Drilling 15 m From Hole RS10-16 Core
Interval Of 16.85 m Grading 16.45 g/t Gold
SLAM Exploration Ltd. (TSX-V:SXL - News;
"SLAM") announces it has commenced drilling to test the extent of
bonanza grade gold mineralization drilled in June at its wholly owned Reserve
Creek project in the Fort Hope area of Ontario. The initial hole is collared
15 m east of hole RS10-16 from which SLAM reported a 16.85 m core interval
grading 16.45 g/t gold with individual samples up to 274 g/t gold over 0.5
meters (news release 17 August 2010).
The drilling program is designed to
expand the bonanza gold zone laterally by a series of 15 m step-outs and
trace the bonanza zone along the 350 m strike length of mineralized,
gold-bearing iron formation indicated by previous drilling. SLAM expects to
complete the 12 hole, 2,000 m program in December
and, with $4M in the treasury, plans an additional expanded program in 2011.
Reserve Creek gold mineralization is
hosted within iron formations and mafic volcanics similar to the rocks hosting the historic
Pickle Crow gold mine near Pickle Lake, Ontario. These volcano-sedimentary
sequences are part of the Uchi Subprovince,
a huge system of greenstone belts extending from Lake Winnipeg to the Hudson
Bay lowlands hosting the world-famous Red Lake gold mining camp as well as
the Pickle Lake and Fort Hope gold areas in Ontario.
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 will be done 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
continues to be active in gold, silver and base metal exploration in Ontario
and 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.
For further information
SLAM Exploration Ltd. Mike Taylor,
President & CEO 506.627.1353 Toll Free: 866.523.6719 miketaylor@slamexploration.com
|