MIRAMICHI, New Brunswick, Oct. 26, 2020 (GLOBE NEWSWIRE) — SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce trench M20-22 has followed a quartz vein (“No. 22”) over a strike length of 560 m. Vein No. 22 is located 200 m southeast of vein No. 18 which was reported to have multiple sites of visible gold in the Company’s news release issued October 20, 2020. The vein system at Menneval now extends an overall distance of 1,400 m from the northern tip of the Maisie vein to the southern tip of vein No. 22 with an east-west dimension of 600 m. The Maisie vein and these new gold discoveries are all located on SLAM’s wholly owned Menneval gold project.
The northeast section of vein No. 22 is mineralized with limonite, goethite and pyrite over a strike length of 180 m and one site of visible gold reported. Vein No. 22 terminated against a porphyry dyke at its northeast end. The Company is currently excavating cross-trenches designed to locate the extension of vein No. 22 northeast of the porphyry dyke. Two additional flanking veins have already been discovered in cross-trench M20-23.Assays are pending on 16 grab samples collected from vein No. 18 and 5 samples from trenches M20-19 to 21, some containing visible gold as reported October 20, 2020. In addition, 35 samples collected from No. 22 are being shipped to the lab. Results are still pending from 282 soil samples that may assist the Company in the search for potential new veins and extensions.Following this trenching program, the Company expects a potential resumption of diamond drilling activities to test these new gold occurrences. The exploration program is supported in part by a $30,000 contribution to the Menneval gold project under the New Brunswick Junior Mining Assistance Program. Mike Taylor, President & CEO of SLAM, will present a powerpoint to illustrate these new discoveries at 10:00 EST on Tuesday, October 27 at the EMP Zoom Conference hosted by the New Brunswick Department Of Natural Resources And Energy(“NBDNRE”). For information and registration for this free conference please visit:
https://www2.gnb.ca/content/gnb/en/departments/erd/energy/content/conference/Conf_home.htmlThe Menneval Project: The expanded Menneval Gold project is now comprised of 480 claim units covering 10,460 hectares located in northwestern New Brunswick. The Company holds a 100% interest in the Menneval claims with the exception of 4 claim units covering 105 hectares that are subject to a 1.5% NSR. The Company can buy down 0.5% of the NSR for $500,000 and it has the right of first refusal on the remaining 1% NSR.About SLAM Exploration Ltd:
Bay Street News