SLAM Exploration Ltd. (TSX-V:SXL)
("SLAM") is pleased to announce assays grading up to 47.69 g/t gold
over 0.5 m from 3 holes RS10-20 to 22 at its wholly owned Reserve Creek gold
project in the Fort Hope gold area of Ontario. This bonanza grade intercept
occurs within a 15.10 m core interval grading 9.02 g/t gold at a depth of
100.9 m in hole RS10-21. Selected assay results are tabulated as follows:
Hole
ID
|
|
|
|
From m
|
|
To m
|
|
Length m
|
|
|
|
Au oz/t
|
|
|
|
Gold g/t
|
RS1020
|
|
|
|
64.0
|
|
64.5
|
|
0.5
|
|
|
|
0.18
|
|
|
|
6.29
|
RS1020
|
|
|
|
64.5
|
|
65
|
|
0.5
|
|
|
|
0.16
|
|
|
|
5.60
|
RS1020
|
|
|
|
65.0
|
|
65.5
|
|
0.5
|
|
|
|
0.48
|
|
|
|
16.38
|
RS1020
|
|
|
|
65.5
|
|
66.0
|
|
0.5
|
|
|
|
0.20
|
|
|
|
6.81
|
RS1020
|
|
|
|
69.5
|
|
70.0
|
|
1.0
|
|
|
|
0.61
|
|
|
|
20.88
|
RS1020
|
|
|
|
63.0
|
|
75.0
|
|
12.0
|
|
|
|
0.13
|
|
|
|
4.58
|
RS1021
|
|
|
|
100.9
|
|
101.5
|
|
0.6
|
|
|
|
0.25
|
|
|
|
8.57
|
RS1021
|
|
|
|
101.5
|
|
102.0
|
|
0.5
|
|
|
|
0.34
|
|
|
|
11.65
|
RS1021
|
|
|
|
102.0
|
|
102.5
|
|
0.5
|
|
|
|
0.44
|
|
|
|
15.08
|
RS1021
|
|
|
|
102.5
|
|
103.0
|
|
0.5
|
|
|
|
0.57
|
|
|
|
19.39
|
RS1021
|
|
|
|
103.0
|
|
103.5
|
|
0.5
|
|
|
|
0.35
|
|
|
|
12.09
|
RS1021
|
|
|
|
103.5
|
|
104.0
|
|
0.5
|
|
|
|
1.39
|
|
|
|
47.69
|
RS1021
|
|
|
|
104.0
|
|
104.5
|
|
0.5
|
|
|
|
0.37
|
|
|
|
12.73
|
RS1021
|
|
|
|
105.5
|
|
106.5
|
|
1.0
|
|
|
|
1.25
|
|
|
|
42.99
|
RS1021
|
|
|
|
100.9
|
|
116.0
|
|
15.1
|
|
|
|
0.20
|
|
|
|
9.02
|
RS1022
|
|
|
|
38.1
|
|
41.1
|
|
3.0
|
|
|
|
0.06
|
|
|
|
2.11
|
The core intervals described are drilled
intervals. True thicknesses are unknown. Hole RS10-20, 21 and 22 were
drilled at dips of 60, 70 and 45 degrees respectively from one site 15 m west
of previous hole RS10-16. Hole RS10-16 cut a 16.85 m core interval grading
16.45 g/t gold and contains individual samples of bonanza gold grading
up to 274 g/t gold over 0.5 m (news release 17 August 2010). Assays are
pending on 3 additional holes RS10-23 to 25 drilled more than 200 m west of
RS10-16.
SLAM is participating in the World
Resource Investment Conference at the Vancouver
Convention Centre, West on 23 - 24 January 2011
with an exhibit in Booth 800. The display incudes high grade core showing
visible gold from hole RS10-21. President Mike Taylor
is scheduled to do a Corporate Presentation at 12:10 PM
on Monday 24 January in Workshop Room 4.
SLAM has drilled 2 holes since activity
resumed at Reserve Creek 16 January 2011. Logging and sampling are in
progress on these holes RS11-26 and RS11-27 intersected the mineralized zone
above and below hole RS10-25. The Company has $5.2M
cash in the treasury and expects to expand the drilling program well beyond
the current 2,000 m contract.
All drill cores were delivered from the
drill sites to a facility in Fort Hope for logging and sampling. Selected
cores were split or sawn with half retained for reference. Sampled halves
were shipped to Accurassay in Thunder Bay for gold assay. Standards and
blanks were inserted in the sample batches to augment the Quality Assurance
and Quality Control program utilized by the laboratory. Michael R. Taylor,
P.Geo. President and CEO of SLAM is the Qualified Person responsible for the
technical information contained herein.
About Reserve Creek Gold Project:
SLAM's wholly owned Reserve Creek gold project encompasses a 4608 hectare
block of 22 claims located near Fort Hope, Ontario. Reserve Creek is part of
a large and valuable land package with an expanding inventory of gold
deposits centered around Fort Hope approximately 150 km east of the former
gold mining town of Pickle Lake. The large greenstone belt surrounding Fort
Hope has many similarities to the prolific Red Lake gold mining camp and has
potential to be a major gold producing area. The Red Lake, Pickle Lake and
Fort Hope gold areas are part of the Uchi subprovince, a major system of
greenstone belts extending from Lake Winnipeg
to the Hudson Bay lowlands.
Reserve Creek drilling activities are
progressing in consultation with Eabametoong First Nation ("EFN")
in accordance with a recently signed Exploration Agreement. This Agreement
calls for EFN and SLAM to work cooperatively to advance the gold potential of
Reserve Creek and other SLAM projects in the Fort Hope area of Ontario.
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and is currently drilling for gold in
Ontario and 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
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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.
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