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SLAM Exploration Ltd. (TSX-V:SXL - News;
"SLAM") announces visible gold in 2 of the first 3 diamond drill
holes in a 2,000 m program at its wholly owned Reserve Creek project in the
Fort Hope area of Ontario. All 3 holes RS10-17 to 19 intersected silicified
tuffs with pyrrhotite-pyrite mineralization similar
to hole RS10-16 drilled in June 2010. SLAM reported
bonanza grade gold mineralization with individual samples up to 274 g/t gold
over 0.5 meters within a 16.85 m core interval grading 16.45 g/t gold from
hole RS10-16 (news release 17 August 2010).
Hole RS10-17 intersected a 14 m core
interval of silicified tuff containing pyrrhotite-pyrite
mineralization from 21 m to 35 m and specks of visible gold at 31.2 m.
RS10-18 intersected similar mineralization over a 34.5 m core interval from
30 to 64.5 m. Hole RS10-19 intersected an 11 m mineralized core interval from
53.0-64.0 m with fine specks visible gold at 53.4 and 53.6 m.
Holes RS10-17 to 19 were drilled from
same set-up at 45 o, 60 o and 70 o and to depths of 60.96m, 85.34m and
140.21m respectively to define a section 15 m east of bonanza hole RS10-16.
After hole RS10-19 the drill moved to a site 15 m
west of hole RS10-16 to drill a similar pattern of 3 holes. The Company will
continue to utilize this effective pattern to potentially expand the bonanza
gold zone laterally. This is delineation drilling with an ultimate goal of
advancing the deposit to NI 43-101 status. To achieve this, the Company is
planning additional drilling in 2011 and is building its treasury to over $5M
with a financing to close next week.
Michael R. Taylor, P.Geo.
President and CEO of SLAM is the Qualified Person responsible for the
technical information contained herein. The core intervals described are
drilled intervals. True thicknesses are unknown. 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 the Fort Hope area.
About SLAM: 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
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.
To view this news release in HTML formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/December2010/09/c3856.html
For further information
SLAM Exploration Ltd. Mike Taylor,
President & CEO 506.627.1353 Toll Free: 866.523.6719 miketaylor@slamexploration.com
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