Omai Gold Mines

SLAM Exploration Ltd. Reports Additional Assays Up to 11.30 g/t Gold

MIRAMICHI, New Brunswick, Jan. 07, 2021 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company on TSXV: SXL, on OTC: SLMXF) is pleased to announce assay results ranging up to 10.3 g/t gold in grab samples from trenches M20-22 to M20-37 on its wholly owned Menneval gold project in northwestern New Brunswick. These trenches are located east of vein No. 18 where the Company reported samples ranging up to 3,955 g/t gold in a news release dated December 03, 2020.

The Company received assay results ranging up to 11.30 g/t gold from 102 grab samples collected from quartz veins uncovered by trenches M20-13 and M20-22 to M20-37. Twenty samples contain gold ranging from 0.200 to 11.300 g/t gold. Anomalous gold in the range 0.002 to 0.199 g/t was detected in 66 samples. Gold contents in 16 samples were below the detection limit of 0.002 g/t. Gold results for 22 grab samples are tabled below:

Trench Field Sample Sample Tag Grid East Grid North Gold g/t
M20-13 M20-13-1A 6640453 390 815 0.900
M20-13 M20-13-02 6640454 388 818 8.340
M20-22 M20-22-01 6640455 504 677 0.400
M20-22 M20-22-02 6640456 491 666 3.810
M20-22 M20-22-06 6640460 468 577 0.210
M20-22 M20-22-08B 6640461 442 276 2.190
M20-22 M20-22-08 6640465 442 276 1.100
M20-22 M20-22-09 6640466 514 687 1.130
M20-22 M20-22-10 6640467 521 699 11.300
M20-22 M20-22-11 6640468 521 705 1.460
M20-22 M20-22-12 6640469 526 715 0.620
M20-22 M20-22-15 6640472 544 730 0.280
M20-22 M20-22-16 6640473 556 758 8.000
M20-25 M20-25-03 6640497 676 767 9.350
M20-25 M20-25-09 6640103 738 635 0.620
M20-26 M20-26-01 6640104 700 783 0.700
M20-29 M20-29-02 6640116 831 825 0.897
M20-29 M20-29-05 6640119 865 754 10.2
M20-30 M20-30-01 6640120 865 819 0.124
M20-34 M20-34-02 6640134 461 977 0.162
M20-36 M20-36-02 6640141 599 699 0.729
M20-13 M20-13-03 6640354 390 818 1.780

Trench 13 uncovered a vein adjacent to Zone 9 located 80 m east of vein No 18 where samples ranging up to 3,955 g/t gold over 0.1 m were reported in our news release dated December 03, 2020. Trench M20-22 located 280 m east of vein No. 18 uncovered a series of en echelon, sub-parallel quartz veins over a total strike length of 500 m and ranging from 0.07 to 0.30 m thick. The easternmost of these veins is mineralized with limonite and pyrite over a strike length of 150 m with one site of visible gold in sample 6640467 grading 11.30 g/t gold.

Trenches M20-23 to 27 and M20-29 to 37 uncovered gold-bearing quartz veins ranging from 0.008 to 9.350 g/t gold and extending the vein system 1000 m east of vein No. 18 noted above. Trench 28 uncovered quartz veins that did not contain detectable gold. The easternmost trench M20-32 uncovered quartz veins in the vicinity of gold bearing float grading 0.92 g/t gold that had been discovered previously by the Company an additional 500 m to the east. Some trenches uncovered as many as 5 veins but since other trenches may have tested the same veins the actual number of veins is unknown. Most of these newly discovered veins have not been traced along strike by trenching and their respective strike lengths are yet to be determined. Vein thickness ranges from 0.05 to 0.30 m thick.

Assays are pending on 15 samples collected from trenches M20-38 to 43 dug in the vicinity of Zone 9. Assays are also pending on an 17 additional samples collected from angular quartz boulders uncovered by trenches M20-44 to M20-48 in the vicinity of gold occurrence No. 11 where gold-bearing boulders had been reported previously by SLAM workers. These boulders are located 1,000 m east of the eastern most Zone 9 trench M20-32. The potential source of these boulders and the No. 11 occurrence is likely to be found in a 1,000 metre wide untested gap between trench M20-32 and the No. 11 occurrence. Assay results are pending on 600 soil samples collected from this gap.

The Menneval Project: The Menneval Gold project is 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. The 2020 Menneval exploration program was supported in part by a $30,000 contribution to the Menneval gold project under the New Brunswick Junior Mining Assistance Program.

About SLAM Exploration Ltd:

SLAM is a project-generating resource company with a portfolio of precious metal and base metal properties in New Brunswick and Ontario. The Company owns the Menneval Gold project in northern New Brunswick. It owns the Birch Lake gold, silver, lead, zinc and copper project and the Lewis Brook silver project in central New Brunswick. SLAM also owns 7 gold projects located in the vicinity of Clarence Stream where Galway Gold Inc. has reported successful gold drilling results in southern New Brunswick. SLAM also owns the Reserve Creek, Opikeigen and Miminiska gold projects in Ontario. The Company owns a portfolio of base metal properties in the Bathurst Mining Camp (“BMC”) that is subject to an option agreement. SLAM also holds NSR royalties on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties in the BMC. 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.

QA-QC - Sampling Procedures

The veins were uncovered using an excavator to allow collection of grab samples. Some samples were tagged and shipped to AGAT Laboratories of Mississauga, Ontario for gold analysis using their method 202-051 for Fire Assay-AAS finish. Some samples were tagged and shipped to ALS Geochemistry in Moncton, New Brunswick for gold analysis using Au-A23, a fire assay with AAS finish. Samples over 10 g/t were re-analysed by fire assay with gravimetric finish.

Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., a qualified person as defined by National Instrument 43-101, approves the technical information contained in this news release.

Certain information in this press release may constitute forward-looking information, including statements that address the Private Placement, the closing of the Private Placement, future production, reserve potential, exploration and development activities and events or developments that the Company expects. 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.sedar.com. 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 This email address is being protected from spambots. You need JavaScript enabled to view it.
                                             
     
Eugene Beukman, CFO
Contact: 604-687-2038 This email address is being protected from spambots. You need JavaScript enabled to view it.
  SEDAR: 00012459E

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