Slam Closes Acquisition of Mine Road Project

EXPANDS ZINC COPPER SILVER FOOTPRINT IN BMC

CORE INTERVALS TO 14.51% ZINC, 5.86% LEAD, 0.67% COPPER AND 139.9 G/T SILVER

MIRAMICHI, NB / ACCESSWIRE / September 27, 2023 / SLAM Exploration Ltd. (TSXV:SXL) ("SLAM" or the "Company") announces that further to the news release dated September 6, 2023, it has closed the property option agreement dated September 1, 2023 (the "Option Agreement") with Ian Ross (the "Optionor") to acquire a 100% interest in and to the Mine Road project, which is located adjacent to the former producing Heath Steele mine in the Bathurst Mining Camp ("BMC") of northern New Brunswick.

Mine Road Project: The 7,500 hectare Mine Road project comprises 347 units in 2 mineral claims adjacent to the former producing Heath Steele mine property. From 1957 and 1996, the operator mined 21 million tonnes at Heath Steele with an average grade of 4.98% zinc, 0.36% lead, 0.54% copper and 69.66 g/t silver. A total of 2,330 million pounds of zinc, 833 million pounds of lead, 446 million pounds of copper and 45 million ounces of silver were processed. (For reference, these numbers are derived from: McCutcheon, S.R. (compiler) 1997; Geology and massive sulphides of the Bathurst Camp, New Brunswick; Geological Association of Canada - Mineralogical Association of Canada, Joint Annual Meeting, Ottawa '97, Field Trip B7, Guidebook, 85 p.)

Volcanogenic Massive Sulphide Occurrences: The Mine Road project contains 7 volcanogenic massive sulphide occurrences including the Railroad Zone described above. The Company expects to generate additional targets once the Mine Road project database is integrated with SLAM's extensive Bathurst Joint Venture database. A total of $1,448,000 in exploration expenditures have been applied to the Mine Road project during the past 10 years and assessment work credits of $428,776 are available for future claim renewals.

Infrastructure: The Mine Road project is located on the Mine Road (Route 430) which connects the former Heath Steele mine to the city of Miramichi which is 60 kilometres to the southeast. The claims are accessed from this paved road and a series of logging roads. Electric power is available from lines that connect Heath Steele to the New Brunswick power grid.

The Agreement: The Company has made the first share issuance due pursuant to the Option Agreement and it has issued 100,000 common shares to the Optionor at a deemed price of $0.05 per share. The securities have a four month and one day hold period which will be expire on January 28, 2024, pursuant to Canadian securities laws.