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TSXV: SXL US-OTC: SLMF
MIRAMICHI, NB, Oct. 7, 2011 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") announces it has intersected massive sulphide mineralization in each of the first 7 holes drilled at Nepisiguit. Massive sulphides over core lengths ranging from 0.3 m to 4.9 m are contained within stringer sulphide intervals that range up to 36.8 m. Assays are pending on 130 samples representing 153 m of mineralized core.
The initial 5 holes NP11-16 to NP11-20 are in-fill holes designed to test the zone near-surface over a strike length of 340 m. Holes 11-21 and 11-22 were designed to test the down-dip extension of the zone at the 200 m depth. Hole NP11-21 cut a 4.9 m interval of massive sulphides with visible lead and zinc mineralization from 219.4 m. The Company is conducting a bore-hole pulse electromagnetic (BHPEM) survey on hole NP11-21 to identify potential targets below this deep intercept.
Hole NP11-23 is in progress and designed to test the target horizon 100 m west of hole NP11-21 at a depth of 400 m. This will be the deepest hole to date and upon completion the Company will conduct a BHPEM survey to test for deeper extensions of the deposit.
SLAM had drilled 15 holes in previous campaigns at Nepisiguit which produced significant intercepts including 91.8 g/t silver, 10.58 % zinc, 2.34% lead and 0.18% copper over 3.75 m. Individual samples range up to 126 g/t silver, 18.04% zinc, 3.05% lead and 0.27% copper over 1.0 m.
Slam has signed a contract for a second drill to complete 5,000 m of diamond drilling on the Nash Creek and Silverjack projects.
About Nepisiguit: SLAM's 100% owned Nepisiguit project comprises 66 claims covering 1470 hectares of highly prospective volcano-sedimentary rocks located on highway 430 approximately 15 km southwest of the world-class BMS No. 12 mine operated by Xstrata. Nepisiguit is a volcanogenic massive sulphide deposit discovered in 1956. Previous workers defined 3 near-surface zones known as the Nepisiguit A, B and C zones. The Nepisiguit drilling program is being funded in part by a $50,000 grant from the New Brunswick Junior Mining Assistance Program.
Derek F. Brown, P.Geo. and consultant to SLAM is the Qualified Person responsible for the technical information contained herein.
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and
is currently drilling for gold at Reserve Creek in Ontario and is
actively exploring for silver-copper-lead-zinc in 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.
On behalf of the Board
Mike Taylor, P. Geo.
President & CEO
SLAM Exploration Ltd.
SEDAR: 00012459E
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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.