MIRAMICHI, New Brunswick, Jan. 15, 2019 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce it has acquired a new Rare Earth element (“REE”) project by claim staking at Cumberland Hill in the mineral-rich province of New Brunswick, Canada (the “Property”). The Property was acquired based on REE and tin anomalies that were detected in a soil geochemical survey by previous workers in 2011.
The REE and tin soil anomalies are associated with magnetic and thorium-potassium (Th-K) radiometric anomalies. Prospecting and drilling of 2 holes detected the presence of elevated REE in the underlying volcanic rocks. Most of the REE anomalies are unexplained and the tin anomalies remain to be tested.
The 2011 geochemical survey was based on 303 soil samples collected at 50 m intervals along a number of reconnaissance traverses. Approximately 20 samples contained anomalous levels of total REE ranging from 300 ppm to 3380 ppm total REE, including up to 319 ppm heavy REE. In addition, the soil survey indicates significant potential for tin. Anomalous tin levels ranging from 10 ppm to 61.6 ppm Sn occur in 27 of the samples. Anomalous zinc levels up to 410 ppm are associated with the anomalous tin values.
The same previous workers drilled 2 short diamond drill holes for a total of 142 m, both of which returned elevated REE assay results. The first hole, CU11-02, cut a 22 m interval grading 1443 ppm total REE including 227 ppm heavy REE. This hole was drilled beneath a recently excavated pit and a large rock pile where grab samples returned up to 2469 ppm total REE. This occurrence is associated with a thorium-potassium (Th-K) radiometric anomaly on the eastern flank of a magnetic high.
Hole CU11-03 intersected altered volcanic rocks with elevated levels of REE that include a 1.5 metre interval grading 1860 ppm total REE with 405 ppm heavy REE. A separate 13 m interval grading 1465 ppm total analyzed REE with 248 ppm heavy REE was intersected at a depth of 42 m. This drill hole was collared approximately 230 metres northwest of CU-11-02 and tested the same Th-K radiometric and magnetic anomalies as well as elevated REE in soil samples.
Analytical QA/QC Procedures: The heavy REE elements include Y + Gd + Tb + Dy + Ho + Er+ Tm + Yb. Total REE includes these heavy REE elements plus the light REE elements La + Ce + Pr + Nd + Sm + Eu. The analytical results discussed herein derive from assessment reports completed and signed by a Professional Geoscientist who supervised the work in 2011. The assessment reports document the sampling procedures and include the original assay certificates produced by Activation Laboratories Ltd. (Actlabs) of Ancaster, Ontario. Actlabs analyzed all soil samples using Code UT-7 Sodium peroxide Fusion ICP-ICPMS and all rock and core samples using Code 8 – REE Assay Package Major elements Fusion ICP(WRA) Trace Elements Fusion ICP/MS(WRA4B2).
The Cumberland REE Project: The 1000 hectare Cumberland REE property comprises 2 mineral claims acquired by staking. The Property can be accessed by secondary roads in central New Brunswick, Canada. The Property is host to the Cumberland REE occurrence discovered by previous workers in 2011.
About SLAM Exploration Ltd:
SLAM is a resource company holding NSR royalties on the Ramsay cobalt property and on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties in the Bathurst Mining Camp (“BMC”) of New Brunswick. The Company owns a portfolio of base metal and cobalt properties that utilizes an extensive BMC mineral database to acquire and evaluate properties in this prolific mineral region. Other projects include the Menneval gold project in New Brunswick and the Reserve Creek in Ontario. 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.
Qualifying Statements: Mike Taylor, P.Geo. President and CEO of SLAM Exploration Ltd., as the Qualified Person, approves the scientific and technical disclosure in this news release.
Certain information in this press release may constitute forward-looking information, including statements that address Private Placements, closing of Private Placements, future production, reserve potential, exploration and development activities and expected events or developments. 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.