SLAM RECEIVES 1ST OPTION PAYMENT FROM NINE MILE METALS Nine Mile Metals Drilling Former Copper Producer Acquired From SLAM
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TSXV: SXL
SLAM RECEIVES 1ST OPTION PAYMENT FROM NINE
MILE METALS
Nine Mile Metals Drilling Former Copper Producer Acquired From SLAM
For Immediate Release, March 13, 2024
Miramichi, New Brunswick ‐ SLAM Exploration Ltd. (“SLAM” or the “Company”) (TSXV: SXL) is
pleased to announce that it has received 533,334 common shares (“Shares”) and 333,334 common share
purchase warrants (“Warrants”) of Nine Mile Metals Ltd. (CSE: NINE, OTCQB: VMS XF, FSE: KQ9)
(“NINE”) to fulfil the first anniversary payment due pursuant to the Option Agreement dated February 9,
2023 (the “Agreement”) to acquire the Wedge project. The Wedge project is a former copper producer
located in the center of the Bathurst Mining Camp in New Brunswick.
NINE is conducting a diamond drilling program at the Wedge project. NINE reported a mineralized core
interval of 134 metres in hole WD24- 02 in a news release dated March 4, 2024 and a mineralized core
interval of 76.4 metres in hole WD24- 04 in a news release dated March 12, 2024 . Certified assays are
pending on hole WD24-02 and hole WD24-04 is being logged and sampled as drilling continues.
The Wedge Project Agreement: NINE issued the above noted securities on February 9, 2024 and March
1, 2024 respectively. A portion of the securities (333,334 Shares and 333,334 Warrants) were issued in
lieu of a $20,000 cash component of the option payment. The Shares were issued at a a price of $0.06 per
share. Each Warrant is exercisable by the Company to purchase one additional S hare of NINE at a price
of $0.10 until March 1, 2026. All securities issued to the Company are subject to a 4-month statutory hold
period that ends on June 10, 2024 and July 2, 2024. NINE shares closed on March 12, 2024 at $0.125 per
share.
NINE has the option to complete its 100% earn-in through the issuance of an additional 900,000 Shares
and payment of $120,000 cash to SLAM over the next three years. SLAM retains a 2% Net Smelter
Return royalty (“NSR”) on future mineral production from the lands beneath these mineral claims. Half of
the NSR can be purchased by NINE at a price of $1 million at any future time.
The Jake Lee Gold Project: The Company is applying for trenching and drilling permits on its Jake Lee
project in the vicinity of Galway’s 2.3 M ounce gold deposit at Clarence stream in southwestern New
Brunswick.
Targets at Jake Lee include:
• The Edge 15 discovery of 4.76 g/t gold over 1 metre is a basal till unit from 0.15 to 1.15 metres
drilled in overburden drill hole DH15.
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• The Edge 16 occurrence of 5.00 g/t gold over 0.8 metres occurs in a basal till unit of sand and
rock fragments from 12.2 m to 13 m in overburden drill hole DH16 located 420 m to the
southwest of hole DH15. Two other intervals reported from hole DH16 include 1.83 g/t gold from
0.15 m and clay-sand from 0.353 g/t gold over 1.6 m from 6.90 m. These placer gold discoveries
were made by Edge Exploration Inc. in a 17 hole overburden drilling program conducted on the
Dam Lake claim in 2021. T he Dam Lake claim is adjacent to the Jake lee project and was
acquired by SLAM in the Dam Lake agreement reported February 8, 2024.
• Four boulders grading from 1.49 g/t gold to 39.300 g/t gold over spread over a distance of 250 m
as reported January 25, 2023.
• The 5 metre wide CT vein and a train of gold and copper bearing quartz boulders.
• Gold anomalies ranging from 0.01 to 0.98 g/t gold in 187 out of 3899 soil samples collected to
date on the project. In addition, one soil sample assayed 16.2 g/t gold.
• Airborne resistivity and magnetic anomalies associated with gold soil and float occurrences.
Goodwin Lake Agreement: The Company has been notified in a letter from QNB Metals Inc. (“QNB”)
whereby QNB has declined to participate further in the Goodwin project and relinquished all right, title
and interest it may have acquired pursuant to the Goodwin Project Option Agreement dated January 20,
2023. SLAM now owns a 100% interest in the Goodwin project.
About SLAM Exploration Ltd: SLAM Exploration Ltd. a public resource company with a large
portfolio of mineral claim holdings built around its wholly owned Menneval gold project in the mineral-
rich province of New Brunswick. SLAM has discovered multiple gold veins at Menneval and previously
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 Nov ember 22, 2022) . The Company reported significant gold
discoveries on its Jake Lee project in the vicinity of the Clarence Stream gold deposit where Galway
Metals Inc. is working on a 2.3 M ounce gold deposit in southern New Brunswick.
The Company recently added the Mine Road VMS copper zinc silver project to its base metal portfolio in
the mineral rich Bathurst Mining Camp of New Brunswick. Successful diamond drill holes by previous
workers include IL2014-003 with a 9 metre core interval grading 14.51% zinc, 5.86% lead, 0.67% copper
and 139.9 g/t silver.
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.
QA-QC Procedures: The results described above are from previous news releases by SLAM and other
firms. The news releases included a summary of QA -QC procedures and the Company deems these
results to be reliable.
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
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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