Slam Ships Copper Nickel Core Samples Slam Acquires More Critical Element Claims
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TSXV: SXL
SLAM SHIPS COPPER NICKEL CORE SAMPLES
SLAM ACQUIRES MORE CRITICAL ELEMENT CLAIMS
For Immediate Release July 16th, 2024
Miramichi, New Brunswick ‐ SLAM Exploration Ltd. (TSXV-SXL) (“SLAM” or the
“Company”) is pleased to report it has delivered a total of 214 sawn core samples from the three
holes drilled on its wholly owned Goodwin claims in the Bathurst Mining Camp (BMC) of New
Brunswick. In addition, the Company has signed an option agreement (the “Agreement) to
acquire 7 additional mineral claims adjacent to its wholly owned Goodwin claims. The expanded
Goodwin Project comprises 194 units covering 4,239 hectares located 5 kilometers southwest of
the Half Mile copper zinc silver deposit owned by Trevali Mining Corporation in the BMC.
Assays are pending on 214 samples delivered to the Moncton laboratory of ALS Chemex Inc.
These include 38 samples from hole GW24-01; 98 samples from hole GW24- 02 and 78 samples
sawn from hole GW24-03. The samples represent a 34.55 meter zone of pyrrhotite -chalcopyrite
(copper) mineralization in hole GW 24-01; a 31.80 meter zone of pyrrhotite -chalcopyrite
mineralization in hole GW24 -02 and a 58 met er zone of 15% pyrrhotite mineraliz ation
intersected by hole GW24- 03. According to previous workers, pyrrhotite mineralization at
Goodwin generally contains nickel.
The sawn core samples were delivered to ALS Chemex Inc. in Moncton New Brunswick for
copper, nickel, silver, cobalt , bismuth, platinum, palladium and gold analyses as well as other
elements using ALS multi-element package ME -ICP41 and method PGM -ICP23. Samples that
run over 1% copper and/or 1% nickel will be analyzed using an over-limit method ME-OG46.
The Agreement: To earn a 100% interest in the 7 mineral claims, SLAM must pay the Optionor
a total of $ 50,000 CAD dollars and issue a total of 500,000 common shares (Shares) to the
Optionor over three (3) years in accordance with the following schedule:
Due Date Common Share
Payments
Cash Payment
Within 5 days receipt of
approval from the TSXV
100,000 $5,000
On or before 1st anniversary
of signing the Agreement
100,000 $10,000
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On or before 2nd anniversary
of signing the Agreement
100,000 $15,000
On or before 3rd anniversary
of signing the Agreement
200,000 $20,000
Total 500,000 $50,000
Upon SLAM earning 100% interest, the Optionor will retain a 2% net smelter return (“NSR”)
royalty on the Property (the “Production Royalty”). SLAM shall have the right to buy back one -
half of the Royalty equal to 1.0% NSR for one million dollars ($1,000,000) at any time and the
right of first refusal on the remaining NSR before the commencement of production.
The option agreement and proposed share issuances remain subject to approval by the TSX
Venture Exchange. All security issuances will be subject to a statutory hold period of 4 months
and one day from issuance in accordance with Canadian securities laws. No finders’ fees were
paid on this arm’s length agreement.
Goodwin Drilling Highlights
Hole GW24- 01: The highlight of the hole is an 8.50 meter core interval containing 50%
pyrrhotite with copper mineralization (chalcopyrite). This copper -bearing interval occurs within
a 34.55 meter zone of variable pyrrhotite mineralization from 24.85 meters to 59.40 meters.
Previous workers have shown that pyrrhotite commonly contains nickel at Goodwin. (SXL News
Release June 21st, 2024).
Hole GW24- 02: Highlights include a 5.1 meter interval containing 70% pyrrhotite and 5%
chalcopyrite (copper mineralization) . This copper-bearing interval occurs within a 31.80 meter
zone of variable pyrrhotite mineralization from 22.60 meters to 54.50 meters. (SXL N ews
Release June 26th, 2024).
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Hole GW24-03: This hole intersected three zones of pyrrhotite mineralization including a 23.55
meter core interval with 15% pyrrhotite starting at 72.90 meters, a 13.65 meter interval with 15%
pyrrhotite starting at 94.8 meters and a 20.85 meter zone with 15% pyrrhotite from 113.15
meters to 134.00 meters. These intervals combine for 58 meters of pyrrhotite mineralization,
which, according to previous workers, generally contains nickel at Goodwin. GW24- 03 was
drilled from a site located 900 meters southeast of hole GW24- 02. (SXL News Release July 3rd,
2024).
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The Goodwin Project : The expanded Goodwin Project consists of 8 original claims plus 12
recently optioned claims that combine for 194 units cover ing 4,239 hectares of prospective
mineral ground. The project is underlain by the Goodwin Lake gabbro, a 6,500 meter long body
of intrusive rocks hosting the 3 copper nickel occurrences referenced above. Permits are in place
for a trenching and drilling program to test for copper nickel mineralization as well as gold and
platinum group metals. The Goodwin project is accessible by logging roads from the Fraser
Burchill road off Route 430 which connects to the city of Miramichi 90 kilometer s to the
southeast.
QA-QC Procedures : The Goodwin drilling highlights are from summary logs from previous
SXL news releases. The results from previous workers are from news releases and reports that
predate NI43-101 regulations. The numbers can only be validated by additional drilling but the
Company deems these results to be useful to plan additional drilling.
About SLAM Exploration Ltd: SLAM Exploration Ltd. is 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
5
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 owned by Galway Metals Inc. in southern New
Brunswick.
The Company holds the Goodwin copper nickel project and the Mine Road VMS copper zinc
silver project in the mineral rich Bathurst Mining Camp of New Brunswick. Previous workers
discovered 3 copper nickel occurrences at Goodwin. Mineralized core intercepts were drilled
including 1.79% copper plus 1.51% nickel over 5.7 meters in diamond drill hole GR89-55 on the
Goodwin project.
Successful diamond drill holes 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 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 M tonne former
producing Heath Steele B Zone.
The Company is a project generator and has received significant cash and share payments over
the last 3 quarters 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 01,
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 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:
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Mike Taylor, President & CEO
Contact: 506-623-8960 [email protected]
Eugene Beukman, CFO
Contact: 604-687-2038 [email protected] SEDAR+: 00012459