MIRAMICHI, NEW BRUNSWICK--(Marketwire - Aug. 31, 2012) - SLAM Exploration Ltd. (TSX VENTURE:SXL)(OTCBB:SLMF) ("SLAM") is pleased to report trenching intersected a gold-bearing quartz vein that strikes for at least 155 m at the new Maisie Zone gold discovery on its wholly-owned Menneval claims in New Brunswick. Trench MN12-02 uncovered the quartz vein approximately 10 m southwest of the Maisie Zone discovery boulders. Trench MN12-03 uncovered the vein 80 m away and trench MN12-04 followed the vein a further 75 m along strike. Specks of visible gold occur in Trench MN12-03 and over a 35 m length of the vein in trench MN12-04. The vein ranges from 0.20 m to 0.40 m in thickness. Assays are pending on samples from these trenches.
The initial Maisie Zone discovery comprises 3 angular boulders of mineralized quartz with grab samples ranging from 5.16 to 118 g/t gold. Trenching has sourced these boulders to a 155 m long gold-bearing quartz vein in bedrock. This vein is mineralized with minor limonite, goethite, hematite and pyrite along with local specks of visible gold. SLAM's exploration team is currently digging trench MN12-09 in a newly discovered area of similar quartz boulders approximately 700 m southeast of the Maisie Zone. This trench has already uncovered a quartz vein mineralized containing minor limonite, goethite, hematite and pyrite and ranging up to 0.5 m in thickness.
The Company is very encouraged by these new gold discoveries. The bonanza grade Maisie Zone boulders have been sourced to a gold-bearing vein in bedrock. SLAM geologists are trenching on another mineralized quartz vein nearby. The Company has identified other high priority targets including additional gold-bearing boulders up to 6 km away within what appears to be an extensive gold-bearing system.
The Maisie gold discovery is 30 km north of the Lavoie gold occurrence where trenching produced grab samples grading up to 493 g/t gold on SLAM's NW Gold project as reported January 9, 2012. Recent detailed prospecting has generated a number of new trenching targets in addition to the original Lavoie gold discovery at NW Gold where the Company plans follow-up trenching after the current program at Menneval.
About The Menneval Project: SLAM holds 100% interest in 17 contiguous claims covering 25,570 hectares all acquired by map-staking near Menneval in northwest New Brunswick. Four (4) of the claims covering 692 hectares are subject to a 1.5% NSR. SLAM can buy down 0.5% NSR for C$0.5M and has right of first refusal on remaining 1%. The extensive property hosts a number of new gold discoveries including the Maisie zone. It also covers 3 previously discovered silver-base metal skarn deposits where exploration programs date back to 1965.
About New Brunswick: New Brunswick is currently rated the world's most attractive jurisdiction for mineral exploration and development, as announced by the Fraser Institute, February 23, 2012. The Province has demonstrated potential for large mineral deposits and can be expected to generate mining operations well beyond the world-class BMS No. 12 mine operated by Xstrata.
Qualifying Statements: SLAM Project Manager Sara Lloyd, P.Geo. is the Qualified Person responsible for the technical information contained herein. Grab samples were collected and sent to Actlabs in Ancaster, Ontario for fire assay.
About SLAM Exploration Ltd:
SLAM is a mineral resource company based in Miramichi, New Brunswick and is actively exploring recent gold discoveries on its NW Gold and Menneval projects in northwestern New Brunswick. SLAM owns the Nepisiguit silver-copper-lead-zinc deposit and the Nash Creek lead-zinc-silver deposit, both NI 43-101 compliant and located in New Brunswick. The Company also owns a significant gold portfolio in Ontario including the Reserve Creek gold deposit. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com.
On behalf of the Board
Mike Taylor, P. Geo., President & CEO
SLAM Exploration Ltd.
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.
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