 1960
but assays were not included. Assays were reported for an additional 7 holes were drilled
from 1969 to 1997. They include hole MM71-05B intersected a 16.95 meter core interval
grading 0.37% copper and 0.44% nickel with individual core samples grading up to 0.72%
copper and 1.05% nickel over 2.10 meters (these results predate NI43-101 regulations and
can only be validated by additional drilling).
• Other Targets : Other targets include untested soil geochemical anomalies, MegaTEM
conductors and magnetic anomalies that occur in the vicinity of the 3 known copper nickel
zones shown on the map below. In addition to the drilling program, the Company is
planning a 1,500 meter trenching program to test selected targets.
QA-QC Procedures: The Granges Zone and Farquharson Zone results described above were
previously reported by SLAM in news releases dated between July 30, 2024 and August 12, 2024.
The historic results from previous workers are derived from New Brunswick assessment files that
predate NI43-101 regulations. They can only be validated by additional trenching and drilling.
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About SLAM Exploration Ltd: SLAM Exploration Ltd. is a public resource company with a
large portfolio of mineral claim holdings in the mineral-rich province of New Brunswick. SLAM
has discovered multiple gold veins on its wholly owned Menneval gold project. The Company has
reported gold bearing core intervals including 162.5 g/t gold over 0.2 m and 56.90 g/t gold over
0.5 m (news releases December 13, 2021 and November 22, 2022). The Company reported quartz
float grading up to 39.2 g/t gold on its Jake Lee project in the vicinity of the Clarence Stream gold
deposit where Galway Metals Inc. i s working on a 2.3 M ounce gold deposit in southern New
Brunswick.
The Company completed 3 diamond drill holes on the Goodwin copper nickel project in the BMC
of New Brunswick. Highlights include a 60.60 meter core interval grading 1.17% copper
equivalent in hole GW24-03, a 64.90 meter core interval grading 2.14% copper equivalent in hole
GW24-02 and a 35 meter core interval grading 1.36% copper equivalent in hole GW24-01. Based
on the drilling intercepts, the Company expanded the Goodwin Project which now comprises 194
units covering 4,239 hectares.
SLAM also owns the Mine Road copper zinc silver project adjacent to the former producing Heath
Steele Mines property in the BMC. Successful diamond drill holes at Mine Road by previous
workers include IL2014-003 with a 9-meter core interval grading 14.51% zinc, 5.86% lead, 0.67%
copper and 139.9 g/t silver on the volcanogenic massive sulphide Railroad zone at Mine Road.
(Doe Run Canadian Exploration ULC; 2015, New Brunswick Assessment Files, Report of Work
477877), The Railroad zone is 7,000 m east of the 20 million tonne former producing Heath Steele
B Zone.
The Company is a project generator and has received significant cash and share payments over the
last 9 months as follows; $150,000 cash and 50,000 shares from S2 Minerals Inc. (STWO) on
December 19, 2023 pursuant to the Reserve Creek gold agreement; 534,000 shares and 333,000
warrants (exercisable at $0.01) issued by Nine Mile Metals Inc. (NINE) on March 0 1, 2024
pursuant to the Wedge project agreement and $25,000 cash plus 2,500,000 shares of Lode Gold
Resources Inc. (LOD) pursuant to the Ramsay gold agreement. The Company holds NSR royalties
and expects additional cash and share payments on the Wedge copper zinc project and on the
Ramsay, Reserve Creek and Opikeigen gold projects.
To view SLAM’s corporate presentation, click SXL -Presentation. Additional information is
available on SLAM’s website and on SEDAR+ at www.sedarplus.ca . Follow us on X
@SLAMGold.
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
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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. Infor mation 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