Miramichi, New Brunswick - SLAM Exploration Ltd. (TSX-V: SXL)
(“SLAM”)
announces prospecting results from the historic Fort Hope Gold Mine (“FHGM”) situated within the Opikeigen project located in northwest Ontario. The property comprises 30 claims covering 2784 hectares jointly owned with Bard Ventures Inc. (TSX-V: CBS) (Bard), one of three gold properties in close proximity owned by SLAM, the operator of the Opikeigen project. Fifteen grab samples were collected from rock rubble piles surrounding the FHGM Shaft adjacent to historic trenches.
All 15 samples contain gold in amounts ranging from 0.001 oz/ton up to 1.998 oz/ton (38 ppb to 68,489 ppb). The results from 15 samples as tabulated below are similar to high grades reported by previous workers dating back to discovery by Lorne Howey in 1927.
A grab sample of "good-looking ore" collected at FHGM by E.M. Burwash in 1928 assayed 9.37 oz/ton gold. Burwash (Ontario Department of Mines, 1929) reported an average grade of 1.01 oz/ton gold across and average width 0.88m (34.5 in) over a length of 175m (575 feet) in trenches.
In 1928 a 38m shaft was sunk and 101m of lateral drift was cut at the 30m level, but there is no recorded gold production from this shaft. A 1935 report describes underground results from 4 samples that averaged 0.608 oz/t for a strike length of 10.6m (35 ft). In 1959, a 3105 kg composite bulk sample comprised of 5 ore shipments from a surface vein adjacent to the shaft averaged 3.54 oz/ton gold. One bulk sample shipment returned an assay of 8.8 oz/ton.
The Fort Hope Gold Mine is associated with a gold mineralized system that hosts 8 other gold occurrences on the property. Drilling and prospecting to date have identified gold occurrences up to 2 oz/ton associated with rock types, structures and alteration systems similar to the Red Lake gold camp.
SLAM management believes that these results show potential for gold deposits similar to the gold mines at Red Lake. SLAM and Bard plan to complete a 1200 metre drilling program to systematically explore the FHGM and associated occurrences.
In addition to Opikeigen, SLAM owns the Reserve Creek gold property and has an option to earn 70% interest in the Keezhik-Miminiska gold property. These 3 properties combine for a strategic land package of known gold occurrences located east of the former gold mining town of Pickle Lake in the East Uchi Subprovince of Ontario. SLAM is currently negotiating a contract for drilling on all 3 properties..
In 2003, SLAM completed 7 diamond drill holes at Reserve Creek to test the Williamson A and B zones to a depth of 125m. Five holes intersected significant gold-bearing intervals, including 40.9 g/tonne (1.19 oz/ton) gold over 0.50m and 7.73 g/tonne (0.23 oz/ton) gold over 4.1m. At Keezhik–Miminiska in 2004, a 13 hole drilling program by SLAM resulted in discovery of 2 new gold occurrences. More information is available at www.slamexploration.com
These gold properties all lie within the Traditional Territories of the Eabametoong First Nation (EFN). SLAM and EFN have signed a Memorandum of Understanding to guide activities. SLAM intends to work closely with EFN in the exploration and potential development of gold deposits within the area.
Derek F. Brown P.Geo., SLAM’s Exploration Manager, 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 base metal exploration in New Brunswick including the world class Bathurst Mining Camp as well as gold exploration in the Uchi sub-province of northwest Ontario. 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
CONTACT INFORMATION:
Corporate Inquiries
Mike Taylor, President & CEO
(506) 627-1353
http://www.slamexploration.com
Investor Relations
Bob Smylie
Toll Free: (866) 523-6719
Direct: (604) 224-4945
AGORACOM Investor Relations
http://www.agoracom.com/IR/slamexploration
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to "U.S. Persons" as such term is defined by regulations under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available0 members recommend this.
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