MIRAMICHI, NB, Feb. 5 - SLAM Exploration Ltd. (TSX-V: SXL) ("SLAM") announces drilling results from 33 additional holes drilled at its wholly owned Nash Creek Project in New Brunswick. Of these twenty-three holes encountered near-surface mineralization ranging from 4.4 to 45.8 metres thick within the Hickey Zone. Drilling results continue to demonstrate the potential for open pit mining with significantly expanded tonnage at the Nash Creek Project. Weighted average grades for selected holes are set out below.
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SLAM management is encouraged by these drilling results which indicate, most importantly, that the strike length of the deposit has been extended from 900 to 1400 metres. As reported 10 July 07, the deposit comprised an indicated resource of 3.24M tonnes grading 4.67% zinc, 0.80% lead and 27.8 g/t silver plus an additional inferred resource of 2.69M tonnes grading 3.65 % zinc, 0.77% lead and 20.0 g/t silver. The resource calculation and other information described in a Technical Report filed 27 August 07 can be viewed at www.sedar.com. Additional information including maps and core pictures from the Nash Creek Project are available for viewing online at http://www.slamresources.com/index.cfm?page=projects-NashCreek
Assays are pending on 25 additional holes for a total of 100 holes drilled since the most recent resource calculation. Drilling continues and the Company has signed a new contract for drilling of 10,000 metres in 2008. In addition, the Company is conducting more advanced activities in anticipation of development. Dillon Consulting Limited have been engaged to complete geotechnical and hydrogeological assessments in preparation for environmental permit applications. SLAM plans to commission an independent resource estimate, a scoping study, and further metallurgical testing. SLAM management expects to incorporate these activities into a full feasibility study for a future open pit mining and milling operation at Nash Creek.
Derek F. Brown P.Geo., SLAM's Exploration Manager, is the Qualified Person, as defined under National Instrument 43-101, responsible for management of the Nash Creek project and drilling results reported in this news release. Drill cores were delivered from the drill to a secure site for logging and sampling. Selected drill cores were sawn with one half sent for assay and one half retained for reference. Samples were sent for ore grade assay to either Accurassay Laboratories or Activation Laboratories Ltd. (Actlabs).
The Company inserted blank and standard samples at selected intervals for quality assurance and control in addition to the system of blank, standard and duplicate samples utilized by each laboratory. Accurassay used aqua regia digestion with AA finish and Actlabs used fire assay -ICP for zinc, lead and silver.
SLAM Exploration Ltd. is a mineral resource company based in Miramichi, New Brunswick. It is involved in base metal exploration in New Brunswick as well as gold exploration in the Uchi sub-province of northwest Ontario.
Additional information about SLAM and its projects is available at www.slamexploration.com or from 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.
For further information:
Corporate Inquiries:
Mike Taylor, President &CEO,
(506) 627-1353,
miketaylor@slamexploration.com
Nash Creek Project:
Derek Brown, Exploration Manager,
(506) 627-1353,
dfbrown@rogers.com
Investor Relations:
Bob Smylie,
Toll Free: (866) 523-6719,
Direct: (604) 224-4945,
request@slamexploration.com
AGORACOM Investor Relations:
http://www.agoracom.com/IR/slamexploration
