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Slam Exploration Acquires New Gold Project
MIRAMICHI, New Brunswick, March 06, 2023 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce that it has acq
About this update from Slam Exploration Ltd.
[{"type":"text","content":" MIRAMICHI, New Brunswick, March 06, 2023 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce that it has acquired the 52 unit “Highway Gold Project” by staking 2 mineral claims that cover 3 known mineral occurrences located on provincial highway 7 near Nerepis in southern New Brunswick. Previous workers detected gold as well as cobalt, silver, zinc, copper, tin and tungsten minerals associated with magnetic and soil geochemical anomalies over major cross-cutting fault zones. This structural setting is similar to the Clarence stream gold deposit 55 km to the southwest where Galway Metals Inc. has identified a 2.3 million ounce gold resource. PDAC Presentation – Canada’s Atlantic Edge Program: SLAM President & CEO Mike Taylor will do a powerpoint presentation under the title “Gold Projects in New Brunswick”. The presentation will highlight recent new gold discoveries on SLAM’s Jake Lee project as well as 2023 plans for the Jake Lee and Menneval gold projects. Location: Ballroom A - Lower Level – Intercontinental Hotel, 225 Front Street, Toronto. Time: 10:40 AM. Date: Tuesday, March 7, 2023. The Highway Gold Project: Gold occurs in polymetallic skarns as well as quartz veins associated with 3 mineral occurrences known as the West Lake gold skarn (URN 1407), the West Brook zinc skarn (URN 324), and the Deep Lake polymetallic skarn occurrence. Previous workers several holes including one 8.8 m core interval that averaged 0.66 g/t gold at West Lake and 8.3% zinc 17.8 g/t silver, 0.686 g/t gold over 3.01 m at West Brook. They drilled significant cobalt at Deep Lake with one sulphide-rich core interval grading 0.61% cobalt over 0.36 m. SLAM is compiling the previous work data in preparation for a prospecting program to be conducted early in the 2023 exploration season in conjunction with the program planned at its wholly-owned Jake Lee gold project located 25 km to the southwest. The Wedge Property Agreement: The Company received a down-payment of $10,000 cash and 100,000 common shares from Nine Mile Metals Inc. (“Nine Mile”) upon execution of the Wedge property agreement. To earn a 100% interest, Nine Mile must pay an additional $140,000 cash and issue an additional 1,100,000 common shares to SLAM over a four year period. SLAM retains a 2% Net Smelter Return royalty (“NSR”) ...