SLAM Sells Gold Recovered From Concentrates SXL Updates Results From Maisie Gold Bulk Sampling Program
SLAM Sells Gold Recovered From Concentrates
SXL Updates Results From Maisie Gold Bulk Sampling Program
TSXV: SXL OTCBB: SLMF
MIRAMICHI, NB
,
Jan. 19, 2017
/CNW/ -
SLAM Exploration Ltd. (TSXV: SXL)
("
SLAM
" or the "
Company
") is pleased to report results from the 2016 bulk
sampling program of the Maisie gold vein completed on its wholly-owned Menneval gold project in northwestern New Brunswick. The Company submitted 2.1kg of
gold concentrates to General Refining Corporation ("GRC") of
Brampton, Ontario
for testing and refinement. The refinery produced 298.28 grams (9.8 oz) gold and
30.79 grams (1.0 oz) silver from the concentrates. Recovery rates were 98% and 90% for gold and silver respectively. After deductions by the refinery, SLAM was
paid a net amount of
$14,541
for the contained gold. It should be noted that the concentrate was produced from selected vein material and may not represent the
average grade of the Maisie vein.
The Company intends to complete the 2,000 bulk sampling program in the 2017 field season and continue to focus on high grade gold-bearing material from the
high grade Blow gold shoot. Pending financing, SLAM plans to complete a diamond drilling program to test for extensions of the high grade gold shoots at
depth. Exploration of the Menneval project is still at an early stage and there is potential for discovery of additional high grade gold veins as well as extensions of
the known gold shoots. Visit SLAM's website for updates on the Menneval gold project. Photos, videos and a recent presentation by
Mike Taylor
are available for
viewing and download at
www.slamexploration.com
.
Authorization:
A License of Occupation authorizes the Company to extract and process gold from this high grade gold vein over a two year period. Under this
License, the removal and processing of a 2,000 tonne bulk sample has been approved by the New Brunswick Department of Environment and the Department of
Energy and Mines. No drilling or blasting is required and no chemicals are used in the process. The purpose is to develop environmentally and commercially
sustainable techniques to extract gold, provide an estimate of the grade of the Maisie vein and demonstrate the potential for longer term mining operations.
About The Maisie Gold Vein:
The Maisie gold vein is a high grade gold vein located within SLAM`s wholly-owned Menneval gold project in northwestern
New
Brunswick
. The Menneval project comprises 12 contiguous claims that cover 5,000 hectares acquired by map-staking since SLAM's initial gold discovery in
2012. Click on the SLAM website at
www.slamexploration.com
for more detailed information.
About SLAM Exploration Ltd:
SLAM is a project generating resource company with a portfolio of gold, lithium and base metal projects in eastern
Canada
. The Menneval gold project resulted
from the discovery of the Maisie gold vein by SLAM's advance scouting team in 2012. Other gold projects include the Reserve Creek and Miminiska gold projects
in
Ontario
. SLAM recently staked the
Cumberland
lithium project in southeastern
New Brunswick
and holds an NSR royalty on the Superjack and
Nash Creek
zinc
lead
copper
silver deposits. 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.
Quality Assurance/Quality Control Procedures:
Approximately 2.1 kg of gold-bearing concentrates were produced from about 40 tonnes of selected vein
material using shaker tables at the Maisie sample site. The vein material contained visible gold but was not assayed prior to processing on the shaker tables.
The concentrates were dried and weighed prior to shipping to GRC in 3 separate batches. The Company relied on GRC for Quality Assurance/Quality Control
Procedures at their refinery.
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.
SEDAR: 00012459E
SOURCE
SLAM EXPLORATION LTD.
%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 09:00e 19-JAN-17