Business
SLAM Exploration Closes Roger Lake Gold Property
MIRAMICHI, New Brunswick, Nov. 17, 2022 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce that it has rece
About this update from Slam Exploration Ltd.
[{"type":"text","content":" MIRAMICHI, New Brunswick, Nov. 17, 2022 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce that it has received approval from the TSX-V Venture Exchange with regards to the option agreement dated November 2, 2022 (the “Option Agreement”) to acquire the Roger Lake property located near Lepreau, New Brunswick (the “Property” or “Roger Lake”). The Company has issued 100,000 common shares at a deemed price of $0.05 per share to satisfy the first share issuance due under the Option Agreement. The securities have a statutory hold period of four months and one day that will expire on March 18, 2023. The Property is subject to a royalty of 2% Net Smelter Return (“NSR”). The Company may purchase one half of the royalty for $1,000,000 at any time and the remaining half of the royalty for $2,000,000 at any time. Previous workers detected elevated gold levels ranging up to 16,200 parts per billion (“ppb”) gold in a soil geochemical survey completed on the Roger Lake claim in 2021. In addition to one sample at 16,200 ppb, a total of 121 sample sites ranging from 10 to 173 ppb gold that were detected in survey comprising 1904 samples. The elevated soil samples are in the vicinity of the Lepreau river gold occurrence (reference 563 - New Brunswick Mineral Occurrence database). The following quotations are copied from this reference: “Large flakes of gold (up to 5 mm) were found in the gravels of the Lepreau River about 4 km north of the village of Lepreau…” and, in the St. Croix Courier - Jul. 13, 1899, Lepreau, “Mr. Stafford has a fine piece of gold which was found on the Lepreau river and is about as fine a specimen as has been seen in the province.” The Roger Lake claim is adjacent to and will be managed as part of SLAM's wholly owned Jake Lee project. The Company reported two grab samples of float grading 39.3 and 1.49 g/t gold respectively 1,600 m northwest of the Cranford-Taylor vein on the Jake Lee project as reported Nov 17, 2022. The Company is mobilizing a prospecting team around November 22, 2022 to further evaluate these new gold discoveries The Jake Lee Project: SLAM’s Jake Lee gold project comprised of 6 claims covering 9,508 hectares spread over a 20 km stretch of volcano-sedimentary rocks along the Wheaton Brook and St George fault zones. Five of the 6 mineral claims are who...