The Albany Gazette - SLAM Drills 18 Meter Mineralized Vein System Along Strike From Channel Sample Grading 40.50 G/T Gold Over 0.40M at Jake Lee Gold

MIRAMICHI, NB / ACCESS Newswire / May 27, 2026 / SLAM Exploration Ltd. (TSXV:SXL) (OTCQB:SXLXF) ("SLAM" or the "Company") is pleased to report it has drilled quartz and quartz-calcite veining with pyrite, arsenopyrite and chalcopyrite mineralization in all 5 holes drilled on its wholly owned Jake Lee Project. The Jake Lee project is located 25 kilometers southeast of the Clarence Stream gold deposit operated by Galway Metals Inc. in New Brunswick, Canada.

Holes JL26-01, JL26-02, and JL26-03 successfully intercepted quartz veining with visible pyrite-arsenopyrite-chalcopyrite mineralization typically associated with gold occurrences. These holes were designed to test the potential continuation below channel samples grading up to 40.5 g/t gold and 63.30 g/t silver over 0.40 meters. The channel samples were sawn across the No. 1 gold vein as reported in a news release dated January 14, 2026 after the new gold discovery by SLAM in 2025.

Deeper intercepts of mineralized quartz and quartz-carbonite vein systems occur in holes JL26-04 and 05. These include an 18-meter zone of quartz veining from 70.90 to 89.00 meters with chalcopyrite-arsenopyrite-pyrite mineralization and a 17-meter zone of quartz veining from 129.50 to 146.5 meters with chalcopyrite-arsenopyrite-pyrite mineralization. These holes were drilled to test soil geochemical anomalies ranging from 0.021 g/t gold to 0.246 g/t gold located 300 meters and 500 meters northeast of the No. 1 vein. The geochemical anomalies coincide with a geophysical aeromagnetic low and a linear topographic feature that highlight a potential correlation with the No. 1 gold vein.

Figure 1: Hole JL26-05 Arsenopyrite-pyrite-chalcopyrite mineralization in quartz veins.

A total of 197 samples have been sawn from the drill cores and have been submitted to ActLabs in Fredericton, New Brunswick for gold assays and ICP analyses. Highlights are tabled below.

Figure 2: Hole JL26-05 Quartz-Calcite veining system from 135.3-146.5m containing pyrite-arsenopyrite-chalcopyrite mineralization in quartz veins.

In conjunction with the drilling program, the Company completed 9 trenches to test gold soil anomalies ranging up to 0.466 g/t gold associated with airborne conductors and aeromagnetic anomalies up to 800 meters northeast of the No. 1 gold vein. A total of 39 samples were collected from the trenching program and submitted to ActLabs in Fredericton, New Brunswick for gold assays and ICP analyses.

The Jake Lee project is located 25 kilometers southeast of the Clarence Stream gold deposit operated by Galway Metals Inc. in New Brunswick, Canada. Clarence Stream is host to a 12.4M tonne indicated resource of 922,000 ounces at a grade of 2.31 g/t gold plus an inferred resource of 16.1m tonnes with 1,334,000 ounces at a grade of 2.60 g/t gold. (Reference: "Updated Mineral Resource Statement, Clarence Stream Deposits, New Brunswick, Canada, by SLR Consulting (Canada) Ltd., March 31, 2022").

Diamond Drilling Contract: The Company has signed a contract for 7,000 meters of diamond drilling with Lantech Drilling Ltd. The Company has begun mobilizing the drill to the Goodwin copper-nickel-cobalt project since completion of the initial phase of drilling at Jake Lee. The Company has options for additional drilling within the portfolio including the Moose Lake antimony project and the Menneval gold project.

QA-QC Procedures: Core was collected from the drill in trays and delivered to a secure logging facility in Picadilly, New Brunswick. After logging, samples were sawn using a diamond blade. Sawn half-core samples were numbered, collected in bags, tagged and delivered to Activation Laboratories Ltd. ("Actlabs") in Fredericton. Actlabs will perform gold assay using fire assay method 1A2 and multi-element analysis using assay method IE3. Blanks and standards were included in each sample series.

About SLAM Exploration Ltd: SLAM Exploration Ltd. is a publicly listed resource company with a 54,000-hectare portfolio of mineral claim holdings in the mineral-rich province of New Brunswick. This portfolio is built around the Goodwin Copper Nickel Cobalt project in the Bathurst Mining Camp ("BMC") of New Brunswick. The Company drilled 10 holes in the 2025 diamond drilling campaign on the Goodwin copper-nickel-cobalt project. This followed significant copper, nickel and cobalt intercepts from 15 diamond drill holes reported by the Company in 2024. These include a 64.90 meter core interval grading 0.73% copper, 0.64% nickel and 0.05% cobalt for 2.19% copper equivalent ("Cu-Eq"), including 1.32% copper, 1.11% nickel and 0.09% cobalt for 3.84% Cu-Eq over a 31.20 meter core interval from hole GW24-02 as reported in a news release August 7, 2024. Significant gold values were also reported with up to 3.31 grams per tonne over 0.5m in hole GW24-01.

The Company intends to return to the Menneval gold project for additional drilling in 2026. Targets include the Maisie vein where the Company previously drilled up to 56.90 g/t gold over 0.5 m (November 22, 2022) and the No. 18 vein where the Company drilled 162.5 g/t gold over 0.2 m (December 13, 2021).

The Company is a project generator and expects to receive significant cash and share payments in 2026. SLAM received 300,000 shares plus $40,000 from Nine Mile Metals Inc. (NINE) in 2026 pursuant to the Wedge project agreement. The Company also received a cash payment of $65,000 and expects to receive additional shares pursuant to the Ramsay gold agreement. The Company holds NSR royalties and expects to receive additional cash and share payments on the Wedge copper zinc project and on the Ramsay gold project.

To view SLAM's corporate presentation, click SXL-Presentation. Additional information is available on SLAM's website and on SEDAR+ at www.sedarplus.ca. Follow us on X @SLAMGold. Join our company newsletter by clicking SXL-News to receive timely company updates and press releases relating to SLAM Exploration.

Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., is a qualified person as defined by National Instrument 43-101, and has approved the contents of this news release.

CONTACT INFORMATION:

Mike Taylor, President & CEO
Contact: 506-623-8960
[email protected]

Jimmy Gravel, Vice-President
Contact 902-273-2387
[email protected]

SEDAR+: 00012459

Forward-Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are often, but not always, identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," "may," "could," "would," "might," or "will," and similar expressions.

Forward-looking statements in this news release include, but are not limited to: statements regarding the exploration potential of specified projects; the significance of historical gold occurrences; the interpretation of geological, geochemical, and geophysical data; the identification and prioritization of exploration targets; the anticipated receipt and significance of pending assay results; the continuity and extent of mineralized structures and anomalies; the timing and scope of future exploration programs; the Company's ability to advance its mineral projects; and the potential for future exploration success..

Forward-looking statements are based on reasonable assumptions made by the Company as of the date of this news release, including, without limitation: that historical exploration results, mineral occurrences, and publicly reported third-party mineral resources are relevant for regional and exploration context; that geological interpretations and targeting models are reasonable; that pending assay results will be received within anticipated timeframes; that planned exploration activities can be executed as expected; that contractors, equipment, personnel, and supplies will be available on acceptable terms; that commodity prices and market conditions will remain generally supportive; and that required permits, approvals, and access rights will be obtained in a timely manner.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation: the speculative nature of mineral exploration; the risk that exploration results, including pending assay results, may not confirm historical data or current interpretations; uncertainty regarding the continuity, grade, and extent of mineralization; delays or changes to exploration programs; availability and cost of labour, equipment, and contractors; fluctuations in commodity prices; availability of financing on acceptable terms; regulatory, environmental, and permitting risks; operating hazards; and general economic, market, and business conditions. Additional risk factors are described in the Company's most recently filed Management's Discussion and Analysis and other continuous disclosure documents available under the Company's profile on SEDAR+.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither the 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.

SOURCE: SLAM Exploration Ltd.

View the original press release on ACCESS Newswire

(M.Scott--TAG)