Diamond drilling on Historic Copper Nickel Zones at Goodwin

Miramichi, New Brunswick ‐ TheNewswire - SLAM Exploration Ltd. (“SLAM” or the “Company”) (TSXV-SXL) is pleased to announce that it has mobilized a drilling rig and crew for a 2,000 meter drilling program on its wholly owned Goodwin Project located 35 kilometers south of the Caribou mine and mill complex in the Bathurst Mining Camp (“BMC”) of New Brunswick.

Trenching Targets: The drill is set up on hole GW24-04, located 40 meters northeast of hole GW24-03 which cut a 60.60 meter core interval grading 1.17% copper equivalent as reported August 12, 2024. This hole is designed to test the Farquharson zone above the previous intercept and to define the dip of the zone on this section.  

• The Farquharson Zone: The Company plans 4 additional diamond drill holes to test the strike extent of a 60.60 meter core interval grading 1.17% copper equivalent drilled in hole GW24-03 as reported August 12, 2024.  

• The Granges Zone: SLAM plans 4 additional diamond drill holes to test the strike and dip extent of a 64.90 meter core interval grading 2.19% copper equivalent in hole GW24-02 that was reported August 7, 2024. This copper nickel zone included a 31.20 meter core interval grading 3.84% copper equivalent. 

• The Logan Zone: The Company may test this historic copper nickel zone with up to 3 diamond drill holes. Targets include a 6 meter core interval of copper-rich massive sulphides reported in hole NO60-03 without assays. A 16.95 meter zone grading 0.37% copper and 0.44% nickel with individual core samples grading up to 0.72% copper and 1.05% nickel over 2.10 meters in hole MM71-05B. (These results predate NI43-101 regulations and can only be validated by additional drilling).  

Figure 1 shows the Farquharson zone drilling plan over a background of gradient aeromagnetics. Previous diamond drill hole GW24-03 is shown in black, the current hole GW24-04 in green and the 4 proposed step-outs in blue. The proposed 40 meter step-outs are subject to change.

Click Image To View Full Size

Figure 1 Farquharson Aeromagnetic Gradient, Diamond Drilling Plan

Video Interview: SLAM President & CEO Mike Taylor recently discussed the Goodwin copper nickel project in an interview by Gilbert Chan of NAI 500. To view the interview, click SLAM_NAI500_YouTube.

QA-QC Procedures: The Granges Zone and Farquharson Zone results described above were previously reported by SLAM in news releases dated between July 30, 2024 and August 12, 2024. The historic results from previous workers are derived from New Brunswick assessment files that predate NI43-101 regulations. They can only be validated by additional trenching and drilling.

About SLAM Exploration Ltd: SLAM Exploration Ltd. is a public resource company with a substantial portfolio of mineral claim holdings in the mineral-rich province of New Brunswick. The Company recently completed three diamond drill holes on the Goodwin copper-nickel project in the BMC of New Brunswick. Highlights include:

• A 60.60-meter core interval grading 1.17% copper equivalent in hole GW24-03 

• A 64.90-meter core interval grading 2.14% copper equivalent in hole GW24-02 

• A 35-meter core interval grading 1.36% copper equivalent in hole GW24-01 

Based on these drilling intercepts, the Company has expanded the Goodwin Project which now comprises 194 units covering 4,239 hectares. Drilling resumed on October 10, 2024.

SLAM has discovered multiple gold veins on its wholly owned Menneval gold project. The Company has reported gold-bearing core intervals, including 162.5 g/t gold over 0.2 meters and 56.90 g/t gold over 0.5 meters (news releases dated December 13, 2021, and November 22, 2022). Additionally, the Company reported quartz float grading up to 39.2 g/t gold on its Jake Lee project, located near the Clarence Stream gold deposit, where Galway Metals Inc. is working on a 2.3-million-ounce gold deposit in southern New Brunswick.

SLAM also owns the Mine Road copper-zinc-silver project, adjacent to the former producing Heath Steele Mines property in the BMC. Previous workers have reported successful diamond drill holes at Mine Road, including IL2014-003, which intersected a 9-meter core interval grading 14.51% zinc, 5.86% lead, 0.67% copper, and 139.9 g/t silver in the volcanogenic massive sulphide Railroad Zone (Doe Run Canadian Exploration ULC; 2015, New Brunswick Assessment Files, Report of Work 477877). The Railroad Zone is located 7,000 meters east of the 20-million-tonne former producing Heath Steele B Zone.

The Company is a project generator and has received significant cash and share payments over the last nine months, including:

• $150,000 cash and 50,000 shares from S2 Minerals Inc. (STWO) on December 19, 2023, pursuant to the Reserve Creek gold agreement. 

• 534,000 shares and 333,000 warrants (exercisable at $0.01) from Nine Mile Metals Inc. (NINE) on March 1, 2024, pursuant to the Wedge Project agreement. 

• $25,000 cash plus 2,500,000 shares of Lode Gold Resources Inc. (LOD) pursuant to the Ramsay Gold agreement. 

The Company holds NSR royalties and expects additional cash and share payments from the Wedge copper-zinc project and the Ramsay, Reserve Creek, and Opikeigen gold projects.

To view SLAM’s corporate presentation, click SXL-Presentation. Additional information is available on SLAM’s website and on SEDAR+ at www.sedarplus.ca.  Follow us on X @SLAMGold.

Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., is a qualified person as defined by National Instrument 43-101, and has approved the contents of this news release.

Certain information in this press release may constitute forward-looking information, including statements regarding mineral resources and the Company’s plans with respect to the exploration and development of its properties. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedarplus.ca. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION:

Mike Taylor, President & CEO

Contact: 506-623-8960 mike@slamexploration.com

Eugene Beukman, CFO

Contact: 604-687-2038 ebeukman@pendergroup.ca                                SEDAR+: 00012459

Copyright (c) 2024 TheNewswire - All rights reserved.