SLAM Acquires Dam Lake Gold Project

MIRAMICHI, New Brunswick, Feb. 08, 2024 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (TSX-V:SXL) (OTC: SLMXF) (“SLAM or the “Company”) is pleased to report it has entered into an option agreement (the “Agreement”) signed February 6, 2024 with Edge Exploration Inc. (“Edge”) to acquire the Dam Lake gold project adjacent to SLAM’s wholly-owned Jake Lee gold project 30 kilometres west of Saint John in the mineral-rich province of New Brunswick. Edge reported two gold discoveries grading 4.76 g/t (grams/tonne) gold and greater than 5.00 g/t gold in basal till samples collected in 2021 from two overburden drill holes 420 metres apart.

The basal till unit from 0.15 to 1.15 metres (m) in hole DH15 was comprised of sand and clay and assayed 4.76 g/t gold. This gold-bearing till was underlain by banded volcanic tuff from 1.85m to the end of the hole at 4.0 m. DH16 collared 420 m to the southwest and was drilled to 13 m. Three gold-bearing intervals were reported from hole DH16; limonitic sand from 0.15 m to 1.15 m grading 1.830 g/t gold, clay and fine sand from 6.90 m to 8.50 m grading 0.353 g/t gold and sand with angular rock fragments from 12.2 m to 13 m grading greater than 5,000 g/t gold.

SLAM discovered anomalous gold in soil samples on a grid 1,000 m to the northeast and previous workers discovered boulders with visible gold and assays up to 302.5 g/t gold at a site 4,100 m northeast of the gold discoveries by Edge. This gold-bearing float is located 400 m northeast of SLAM’s Jake Lee project boundary as shown on Figure 1 below. SLAM has discovered additional float grading up to 39.2 g/t gold and soil samples grading up to 0.900 g/t gold 12 kilometres further east within the boundary of the Jake Lee gold project.

The Jake Lee claims cover gold occurrences associated with the Fundy fault zone; a broad system of deep-rooted Appalachian structures centered around the Belleisle Bay fault. This is similar to the setting of the Queensway project adjacent to the Appleton fault in Newfoundland where recent gold discoveries have been reported by Newfoundgold and other companies.

The Dam Lake Agreement: SLAM can earn an 100% interest by paying for claim renewals and completing exploration expenditures of $200,000 on or before the 3^rd anniversary of the Agreement. The Company has paid $1,090 for the initial claim renewal. Edge shall retain a 2% NSR royalty. SLAM holds the right to buy back one-half of the royalty equal to 1.0% NSR for one million dollars at any time before the commencement of production. No finder’s fees have been paid with respect to this arms-length agreement.