MIRAMICHI, NEW BRUNSWICK -- (Marketwire) -- 03/19/13 -- SLAM Exploration Ltd. (TSX VENTURE: SXL)(OTCBB: SLMF) ("SLAM") is pleased to announce diamond drilling results grading up to 121.00 g/t gold over 0.31 m from the 17 hole Phase II drilling program recently completed at its wholly owned Menneval gold project in New Brunswick. This bonanza grade interval occurs in hole MG1363 within a 0.85 m interval grading 44.53 g/t gold with visible gold reported.
SLAM is very encouraged by these results. The Maisie vein extends over a strike length of 700 m and to a depth of 45 m. Drilling indicates that the bonanza shoots identified in surface trenches can be followed at depth. Results are pending from metallurgical testing of a 27 kg bulk sample by RPC of Fredericton, NB.
According to SLAM president Mike Taylor, "Even though the nugget effect makes it difficult to represent this type of bonanza vein by drilling, this project continues to exceed our expectations. The next step is to initiate a permitting and consultation process in preparation for a potential open pit mine. Like many gold mines in the past, this is expected to start out as a glory-hole type of operation."
The Phase II program comprised 17 holes numbered Mg1348 to MG1364 for a total of 582 m. This program follows the successful 47 hole Phase I program drilled in December, 2012. To view maps and exploration results to date you are invited to the SXL website at http://www.slamresources.com/projects/new-brunswick/menneval. Photos of drill core with visible gold can be viewed at http://www.slamresources.com/core-shack/. Selected results from the Phase II program along with the 8 hole Zone 9 program are summarized in the table below.
Hole_ID From_m To_m Interval_m Gold_g/tMG1364 42.23 43.40 1.17 0.67MG1363 30.55 31.40 0.85 44.53 Includes 31.09 31.40 0.31 121.00MG1359 13.00 13.12 0.12 1.24MG1358 11.89 12.00 0.11 1.49MG1357 16.50 17.70 1.20 1.67MG1356 12.00 15.00 3.00 0.72MG1355 10.00 10.80 0.80 2.11MG1354 8.60 9.90 1.30 3.36 Includes 9.10 9.40 0.30 12.10MG1352 16.00 17.90 1.90 22.97 Includes 17.60 17.90 0.30 62.80MG1351 14.85 15.05 0.20 2.99MG1350 7.00 7.12 0.12 1.63MG1349 41.70 44.00 2.30 0.90MG1348 37.00 45.31 8.31 0.60BG1308 14.00 14.40 0.40 0.36BG1308 21.60 21.90 0.30 0.20BG1307 16.07 16.70 0.63 0.19BG1305 17.80 18.30 0.50 0.24BG1305 18.90 19.00 0.10 0.80BG1305 19.35 19.45 0.10 0.36BG1304 23.95 24.15 0.20 0.43BG1302 49.67 50.07 0.40 1.81BG1302 54.75 55.23 0.48 1.07BG1301 16.37 16.60 0.23 0.74BG1301 21.00 21.57 0.57 0.73The intervals are core lengths. True thickness may vary.Holes MG1348 to MG1359 were previously reported.
After the Maisie Zone, the Company completed an 8 hole drilling program for a total of 640 m on Zone 9, a swarm of quartz veins located 700 m south of the Maisie zone on SLAM's adjacent Border project. Results from holes BG1301 to BG1308 are included in the table above. Multiple vein intercepts grade up to 1.81 g/t gold over 0.4 m to depths of 55 m on Zone 9. This is a significant extension to the gold-bearing system on SLAM's wholly owned Menneval properties.
Qualifying Statements: Doug Clark, P.Geo. is the Qualified Person responsible for the technical information contained herein. Drill cores were delivered from the drill to a secure site for logging and sampling. Selected samples were sawn and sent to Activation Labs in Ancaster, Ontario for analysis by fire assay with AA finish. This is followed by fire assay with gravimetric finish for gold values above 3.0 g/t. The Company uses blank and standard samples for quality assurance and control.
About The Menneval Project: SLAM holds 100% interest in 8 contiguous claims including 7 claims in the Menneval project and 1 claim referred to as the Border project that together cover 30,820 hectares all acquired by map-staking near Menneval in northwest New Brunswick. Four (4) of the claims covering 692 hectares are subject to a 1.5% NSR. SLAM can buy down 0.5% NSR for C$0.5M and has right of first refusal on remaining 1%. The Menneval property hosts the Maisie gold zone. The Border property hosts a swarm of gold-bearing quartz veins known as Zone 9 located 700 m south of the Maisie discovery.
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and is actively exploring new gold discoveries on its Menneval project in northwestern New Brunswick. In addition, the Company owns the Nepisiguit and Nash Creek silver-base metal deposits, both NI 43-101 compliant and located in New Brunswick. The Company also owns a significant gold portfolio in Ontario including the Reserve Creek gold deposit. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com. Follow us on twitter @SLAMGold.
On behalf of the Board
Mike Taylor, P. Geo., President & CEO
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.
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.
SLAM Exploration Ltd.
Mike Taylor, P. Geo.
President & CEO
Direct: 506-627-1353 or Toll Free: 866.523.6719