Project Highlights:
Proven Lithium District : The Peninsula project comprises 302 claim units covering 4,700 hectares in 4 claim groups located 10 to 30 kilometres northeast of the 60 million tonne Rose lithium-tantalum deposit and mine project operated by Critical Elements Lithium Corp. (“CRE”). CRE filed a positive feasibility studyOctober 11,2023 for a potential mine at the Rose Deposit* based on the following reserves and resources:- Rose Deposit:
CRE Website: 60 M tonne Rose Lithium Deposit as ofAugust 1 st, 2023
Probable Reserves*: 26.3 M tonnes 0.87% Li2O and 138 ppm Ta2O5
Indicated Resources*: 30.561 M tonnes 0.93% Li2O and 118 ppm Ta2O5
Inferred Resources*: 2.384 M tonnes 0.78 % Li2O and 129 ppm Ta2O5
*Reference:Rose Lithium-Tantalum Project , Feasibility Study Ni 43-101, Technical Report, Critical Elements Lithium Corporation 1.3 Project No.: Ca0005226.0808, Effective Date:August 29, 2023 , Issue Date:October 11, 2023 WSP Canada Inc.; pages 27-28 Mineral Resources and Reserves, SEDAR File 000024726. - Lithium Potential of the Area:
The Peninsula lithium project located northeast of the Rose lithium tantalum project as shown on Image 1 and is underlain by volcano-sedimentary and intrusive rock formations similar to those occurring on the Rose project. These formations could host pegmatites similar to the northeast-trending lithium pegmatite bodies that outcrop on the Rose project. Several potential areas of outcrop that are prospective for pegmatites can be identified from Google Earth and satellite views.
CRE recently announced several new lithium discoveries and identified 4 new spodumene-bearing pegmatite outcrops in their “New Discovery Area” on the Rose project. According to CRE, “the apparent strike length along the outcrops exceeds 400 metres to date, the results from the initial 10 selected samples have been received. All samples are lithium-bearing and 50% of them report values over 3% Li2O with some results as high as… 5.62% Li2O…The reader is cautioned that grab samples are selective by nature and may not represent average grades”. - Infrastructure: The Project is 50 km north-west of Nemaska’s Whabouchi lithium mine, 20 km south of Hydro Québec’s
Eastmain 1 major hydroelectric dam and 80 km south of Goldcorp’s Éléonore gold mine. The project is 45 kilometers north of the Cree village ofNemaska located approximately 300 km north-west ofChibougamau . The four sections of the project are all accessible from the Route du Nord, an all season road fromChibougamau . It can also be reached fromMatagami , viaRoute 109 and Route du Nord.The Nemiscau airport is 50 km from the project.
SLAM President
The Option Agreement
To acquire interest in the Peninsula lithium project, SLAM must pay WhiteRock a total of
Due Date | Common Share Payments | Cash Payment (CAD) | Exploration Expenditures |
Within 30 days of signing the Option Agreement | - | - | |
On or before | - | - | |
Within 5 days receipt of | 2,500,000 | - | - |
On or before the 1st anniversary date of the Option Agreement | 2,225,000 | - | - |
- | - | ||
On or before the 2nd anniversary date of the Option Agreement | 2,225,000 | ||
Total | 7,000,000 | $125,000 | $1,500,000 |
Upon SLAM earning 100%, WhiteRock will retain a 1.5% Net Smelter Return (NSR) production royalty. SLAM retains the right to buy back one-third of the royalty equal to 0.5% NSR for a one-time payment of CAD
The Option Agreement and proposed Share issuances remain subject to approval by the Exchange. All Shares will be subject to a statutory hold period of four months and half the Shares will be subject to a hold period of eight months from issuance. SLAM will pay a finder’s fee of 700,000 Shares and 0.5% NSR (the “Finder’s NSR”) to a qualified arm’s length party. The Finder’s NSR will be granted only upon completion of the 100% earn-in by SLAM. SLAM retains the right to purchase this Finder’s NSR for
About
SLAM is a resource company with a large portfolio of mineral claim holdings in 3 divisions; Critical & Strategic Elements, Gold and Base Metals. The recently acquired Peninsula Lithium-Tantalum, Ear Falls Lithium and Notre-Dame Niobium projects are significant additions to SLAM’s Critical and Strategic Element portfolio.
SLAM has built its gold portfolio through exploration for gold along regional fault structures has resulted in significant gold discoveries including the Maisie gold vein system at SLAM’s wholly owned Menneval project and a number of recent gold discoveries in southern
The Company recently added the
To view SLAM’s corporate presentation, click SXL-Presentation. Additional information is available on SLAMs website SLAM and SEDAR+ filings at www.sedarplus.ca. Follow us on twitter @SLAMGold.
QA-QC Procedures: The prospecting results described above are from recent news releases reported by other companies.
Qualifying Statements:
Certain information in this press release may constitute forward-looking information, including statements regarding mineral resources and the Company’s plans with respect to the exploration and development of its properties. 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.sedarplus.ca. 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.
CONTACT INFORMATION:
Contact: 506-623-8960 mike@slamexploration.com
Contact: 604-687-2038 ebeukman@pendergroup.ca SEDAR+: 00012459
Image 1:
An image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3b37fd2b-948e-424a-b620-77d7f757fde3
Image 1
Peninsula Lithium Project , James Bay region of Quebec
2023 GlobeNewswire, Inc., source