Slam Acquires New Lithium Project

Road Accessible Lithium Claims in Northwestern Ontario

MIRAMICHI, New Brunswick, Oct. 12, 2023 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (TSXV-SXL) is pleased to announce it has entered into an arm’s length option agreement dated October 11, 2023, 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.

Project Highlights:

• New Lithium Discoveries: The project comprises 230 claim units covering 4,700 hectares in 2 claim groups (“Northeast” and “Southern”) respectively located 10 kilometres (km) northeast and 12 km south of a new 1,000 metre long spodumene bearing pegmatite zone with grab samples up to 4.54% Li₂O reported by Beyond Lithium on their Ear Falls Project.
  
  
• Northeast Claim Group: The northeast group comprises 50 claims covering 1018 hectares located 10 km along strike from new lithium discoveries by Beyond Lithium who recently reported. “New spodumene bearing pegmatites zone discovered at the Ear Falls Project with grab samples up to 4.54% Li2O”.
  
  
• Mineral Trend: Beyond Lithium also reports “Favorable geology and a highly fractionated sample located 2 km northeast of the new discovery spodumene zone”… This suggests a trend toward SLAM’s Northeast claims. This trend is supported by aeromagnetic signatures.
  
  
• Southern Claim group: The southern group comprises 180 claim units covering 3,678 hectares located 12 kilometres south of the new lithium discovery. The Southern claim group is underlain by sediments and granitic rocks that are prospective for pegmatites.
  
  
• Regional Lithium Play: The Ear Falls lithium project is underlain by volcano-sedimentary and intrusive rocks transected by a splay of the Lake St. Joseph Fault, a regional structure that cuts through the Root Bay area where Green Technology Metals (ASX-GT1) is drilling to expand a JORC compliant resource on the Root Bay and McCombe deposits. Pioneer Lithium (ASX-PLN) recently announced a new pegmatite discovery on its adjacent Root Bay claims.
  
  
• Infrastructure: Both claim groups are accessible through a network of logging roads and secondary roads off Highway 105 that connects the mining town of Red Lake to the Trans-Canada highway.
  
  The Optionors: The Ear Falls Lithium Agreement was signed by Perry English and Gravel Ridge Resources Ltd., jointly, the Optionors along with the CEO of SLAM.

SLAM President Mike Taylor states, “The new lithium discovery of 4.54% Li2O by Beyond Lithium is very significant. The geological setting is similar to Root Bay where Green Technology Metals recently announced drilling to expand its lithium deposits. SLAM wishes to thank the Optionors for this opportunity and is planning an exploration program at Ear Falls. The Company intends to continue its aggressive pursuit of new exploration opportunities especially in the critical element space.”