SLAM Reports Additional Assays Up to 11.30 g/t Gold

MIRAMICHI, New Brunswick, Jan. 07, 2021 (GLOBE NEWSWIRE) — SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL, on OTC: SLMXF) is pleased to announce assay results ranging up to 10.3 g/t gold in grab samples from trenches M20-22 to M20-37 on its wholly owned Menneval gold project in northwestern New Brunswick. These trenches are located east of vein No. 18 where the Company reported samples ranging up to 3,955 g/t gold in a news release dated December 03, 2020.
The Company received assay results ranging up to 11.30 g/t gold from 102 grab samples collected from quartz veins uncovered by trenches M20-13 and M20-22 to M20-37. Twenty samples contain gold ranging from 0.200 to 11.300 g/t gold. Anomalous gold in the range 0.002 to 0.199 g/t was detected in 66 samples. Gold contents in 16 samples were below the detection limit of 0.002 g/t. Gold results for 22 grab samples are tabled below:Trench 13 uncovered a vein adjacent to Zone 9 located 80 m east of vein No 18 where samples ranging up to 3,955 g/t gold over 0.1 m were reported in our news release dated December 03, 2020. Trench M20-22 located 280 m east of vein No. 18 uncovered a series of en echelon, sub-parallel quartz veins over a total strike length of 500 m and ranging from 0.07 to 0.30 m thick. The easternmost of these veins is mineralized with limonite and pyrite over a strike length of 150 m with one site of visible gold in sample 6640467 grading 11.30 g/t gold.Trenches M20-23 to 27 and M20-29 to 37 uncovered gold-bearing quartz veins ranging from 0.008 to 9.350 g/t gold and extending the vein system 1000 m east of vein No. 18 noted above. Trench 28 uncovered quartz veins that did not contain detectable gold. The easternmost trench M20-32 uncovered quartz veins in the vicinity of gold bearing float grading 0.92 g/t gold that had been discovered previously by the Company an additional 500 m to the east. Some trenches uncovered as many as 5 veins but since other trenches may have tested the same veins the actual number of veins is unknown. Most of these newly discovered veins have not been traced along strike by trenching and their respective strike lengths are yet to be determined. Vein thickness ranges from 0.05 to 0.30 m thick.Assays are pending on 15 samples collected from trenches M20-38 to 43 dug in the vicinity of Zone 9. Assays are also pending on an 17 additional samples collected from angular quartz boulders uncovered by trenches M20-44 to M20-48 in the vicinity of gold occurrence No. 11 where gold-bearing boulders had been reported previously by SLAM workers. These boulders are located 1,000 m east of the eastern most Zone 9 trench M20-32. The potential source of these boulders and the No. 11 occurrence is likely to be found in a 1,000 metre wide untested gap between trench M20-32 and the No. 11 occurrence. Assay results are pending on 600 soil samples collected from this gap.The Menneval Project: The Menneval Gold project is comprised of 480 claim units covering 10,460 hectares located in northwestern New Brunswick. The Company holds a 100% interest in the Menneval claims with the exception of 4 claim units covering 105 hectares that are subject to a 1.5% NSR. The Company can buy down 0.5% of the NSR for $500,000 and it has the right of first refusal on the remaining 1% NSR. The 2020 Menneval exploration program was supported in part by a $30,000 contribution to the Menneval gold project under the New Brunswick Junior Mining Assistance Program.About SLAM Exploration Ltd: