SLAM Stakes New Claim Near Gold Discovery

SLAM Exploration Participating In New Brunswick Appalachian Gold Plays

MIRAMICHI, New Brunswick, June 23, 2021 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) announces it recently expanded its Jake Lee mineral claims adjacent to a new gold discovery reported by Edge Exploration Inc. (“Edge”), a private New Brunswick company. Edge reported gold grading 4.8 g/t (“grams/tonne”) and greater than 5.0 g/t gold respectively in two overburden drill holes 420m apart within a 5,000 m long anomalous trend. For more information about this discovery Edge’s news release is posted at http://edgexploration.com/edge-news/. The new discoveries are adjacent to SLAM’s 100% owned Jake Lee project and 25 kilometres southeast of the Clarence Stream gold deposit where Galway Metals Corp. recently reported a series of new gold discoveries.

SLAM President & CEO Mike Taylor states, “Congratulations to Dallas Davis and the Edge team on this significant new gold discovery in the mineral-rich province of New Brunswick. These discoveries in the vicinity of the Wheaton Bay fault are further evidence for gold in association with Appalachian structures in Atlantic Canada and suggest that New Brunswick has potential similar to recent discoveries by New Found Gold Corp. and others in Newfoundland.”

This new gold discovery is associated with the Wheaton Bay fault, a regional Appalachian structure that trends easterly through SLAM’s Jake Lee mineral claims. Previous workers discovered one boulder with visible gold and a second boulder grading 302.5 g/t gold in the vicinity of the Wheaton Bay fault to the east of SLAM’s property. The potential source area for these boulders could lie within the Jake Lee claim boundary.

The Company expanded the Jake Lee property southwestward by acquiring an additional 100 unit claim. The expanded property now covers 8937 hectares stretching over 25 kilometres in the vicinity of the Wheaton Bay fault and other favourable Appalachian structures. The Company intends to complete a soil geochemical survey on a portion of the Jake Lee property to test the potential trend of the new gold discoveries as well as the potential source of gold boulders known to occur on adjacent claims.

Menneval Project Update: Trenching is in progress on SLAM’s flagship Menneval Gold project. The Company has uncovered a trail of quartz boulders with a series of trenches over a 600 m strike length along soil trend A. The source of these boulders is likely a set of 3 veins discovered 600 m east of Zone 9 near the end of the 2020 season. The Company followed one of these veins over a 30 m strike length and it is open in both directions. The 0.2 m wide vein is mineralized with pyrite and goethite blebs and limonite in fractures. The Company will continue trenching to follow these veins along strike to the northeast and then to the southwest toward Zone 9. Once the full extent of the vein system is determined by trenching, the Company expects to follow up with a diamond drilling program. Targets include veins No 2 and No 18 both with visible gold. No. 2 returned grades up to 351 g/t gold from grab samples and No. 18 returned grades up to 3955 g/t gold over 0.1 m from chip samples.