• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Slam Discovers More Gold

Posted on: Monday, 7 July 2008, 12:00 CDT

SLAM Exploration Ltd. (TSX VENTURE: SXL) ("SLAM") announces more gold intercepts from the latest 3 holes of a 6 hole drilling program at its wholly owned Reserve Creek property located east of the former gold mining town of Pickle Lake, Ontario. Gold bearing intercepts are reported from all 3 holes with visible gold in RS0812. The most significant assays are from RS0810 with 0.217 oz/t (7.485 g/t) over 4.58 metres including 0.489 oz/t (16.753 g/t) gold over 0.73 metres. These grades are consistent with initial results reported on 19 June 2008.

This 1014 metre drilling program was designed to test the depth extent of the historic Williamson Zone where gold is associated with sulphide and quartz stringers in a magnetite rich tuff unit up to 20 metres thick. This successful program extends known mineralization to a depth of 140 metres with gold-bearing intervals reported from all 6 holes. The Williamson Zone has a strike length of 350 metres and remains open at depth. Selected intervals and grades are tabulated as follows:

 DDH          From         To       Core      Gold        Gold                 m          m     Length      oz/t         g/t RS0810     109.00     113.58       4.58     0.217       7.485 RS0810     111.15     112.05       0.90     0.227       7.789 RS0810     112.05     112.78       0.73     0.489      16.753 RS0810     122.51     126.30       3.79     0.129       4.430 RS0810     123.92     125.28       1.72     0.229       7.841 RS0810     131.55     132.25       0.70     0.077       2.623 RS0812      99.03      99.73       0.70     0.215       7.381 RS0812     148.48     148.88       0.40     0.463      15.887 RS0813     162.85     163.35       0.50     0.035       1.185 RS0813     164.85     167.00       2.15     0.164       5.621 

Greatly encouraged by these positive results, SLAM staked 9 additional claims, expanding the property to 22 claims that encompass 4624 hectares of highly prospective volcano-sedimentary rocks. Reserve Creek is part of a valuable land package with a significant and expanding inventory of gold deposits centred at Eabamet Lake (Fort Hope).These all lie within the Traditional Territories of the Eabametoong First Nation ("EFN") as recognized in a Memorandum of Understanding ("MOU") signed by SLAM and EFN on 31 August 2007.

All drill cores were moved from the drill sites to a secure facility for logging and sampling. Selected cores were split with half retained for reference. Sampled halves were shipped to Accurassay Laboratories in Thunder Bay for gold assay. Standards were inserted in the sample batches to augment the Quality Assurance and Quality Control program of duplicates and standards utilized by Accurassay. Doug Clark P.Geo., consultant to SLAM, is the Qualified Person, as defined under National Instrument 43-101, responsible for the results reported in this news release.

SLAM Exploration Ltd. is a mineral resource company based in Miramichi, New Brunswick. It is involved in gold exploration in the Uchi sub-province of northwest Ontario as well as base metal exploration in New Brunswick including the world class Bathurst Mining Camp. Additional information about SLAM including updated information on our Ontario gold projects is available at www.slamexploration.com or from its SEDAR filings at www.sedar.com. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

On behalf of the Board,

Mike Taylor, P. Geo. President & CEO

SLAM Exploration Ltd.

SEDAR: 00012459E

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Please see our public filings at www.sedar.com for further information.

 Contacts: Investor Relations and Corporate Inquiries Mike Taylor President & CEO 506-627-1353 Toll Free: 866-523-6719 http://www.slamexploration.com  AGORACOM Investor Relations http://www.agoracom.com/IR/slamexploration

SOURCE: Slam Exploration Ltd.

Source: MARKET WIRE

More News in this Category