Slam Receives Payment for Cobalt Deal International Cobalt Acquires Ramsay Cobalt Property From SLAM
Slam Receives Payment for Cobalt Deal
International Cobalt Acquires Ramsay Cobalt Property From SLAM
TSXV: SXL
MIRAMICHI, NB
,
May 2, 2018
/CNW/ -
SLAM Exploration Ltd. ("SLAM" on
TSXV: SXL)
announces it has received the initial payment
of
$50,000
and 500,000 shares pursuant to an Agreement with International Cobalt ("Cobalt" on CSE: CO). Cobalt can earn 100% interest in the
Ramsay Cobalt Property by completing an additional
$450,000
in cash and 2,000,000 in share payments over a 2 year period. SLAM retains a
2% NSR royalty of which Cobalt may buy down 1% NSR at any time for
$1M
.
The 8-claim Ramsay cobalt property covers 2500 hectares located on highway 180 approximately 25 km west of the Caribou mine operated by
Trevali Mining Corp. in the Bathurst Mining Camp ("BMC") of
New Brunswick, Canada
. Well-developed infrastructure includes paved road
access and nearby electric power within a well-known mining camp administered by a mining friendly jurisdiction.
CEO
Mike Taylor
states, "We congratulate International Cobalt on this timely acquisition and welcome them to the mineral-rich Province of
New
Brunswick
."
The Ramsay Cobalt Property:
Previous operators identified cobalt and copper mineralization over a
650m
strike length through trenching,
geochemical and ground based geophysics followed by a limited drilling program totaling 1321 meters. The mineralized zone remains open along
strike and at depth.
Nine holes were drilled on the Ramsay cobalt property by previous workers in 2004. Reported intervals include
0.8m
grading 0.956%
cobalt within a
4.8m
core interval grading 0.352% cobalt. Such higher grade zones typically occur within wider core intervals ranging to
24.8 m
grading 0.180% cobalt and 0.182% copper. Significant core intervals from all nine holes are summarized in the table below:
DDH
From
To
Length
Cu %
Co %
M04-01
13.8
14.9
1.1
0.849
0.024
M04-01
33.3
36.3
3.0
0.213
0.19
Including
33.3
34.2
0.9
0.168
0.367
M04-02
24.9
35
10.1
0.073
0.023
Including
32.6
33.1
0.5
0.160
0.245
M04-03
23.9
24.4
0.5
0.160
0.010
M04-04
24.0
48.8
24.8
0.182
0.180
Including
43.0
47.8
4.8
0.019
0.352
Including
45.0
47.8
2.8
0.037
0.721
M04-04
48.8
50.5
1.7
0.990
0.018
M04-05
11.0
12.9
1.9
0.469
0.044
M04-05
28.4
34.5
6.1
0.052
0.341
Including
32.5
34.5
2.0
0.031
0.808
M04-05
95.4
104.7
9.3
0.111
0.028
Including
102.7
103.7
1.0
0.597
0.011
M04-06
20.0
21.0
1.0
0.114
0.341
M04-06
36.0
130.0
94.0
0.097
0.035
Including
37.0
38.0
1.0
0.570
0.149
And
62.0
63.0
1.0
0.065
0.226
And
85.0
86.0
1.0
0.116
0.886
And
101.0
102.4
1.4
0.950
0.009
M04-07
64.0
68.0
4.0
0.161
0.037
M08-08
5.5
10.0
4.5
0.040
0.008
M04-08
54.0
58.0
4.0
0.195
0.035
M04-09
10.0
16.0
6.0
0.070
0.019
Source SLAM news release dated January 9,2018.
Previous operators identified cobalt and copper mineralization over a
650m
strike length through trenching, geochemical and ground based
geophysics and a limited drilling program totaling 1321 meters. The mineralized zone remains open along strike and at depth.
The above noted drilling results are drill core intervals. True widths were not reported.
ABOUT INTERNATIONAL COBALT CORP:
International Cobalt Corp. is a North American mineral exploration and development
business focusing on the burgeoning cobalt sector. The rapidly growing large battery industry, a major consumer of cobalt, makes cobalt an
appealing sector of focus. The Company seeks to add shareholder value by sourcing and developing projects in safe, progressive jurisdictions
adhering to strict environmental and social standards.
ABOUT SLAM EXPLORATION LTD:
SLAM is a project generating company that holds an NSR royalty on the Coulee, Superjack and
Nash Creek
zinc
lead
copper
silver deposits
and owns a portfolio of cobalt and base metal properties in the Bathurst Mining Camp ("BMC") of New Brunswick. The Company intends to
utilize its extensive BMC mineral database to explore and develop properties in this historic mineral-rich region. Other projects include the
Menneval gold project and, in
Ontario
, the Reserve Creek gold project. Additional information about SLAM and its projects is available at
www.slamexploration.com
or from SEDAR filings at
www.sedar.com
. Follow us on twitter @SLAMGold.
QA-QC Procedures:
The technical information referenced in this news release derive from two assessment reports written by a qualified person
in 2004. The reports document the sawing of core and sampling procedures and include copies of the assay certificates for the drilling program.
The assays were done using the ICP70 method by SGS Canada Inc. of
Toronto, Ontario
.
Qualifying Statements:
Mike Taylor
, P.Geo. President and CEO of SLAM Exploration Ltd., as the Qualified Person, approves the scientific
and technical disclosure in the news release.
Certain information in this press release may constitute forward-looking information, including statements
that address the Private
Placement, the closing of the Private Placement, future production, reserve
potential, exploration and development activities and events
or developments that the Company expects.
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.sedar.com
. 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.
SOURCE
SLAM Exploration Ltd.
View original content: http://www.newswire.ca/en/releases/archive/May2018/02/c8224.html
%SEDAR: 00012459E
For further information:
Mike Taylor, President & CEO, Contact: 506-623-8960 [email protected]; Eugene Beukman, CFO,
Contact: 604-687-2038 [email protected]
CO: SLAM Exploration Ltd.
CNW 08:45e 02-MAY-18