SLAM Launches Gold Exploration Program

MIRAMICHI, New Brunswick, April 25, 2023 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce the start of its 2023 gold exploration program on its Jake Lee gold project located 30 kilometres west of Saint John, New Brunswick. SLAM’s exploration team is prospecting and trenching to test the area of gold-bearing boulders respectively grading 39.300 grams/tonne (“g/t”) gold, 3.390 g/t gold, 2.420 g/t gold and 1.49 g/t gold discovered during prospecting expeditions conducted in October-November, 2022. The Company also intends to conduct preliminary trenching program on the CT vein where SLAM’s team discovered a 6 m wide quartz vein in outcrop. A train of angular float north and south of this outcrop suggest a strike-length of at least 700 m. As reported November 17, 2022, thirteen grab samples collected from angular float associated with the CT vein contain anomalous levels of gold ranging from 0.004 g/t to 0.125 g/t gold. The Company has obtained approval to further test these gold discoveries with a trenching program and to follow with diamond drilling if warranted. For SLAM’s corporate presentation including more information about the Jake Lee gold project click SXL Deck.

Marketing - Stockhouse Engagement

SLAM has signed a 12-month contract to engage Stockhouse for marketing and public awareness. Stockhouse, a division of The Market Herald, will broaden the audience for SLAM and ensure that its ongoing saga of exploration and discovery is effectively communicated to the Stockhouse community of highly targeted smallcap-microcrocap investors. Stockhouse will be paid an aggregate cash amount of C$62,000 for its services. SLAM intends to ramp up its shareholder and public communications to improve the volume and share price to match an accelerated level of exploration activities that could lead to additional discoveries of gold as well as critical elements.

The Jake Lee Gold Project: SLAM’s Jake Lee gold project comprises 6 claims covering 9,508 hectares spread over a 20 km stretch of volcano-sedimentary rocks along the Wheaton Brook and Belleisle Bay fault zones. Five of the 6 mineral claims are wholly owned by SLAM. The Roger Lake claim is subject to completion of cash and share payments over a 4-year period and a 2% NSR royalty. The Company may purchase one half of the royalty for $1,000,000 at any time and the remaining half of the royalty for $2,000,000 at any time (SLAM news release Nov 2, 2022). The Lepreau river placer gold occurrence (reference 563 - New Brunswick Mineral Occurrence database) lies within the Roger Lake claim. In addition, gold was detected in one soil sample containing 16.200 g/t gold and 121 samples ranging from 0.010 to 0.173 g/t gold by a soil geochemical survey of 1904 samples collected in 2021.

About SLAM Exploration Ltd:

The Company explores for critical elements as well as gold and pursues an aggressive property acquisition strategy. SLAM researches new mineral properties and claim staking opportunities to generate projects and then follow with exploration programs. The Company is currently testing recent gold discoveries reported at Jake Lee by prospecting and trenching. Prospecting is also planned on the recently acquired Highway project as well as the Mount Victor and Mount Blair projects. These projects have potential for gold and critical elements targets in southwestern New Brunswick where Galway Metals recently announced a 2.3 million ounce gold deposit at Clarence stream. The Company plans further work at its drill-ready Menneval gold project in northern New Brunswick and intends to explore cobalt, nickel and copper geochemical anomalies on its Portage project in the Bathurst Mining Camp (“BMC”) later in 2023. The Company is evaluating the Cumberland Bay rare earth element (REE) project in central New Brunswick and the Keezhik gold project in Ontario.

The Company continues to generate cash and collect securities from mineral property option agreements with other companies. The Company raised proceeds of $76,500 in a December flow-through financing and has sufficient funds for the work currently in progress. To view SLAM’s corporate presentation click SXL-Deck. Additional information is available on SLAM’s website SLAM and SEDAR filings at www.sedar.com. Follow us on twitter @SLAMGold.

QA-QC Procedures:

SLAM collected grab samples from boulders and outcrop during prospecting expeditions in October and November, 2022. A total of 49 samples were submitted to AGAT Laboratories of Mississauga, Ontario for gold analysis using Fire Assay with AAS finish. One sample above the 10 g/t detection limit was re-assayed using a gravimetric method. In addition, 137 samples were submitted to ALS Chemex for sample prep in Moncton, New Brunswick followed by gold analysis using fire assay with AAS finish (Au-AA23).

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.

Forward-Looking Information

This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking information in this news release includes statements regarding: mineral resources and the Company’s plans with respect to the exploration and development of its properties. Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which SLAM operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations including; actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described in the Company’s most recently filed MD&A. 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. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.