MIRAMICHI, New Brunswick, Aug. 16, 2019 (GLOBE NEWSWIRE) -- SLAM Exploration Ltd. (“SLAM” or the “Company” on TSXV: SXL) is pleased to announce that it has acquired an option to earn 100% interest in the Mount Uniacke gold property (the “Property”) located in Nova Scotia, Canada. The first discovery of gold at Mount Uniacke was made on June 18, 1865 by David MacIntosh, John Sims and Charles Sims. Subsequently, a number of gold-bearing leads (veins) and gold-bearing slate belts were discovered. According to provincial gold records, from 1867 to 1941, the Mount Uniacke property produced more than 27000 ounces of gold.
To acquire 100% interest in the Property, SLAM will pay $450,000 through a series of instalments as follows:
|Due Date||Cash Payment |
|On or before Nov 30, 2019||$10,000|
|On or before 1st anniversary||$50,000|
|On or before 2nd anniversary||$100,000|
|On or before 3rd anniversary||$100,000|
|On or before 4th anniversary||$175,000|
The Optionors retain a 3% NSR royalty. SLAM holds the right to buy back 1% NSR for $500,000 and 1% NSR for $1,000,000 at any time. SLAM holds right of first refusal on the remaining 1% NSR.
The Mount Uniacke Gold Property comprises 25 claims within 2 exploration licenses covering 404 hectares of Meguma sedimentary rocks. The Property can be accessed by secondary roads in central Nova Scotia. Gold at Mt. Uniacke occurs in leads and slate belts associated with fold structures within the Meguma sediments. SLAM intends to conduct a drilling program to test the depth potential of gold-bearing leads below the historic workings.
The Meguma Gold Terrane:
The Uniacke Gold Property is located near the centre of the Meguma terrane, a wedge of metasediments up to 120 kilometers wide extending for 480 km, the length of Nova Scotia. The Meguma is host to numerous gold deposits dating back to Canada’s first gold rush following the discovery of gold at Mooseland, Nova Scotia in 1858. The Meguma returned to production status in 1917 when Atlantic Gold Corp. began production on its Moose River project.
Analytical QA/QC Procedures: The gold values reported are based on historical records.
About SLAM Exploration Ltd:
SLAM is a project generator with a portfolio of gold assets that include the recently acquired Mt. Uniacke gold project, the Menneval gold project in New Brunswick, and the Reserve Creek, Miminiska and Opikeigen gold projects in Ontario. SLAM holds NSR royalties on the BMC properties and on the Superjack, Nash Creek and Coulee zinc‐lead‐copper‐silver properties in the Bathurst Mining Camp (“BMC”) of New Brunswick. The Company utilizes an extensive BMC mineral database to acquire and evaluate properties in this prolific mineral region. 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.