MIRAMICHI, NB, Sept. 14, 2017 /CNW/ - SLAM Exploration Ltd. (TSXV: SXL) ("SLAM" or the "Company") is pleased to announce it has signed a purchase and sale agreement with Osisko Metals Incorporated (TSXV:OM) ("Osisko Metals") for the sale of the Coulee zinc property located in the Bathurst Mining Camp ("BMC") of New Brunswick, Canada.
SLAM has sold 100% interest in the Coulee mineral claim to Osisko Metals in return for a cash payment of $100,000. SLAM will retain a 1% NSR on any future mineral production. Osisko Metals may purchase the NSR at any time in return for a cash payment of $750,000.
The Coulee comprises 1 claim covering 372 hectares located 6km southwest of the former producing Brunswick No. 6 mine and adjacent to the Flat Landing Brook zinc-lead-silver prospect owned by Osisko Metals. Previous drilling results suggest potential for extensions of the Flat Landing zone onto the Coulee property. In addition, the property is host to 2 other mineral occurrences referenced as the Coulee prospect and the Louvicourt North prospect in the New Brunswick Mineral Occurrence Database.
Other BMC Properties: SLAM owns a number of properties in the BMC including the Connector, Lower 44, North Rim, Satellite and LBM projects where SLAM continues with preliminary exploration activities to locate historic occurrences and identify drilling targets. SLAM selected these properties for acquisition based on a database that covers the entire BMC district. The Company intends to focus on the zinc, lead, copper and silver potential of this mineral producing region.
Joint Venture/Earn-In Opportunity: SLAM has a portfolio of zinc-lead-silver properties available for joint venture or earn-in agreements in the Bathurst Mining Camp of New Brunswick. These include the properties described above as well as Costigan and other properties with mineral potential demonstrated by previous drilling results. For additional information, call Mike Taylor 506-623-8960.
About SLAM Exploration Ltd:
SLAM is a project generating resource company that holds an NSR royalty on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver deposits. The Company owns a portfolio of base metal properties in the Bathurst Mining Camp ("BMC") of New Brunswick and intends to utilize its extensive BMC mineral database to explore and develop properties in this historic mineral region. Other projects include the Menneval gold project and the Reserve Creek and Miminiska gold projects in Ontario. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com. Follow us on twitter @SLAMGold.
Qualifying Statements: Mike Taylor, P.Geo. President and CEO of SLAM Exploration Ltd., as the Qualified Person, approves the scientific and technical disclosure in the news release.
