SLAM Evaluates Gold, Lithium, Niobium and Tantalum Assets

MIRAMICHI, New Brunswick, Dec. 05, 2023 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (TSXV-SXL) (OTC: SLMXF) (“SLAM” or the “Company”) announces that it has recently made significant acquisitions with the addition of three projects in the critical element space and now holds a diversified portfolio of gold, lithium, niobium, tantalum, silver and zinc projects. The Company has mandated its consultants to evaluate each project for possible option, vend-out or spin off arrangements in a strategic manner to focus on core projects. This strategic evaluation begins with the Menneval and Jake Lee gold projects where the company has reported significant gold discoveries as summarized below:

Menneval Gold Project: The discovery of the Maisie vein resulted from a SLAM prospecting expedition designed to investigate an 8000 metre (m) long gold anomaly from a regional till survey conducted by the government. This was followed by discovery of the No 2, No. 9, No 18 and No 22 veins, all associated with a 1500 m by 3000 m antiformal dome structure in the footwall of the Restigouche fault. This regional Appalachian structure is similar to the Appleton fault where NewFound Gold Corp. has reported major gold discoveries such as Queensway. The following selected results were reported in the past from Menneval trenching and drilling programs by SLAM:

• 1838.00 g/t gold over 0.10 m in trench M18-12
• 3950.00 g/t gold over 0.10 m in trench M18-13 (News Release 2020-Dec-03)
• 162.50 g/t gold over 0.2 m core interval in diamond drill hole BG21-11
• 56.90 g/t gold over 0.5 m core interval in diamond drill hole BG22-30
• 104.00 g/t gold over 0.3 m core interval in diamond drill hole MG12-26
• 7.09 g/t gold over 0.6 m core interval in diamond drill hole MG22-77

It should be noted that the drilling results listed above are core intervals and may not represent the true vein widths. The vein system is associated with a 3,000 m gold soil anomaly shown on Figure 1 that is largely untested. SLAM is planning a diamond drilling program to test the depth extent of these veins and to test for potential extensions.

Figure 1: Menneval Gold Occurrences And 3000 Metre Gold Anomaly

Jake Lee Gold Project: Multiple gold anomalies were detected with assays ranging from 0.005g/t to 0.980 g/t in 190 of the 517 soil samples collected on SLAM’s wholly owned Jake Lee mineral claims located 30 kilometres west of Saint John, New Brunswick.

• The highest value, 0.980 g/t gold occurs 100m east of a cluster of gold-bearing float grading up to 39.300 g/t gold reported January 25, 2023.
• Three trenches uncovered the CT vein at 3 points for a strike length of 150 m near its north end. The vein is up to 8 metres wide and locally mineralized with limonite, pyrite and chalcopyrite.
• Grab samples collected from angular float associated with the CT vein have returned anomalous levels ranging to 0.125 g/t gold and copper to 0.663%.
  

Recent Acquisitions:

• The Peninsula Lithium Project: SLAM announced on November 22, 2023, an option to acquire the 4,700 hectare Peninsula lithium project comprising 302 claim units near the 60 million tonne Rose lithium-tantalum deposit and mine project operated by Critical Elements Lithium Corp. (“CRE”). CRE reported new lithium discoveries northeast of the Rose deposit suggesting a possible trend toward the Peninsula project. The Peninsula lithium project is located in the centre of the James Bay lithium district which includes Rose, Corvette, Whabouchi and other deposits as shown on Figure 2. SLAM intends to conduct prospecting, geochemistry and diamond drilling in exploration for additional lithium rich pegmatites in 2024.
  

Figure 2: Peninsula Project - James Bay Lithium District

• The Notre Dame Niobium Project: SLAM announced on October 25, 2023, that it signed an agreement with St-Georges Eco-Mining to acquire the option to earn a 51% interest in the Notre Dame Niobium Critical Mineral Project located 110 km northwest of the Niobec niobium mine in Quebec.
• St-Georges identified niobium and rare earth element (REE) in pegmatites and carbonatites with grab samples range up to 2,320 ppm niobium (0.33% Nb2O5) with 3,901 ppm total REE including 1,726 ppm heavy REE and 2,175 ppm light REE. Permits are in place for a trenching and drilling program to test these new discoveries at Notre Dame.

• The Ear Falls Lithium Project: SLAM announced on October 12, 2023, that it had acquired an option from Perry English and Gravel Ridge Resources Ltd., to acquire a 100% interest in the Ear Falls lithium project, located in the vicinity of a new lithium discovery by Beyond Lithium Inc. (BY on CSE) near Ear Falls in northwestern Ontario.
• Beyond Minerals recently reported, “New spodumene bearing pegmatites zone discovered at the Ear Falls Project with grab samples up to 4.54% Li2O” on its claims.
• SLAM intends to conduct prospecting, geochemistry and, if warranted, diamond drilling in 2024.
  

Figure 3: SLAM Lithium, Niobium and Gold* Projects In Ontario And Quebec

*Reserve Creek gold project is under option to S2 Minerals Inc.

• The Mine Road Base Metal Project: SLAM announced on September 6, 2023, an option to acquire a 100% interest in the Mine Road project, located adjacent to the former Heath Steele mine in the historic Bathurst Mining Camp of New Brunswick. The property is host to several volcanogenic massive sulphides (VMS) occurrences including the Railroad zone.
• Previous workers drilled a number of VMS core intercepts on the Railroad Zone including 14.51% zinc, 5.86% lead, 0.67% copper and 139.9 g/t silver over a 9.0 metre interval in diamond drill hole IL2014-003. The Railroad zone is a drill ready VMS target.

About SLAM Exploration Ltd:

SLAM is a resource company with a large portfolio of mineral claim holdings in 3 divisions; Gold, Critical elements and Base Metals. SLAM has built its gold portfolio through exploration for gold along regional fault structures has resulted in significant gold discoveries including the Maisie gold vein system at SLAM’s wholly owned Menneval project and a number of recent gold discoveries in southern New Brunswick on its Shadow Lake, Jake Lee and Highway projects. These projects have potential for critical elements minerals as well as cobalt, silver and base metals.

The recently acquired Peninsula Lithium-Tantalum, Ear Falls Lithium and Notre-Dame Niobium projects are significant additions to SLAM’s Critical and Strategic Element portfolio.

The Company recently added the Mine Road zinc, lead, silver project to its base metal portfolio in the mineral rich Bathurst Mining Camp of New Brunswick. Previous workers drilled massive sulphide zones including one hole with a core interval grading 14.51% zinc, 5.86% lead, 0.67% copper and 139.9 g/t silver over a 9.0 metre interval. The Company holds NSR royalties and expects additional cash and share payments on the Wedge, Goodwin, and Ferguson base metal projects. SLAM also holds NSR royalties and may receive addition cash and share payments on the Ramsay, Reserve Creek and Opikeigen gold projects.

To view SLAM’s corporate presentation, click SXL-Presentation. Additional information is available on SLAMs website SLAM and SEDAR+ filings at www.sedarplus.ca.  Follow us on Twitter @SLAMGold.

QA-QC Procedures: SLAM collected grab samples from boulders and outcrop. These samples were submitted to ALS Chemex in Moncton, New Brunswick for sample prep followed by gold analysis using fire assay with AAS finish (Au-AA23). Samples above the detection limit were re-assayed using a gravimetric method. In addition, selected samples were analyzed for multiple elements using ICP. Soil samples were submitted to ActLabs in Fredericton, NB for gold analysis using fire assay with AAS finish as well as multi-element analysis using ICP.

Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., is a qualified person as defined by National Instrument 43-101, and has approved the contents of this news release.

Certain information in this press release may constitute forward-looking information, including statements regarding mineral resources and the Company’s plans with respect to the exploration and development of its properties. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedarplus.ca. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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