Slam Acquires New Gold Properties
SLAM Exploration Acquiring More Properties In Emerging Gold District
MIRAMICHI, New Brunswick, April 07, 2021 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is
pleased to report the acquisition of 2 new mineral claims through a Purchase Agreement with a prospector. The claims cover till anomalies ranging up to 580 parts per billion (“ppb”) gold and are
adjacent to the Triple Fault claims owned by Puma Exploration Inc.(“Puma”) and is located 100 km west of Bathurst New Brunswick. Puma reports that “previous holes intersected 11.2 g/t over 2.8m,
8.02 g/t Au over 1.0m, 1.0 g/t over 23.0m, 3.46 g/t Au over 2.0m” and the presence of “many gold occurrences up to 109.0 g/t, 50.8 g/t Au, 28 g/t Au, 17 g/t Au” on its Triple Fault claims.
The Company bought 100% interest in two mineral claims in return for 70,000 shares. The Vendor retains a 2% NSR royalty. SLAM holds the right to buy back 1% NSR for $1,000,000 and holds right of first refusal on the remaining 1% NSR. The NSR does not apply to additional claims staked by the Company adjacent to the Purchase Agreement claims.
The Williams Brook East Gold Property: One claim comprising 7 units was acquired in the Purchase Agreement. SLAM acquired an adjacent claim comprising 35 units by E-staking (on the NB-Eclaims portal). The combined claims cover 912 hectares of prospective ground with till anomalies ranging up to 580 ppb. Two regional faults cutting through the property confirm this to be part of the Triple Fault area.
The Jonpol East Gold Property: One claim comprising 5 units was acquired in the Purchase Agreement. SLAM acquired an adjacent claim comprising 45 units by E-staking. The combined claims cover 1,086 hectares of prospective ground with till anomalies ranging up to 28 ppb and located 1,000 m east of the Simpson Field gold occurrence.
The Ramsay Gold Property: SLAM staked an additional 3 claims adjacent to its previously staked Ramsay mineral claim. The Ramsay property now comprises 100 units in 4 claims covering 2392 hectares of prospective ground with a number of till anomalies ranging up to 34 ppb gold. The Ramsay property is transected by the Greys Gulch, McCormack Brook, McIntyre Brook, Ramsay Brook and Simpson Brook faults and is adjacent to the Ramsay copper-cobalt occurrence which has been described as an IOCG (Iron Oxide Copper Gold) type of occurrence.