Current Focus on Silver and Gold Projects
MIRAMICHI, NB, July 2 /CNW/ - SLAM Exploration Ltd. (TSX-V:SXL) ("SLAM") announces results from its ongoing prospecting and mapping program at Silverjack. Seven samples were shipped for assay. SLAM collected 2 grab samples from rubble located beside a trench dug by previous workers at the Doyle zone. These samples assayed 8.67% copper with 171 g/t silver and 4.99 % copper with 150 g/t silver respectively. The Doyle zone is located approximately 1,000 m west of the Silverjack deposit where SLAM recently reported high grade drilling results ranging up to 653 g/t (19.05 oz/ton) silver, 2.69% copper, 11.9% zinc and 9.8% lead (news release 16 February, 2010). Both the Doyle and Silverjack zones lie on claims acquired through agreements with prospectors.
SLAM's geological team has also discovered a new copper occurrence 1,000 m south of the Silverjack zone. The new occurrence is described as disseminated copper mineralization hosted by limestones similar to Silverjack. Assays are pending on samples from this occurrence. SLAM will continue the prospecting and mapping program to further evaluate this area as well as at least 10 other known occurrences of silver, copper, lead and zinc mineralization on the property.
The Silverjack property comprises 62 wholly owned mineral claims plus 13 claims under option for a total of 1290 hectares. This property is located 12 kilometres southwest of the Belledune smelter and seaport and adjacent to SLAM's Nash Creek property comprised of 406 mineral claims covering 6,496 hectares.
SLAM expects to follow up the prospecting and mapping at Silverjack by trenching in preparation for a planned 3,000 metre drilling program. Trenching is expected to start within the next 2 months.
SLAM is currently waiting for additional assay results from its recently completed drilling campaign on 3 gold projects in Ontario. SLAM already reported (news release 30 June 2010) initial results from the first hole with 22 g/t gold over 1.5 metres (0.642 oz/ton over 5 feet). Assays are pending for the remainder of the first hole and for 9 other holes of the 2,065 m campaign. Visible gold was reported from 4 of these remaining holes. Approximately 1200 samples of drill core were submitted for gold assay.
Michael R. Taylor, P.Geo. President and CEO of SLAM Exploration Ltd. is the Qualified Person responsible for the technical information contained herein.
Mike Taylor states, "We are very encouraged by the initial gold assays from the first hole with assays pending on 9 more holes, including 4 with reports of visible gold. These follow high grade silver results delivered at Silverjack early in the year. With current high gold and silver prices, these projects represent a tremendous opportunity to increase the value of SLAM for its shareholders."
SLAM is a mineral resource company based in Miramichi, New Brunswick. SLAM continues to be active in gold, silver and base metal exploration in Ontario and New Brunswick. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Additional information about SLAM can be viewed at http://www.slamexploration.com as well at www.sedar.com.
On behalf of the Board
Mike Taylor, P. Geo.
President & CEO
SLAM Exploration Ltd.
SEDAR: 00012459E
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration and development activities and events or developments that SLAM expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward looking statements. Please see our public filings at www.sedar.com for further information.
%SEDAR: 00012459E
For further information: Corporate Inquiries: Mike Taylor, President & CEO, 506.627.1353, Toll Free: 866.523.6719, [email protected]
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