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TSXV: SXL US-OTC: SLMF
Expanding Silver-Lead-Zinc-Copper Deposit 15 Km from BMS No. 12 Mine
MIRAMICHI, NB, Oct. 14, 2011 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) ("SLAM") is pleased to announce the deepest intercept to date at its wholly owned Nepisiguit silver-copper-lead-zinc deposit. Hole NP11-23 has intersected a 14.8 m core interval of massive sulphides with visible zinc and copper mineralization from 387.2 m to 402.0 m. This includes a 2.3 m chloritic stringer zone with 10% sulphides from 398.2 m to 400.5 m. Core angles are estimated to average approximately 70 degrees to core axis.
Assays are pending for holes NP11-16 to NP11-22. Logging and sampling of hole NP11-23 are in progress. Bore-hole pulse electromagnetic (BHPEM) survey results are pending for hole NP11-23 to identify potential targets at depth and along strike. Hole NP11-24 is in progress and designed to test the target horizon 100 m west of hole NP11-23 at a depth of 400 m.
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.
Based upon these results, the Company staked 146 claims to cover 3,650 hectares of highly prospective volcano-sedimentary strata located midway between the Nepisiguit property and the BMS No. 12 mine. These are incorporated into the California Lake property. The Company also expanded the Nepisiguit property by staking an additional 12 claims.
About Nepisiguit: SLAM's 100% owned Nepisiguit project now comprises 78 claims covering 1770 hectares with a 6,500 m strike-length of favourable strata 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.
Image with caption: "Hole NP-11-23, 386 m to 405 m Massive Sulphides and Stringer Mineralization in Volcanics (CNW Group/SLAM EXPLORATION LTD.)". Image available at: http://photos.newswire.ca/images/download/20111014_C4143_PHOTO_EN_4598.jpg
