SLAM Receives Share and Cash Payments SLAM Seeking Zinc-Lead-Copper-Silver VMS and Cobalt IOCG Deposits
SLAM Receives Share and Cash Payments
SLAM Seeking Zinc-Lead-Copper-Silver VMS and Cobalt IOCG Deposits
TSXV: SXL
MIRAMICHI, NB
,
June 6, 2018
/CNW/ -
SLAM Exploration Ltd.
("
SLAM
" or the "
Company
"
on
TSXV: SXL
) announces that it has received payment of 500,000 shares and
$25,000
cash from
Callinex Mines Inc. ("Callinex", TSXV: CNX) in accordance with the agreement allowing Callinex to
purchase the Superjack and Nash base metal properties located in the Bathurst Mining Camp
("BMC") of
New Brunswick, Canada
, as announced on
May 18, 2016
.
The Portage Zinc-Lead-Copper-Silver Property:
The 2018 exploration program is in progress on the Portage zinc-lead-copper-silver property located
in the BMC of New Brunswick. As previously announced, this program is intended to focus on the
Portage volcanogenic massive sulphide occurrence discovered by previous workers in 1976. SLAM's
prospecting team has found mineralized boulders that suggest potential for additional zinc-lead-
silver-copper discoveries on the Portage property. Historic geochemical surveys suggest potential
for cobalt as well.
The Portage property covers 5000 hectares comprising 4 mineral claims acquired through a
prospector agreement and 7 mineral claims acquired by staking. The property is accessible by
logging roads and located 1 km south and west of the Restigouche VMS deposit owned by Trevali
Mining Corp. Trevali's Caribou mine is in continuous operation 25 km to the east.
Royalties Held By SLAM:
The Company retains a 1% NSR on all future production from the Superjack and Nash Projects
(the "Royalties"). The Royalties increase by 0.25% NSR if zinc prices exceed US
$1.25
per
pound and US
$1.50
per pound respectively. Callinex may purchase one-half of the Royalties at
any time for
$500,000
.
SLAM retains a 1% NSR on any future mineral production from the Coulee property in the BMC
of
New Brunswick
. Osisko Metals Incorporated may purchase the NSR at any time in return for
a cash payment of
$750,000
.
SLAM retains a 2% NSR royalty on future production from the Ramsay Cobalt Property.
International Cobalt Corp. (Listed on CSE: CO) may buy down 1% NSR at any time for
$1M
.
About SLAM Exploration Ltd:
SLAM is a project-generating resource company holding NSR royalties on the Ramsay Cobalt
Property as well as the Superjack,
Nash Creek
and Coulee zinc-lead-copper-silver properties in the
BMC of
New Brunswick
. The Portage VMS project is the flagship of a 39,000 hectare portfolio of
base metal and cobalt properties in this prolific mineral region. Other projects include the Menneval
gold project, the Reserve Creek and the Miminiska gold projects in
Ontario
. 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.
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/June2018/06/c8603.html
%SEDAR: 00012459E
For further information:
Mike Taylor, President & CEO, Contact: 506-623-8960,
[email protected]; Eugene Beukman, CFO, Contact: 604-687-2038,
CO: SLAM Exploration Ltd.
CNW 09:00e 06-JUN-18