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MIRAMICHI, NB, Oct. 27, 2011 /CNW/ – SLAM Exploration Ltd. (TSXV: SXL) (US-OTC: SLMF) (“SLAM”) is pleased to announce assay results from the first 2 of 11 diamond drill holes NP11-16 to NP11-25 completed to date at its wholly owned Nepisiguit project located 15 km west of the BMS 12 Mine in New Brunswick.
| Hole _ID | From m | Length m | True Width* m | Copper % | Zinc % | Lead % | Silver g/mt | |
| NP11-16 | 23.85 | 9.95 | 9.25 | 0.14 | 6.26 | 1.92 | 65.24 | |
| Includes | 27.35 | 4.00 | 3.72 | 0.11 | 12.20 | 3.02 | 94.50 | |
| Includes | 27.35 | 1.50 | 1.40 | 0.12 | 8.10 | 2.40 | 66.00 | |
| Includes | 28.85 | 1.50 | 1.40 | 0.09 | 14.80 | 4.73 | 142.00 | |
| Includes | 30.35 | 1.00 | 0.93 | 0.13 | 13.70 | 1.39 | 66.00 | |
| NP11-16 | 43.25 | 7.05 | 6.56 | 0.60 | 7.24 | 3.45 | 157.72 | |
| Includes | 43.25 | 1.50 | 1.40 | 0.32 | 8.33 | 4.72 | 159.00 | |
| Includes | 44.75 | 1.00 | 0.93 | 0.32 | 8.94 | 4.06 | 202.00 | |
| Includes | 45.75 | 1.55 | 1.44 | 1.29 | 4.77 | 1.65 | 139.00 | |
| Includes | 47.30 | 1.50 | 1.40 | 0.83 | 7.28 | 2.62 | 145.00 | |
| NP11-17 | 21.16 | 0.14 | 0.13 | 0.27 | 10.90 | 4.14 | 74.00 | |
| NP11-17 | 26.20 | 2.00 | 1.86 | 0.88 | 2.53 | 0.82 | 48.00 | |
| Includes | 26.20 | 0.80 | 0.74 | 0.99 | 1.53 | 0.64 | 48.00 | |
| Includes | 27.00 | 1.20 | 1.12 | 0.81 | 3.20 | 0.94 | 48.00 | |
| NP11-17 | 34.60 | 3.40 | 3.16 | 0.25 | 4.39 | 1.55 | 65.00 | |
| Includes | 34.60 | 1.00 | 0.93 | 0.30 | 3.88 | 2.74 | 110.00 | |
| Includes | 35.60 | 1.40 | 1.30 | 0.28 | 1.47 | 0.87 | 45.00 | |
| Includes | 37.00 | 1.00 | 0.93 | 0.16 | 7.82 | 1.33 | 48.00 | |
| *True widths are preliminary estimates based on observed core angles. | ||||||||
The first of 5 holes NP11-16 to NP11-20 were designed to test the zone near-surface over a strike-length of 350 m. Holes NP11-21 to NP11-25 were drilled to test the zone at deeper levels on 4 lines spaced 100 m apart. Hole NP11-23 cut the down-dip extension of the Nepisiguit deposit with a 14.7 m interval of massive and stringer sulphides with copper-zinc mineralization at a depth of 387.2 m. Assays are pending on holes NP11-18 to NP11-25.
The Company continues to use bore-hole pulse electromagnetic (BHPEM) technology to track this zone and test for potential extensions. BHPEM results indicate a strong in-hole response in hole NP11-23 with potential along strike and at depth. Both rigs are drilling to test the strike and depth extent of this new mineralized zone on lines spaced 100 m east and west of hole NP11-23.
About Nepisiguit: SLAM’s 100% owned Nepisiguit project now comprises 78 claims covering 1770 hectares with a 6,500 m strike-length of favourable strata located on highway 430 approximately 15 km southwest of the world-class BMS No. 12 mine operated by Xstrata. Nepisiguit is a volcanogenic massive sulphide deposit discovered in 1956. Previous workers defined 3 near-surface zones known as the Nepisiguit A, B and C zones. The Nepisiguit drilling program is being funded in part by a $50,000 grant from the New Brunswick Junior Mining Assistance Program.
Qualifying Statements: Derek F. Brown, P.Geo. and consultant to SLAM is the Qualified Person responsible for the technical information contained herein. Drill cores were delivered from the drill to a secure site for logging and sampling. The samples were split or sawn and sent to Actlabs in Ancaster, Ontario for analysis. Activation Labs analyzed the samples using code 8AR for silver, zinc and lead. Selected samples were also tested using code Ultratrace 2 for multi-elements. The Company used blank and standard samples for quality assurance and control.
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and is currently drilling silver-copper-lead-zinc in New Brunswick. The Company has a significant gold portfolio including the Reserve Creek gold deposit in Ontario. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 news release does not constitute an offer to sell or a solicitation of an offer to sell any of 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 unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 fact, that address future production, reserve potential, exploration and development activities and events or developments that SLAM 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:
SLAM Exploration Ltd.
Brian Jones, Investor Relations; Toll Free: 855.800.6109
Toronto: 647.729.1436
