Mr. Mike Taylor reports

SLAM ACQUISITION EXPANDS ZINC COPPER SILVER FOOTPRINT IN BMC

Slam Exploration Ltd. has entered into an arm's-length option agreement dated Sept. 1, 2023, to acquire a 100-per-cent interest in and to the Mine Road project, which is located adjacent to the former-producing Heath Steele mine in the Bathurst mining camp (BMC) of northern New Brunswick.

Project highlights:

• Railroad zone: 14.51 per cent zinc, 5.86 per cent lead, 0.67 per cent copper and 139.9 grams per tonne (g/t) silver over a nine-metre interval in diamond drill hole IL2014-003.
• Roche trend: Diamond drill hole IL2018-01 intersected seven metres of 0.9 per cent copper on the Roche trend, five kilometres southwest of the Railroad zone.
• Infrastructure: Paved road and high-voltage powerline transect the property.
• Drill-ready project: Untested conductors, magnetic and soil anomalies, as well as priority targets on the Railroad and Roche zones.

Previously drilled holes include IL2014-003, which cored 14.51 per cent zinc, 5.86 per cent lead, 0.67 per cent copper and 139.9 g/t silver over a nine- metre interval (7.8 metres true width). This hole also intersected 6.57 per cent zinc, 2.78 per cent lead, 0.46 per cent copper and 68.1 g/t silver over a three m core interval (2.6 metres true width). This was one of five holes drilled on the Railroad zone in 2014.

On the Roche trend, five kilometres southwest of the Railroad zone, diamond drill hole IL2018-01 intersected seven metres of 0.9 per cent copper. This is the deepest intercept on the Roche trend and, according to accepted models for VMS (volcanogenic massive sulphide) deposits, the increasing copper content may signify that the core of the deposit lies below this hole.

Mike Taylor, Slam president, states: "This is a drill-ready project with a massive previous work database that is available to design drilling programs to test for potential extensions and new discoveries. The BMC was a prolific producer of zinc, lead, copper and silver, and is long overdue for such a discovery."

Mine Road project: The 7,500-hectare Mine Road project comprises 347 units in two mineral claims adjacent to the former-producing Heath Steele mine property. From 1957 to 1996, the operator mined 21 million tonnes (Mt) at Heath Steele with an average grade of 4.98 per cent zinc, 0.36 per cent lead, 0.54 per cent copper and 69.66 g/t silver. A total of 2,330 million pounds of zinc, 833 million pounds of lead, 446 million pounds of copper and 45 million ounces of silver were processed.

Volcanogenic massive sulphide occurrences: The Mine Road project contains seven volcanogenic massive sulphide occurrences, including the Railroad zone described above. The company expects to generate additional targets once the Mine Road project database is integrated with Slam's extensive Bathurst joint venture database. A total of $1,448,000 in exploration expenditures have been applied to the Mine Road project during the past 10 years and assessment work credits of $428,776 are available for future claim renewals.

Infrastructure: The Mine Road project is located on the Mine Road (Route 430) which connects the former Heath Steele mine to the city of Miramichi, which is 60 kilometres to the southeast. The claims are accessed from this paved road and a series of logging roads. Electric power is available from lines that connect Heath Steele to the New Brunswick power grid.

The agreement: The company can earn a 100-per-cent interest in and to the Mine Road project by making the cash payments and common share issuances as shown in the associated table.

The Mine Road project is subject to a 2-per-cent NSR (net smelter return) royalty. Slam retains the right to buy back half the royalty, equal to 1-per-cent NSR, for $1-million and the further right to buy back the remaining royalty, equal to 1-per-cent NSR, for $1-million, at any time. The option agreement and proposed share issuances remain subject to approval by the TSX Venture Exchange. All security issuances will be subject to a statutory hold period of four months and one day from issuance, in accordance with Canadian securities laws. No finder's fees were paid on this arm's-length agreement.

About Slam Exploration Ltd.

The Mine Road project is a significant addition to Slam's portfolio of wholly owned BMC projects that include the A'Hearn, Strachens and Portage volcanogenic massive sulphide projects. The company has extensive experience in the BMC and owns a huge database covering the entire mining camp dating back to its participation in the Bathurst joint venture. The company holds NSR royalties, and expects additional cash and share payments on the Wedge, Goodwin, Ramsay and Ferguson projects in this mineral-rich area.

Elsewhere in the mineral-rich province of New Brunswick, exploration for gold along regional fault structures has resulted in significant gold discoveries. These include the Maisie gold vein system at Slam's wholly owned Menneval project. With gold and copper trends up to 20 kilometres long, Slam has identified an area with high potential for additional gold discoveries and acquired the Shadow Lake, Jake Lee, Rogers Lake and Highway projects. Gold assays are pending on 250 soil samples. These projects are associated with the Fundy fault zone and located in southwestern New Brunswick where Galway Metals recently announced a 2.3-million-ounce gold deposit at Clarence stream. Targeting critical elements as well as gold, the company aggressively pursues new exploration opportunities such as the recent Highway and Mine Road acquisitions.

Quality assurance/quality control procedures: The drilling results described above are from assessment reports by well-established mining firms with assays from commercial laboratories. The assessment reports included a summary of QA/QC procedures and the company deems these results to be reliable.

Qualifying statements: Mr. Taylor, PGeo, president and CEO of Slam Exploration, is a qualified person as defined by National Instrument 43-101, and has approved the contents of this news release.

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