Mr. Mike Taylor reports

SLAM CLOSES ACQUISITION OF MINE ROAD PROJECT

Slam Exploration Ltd., further to the news release dated Sept. 6, 2023, has closed the property option agreement dated Sept. 1, 2023, with Ian Ross 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.

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 and 1996, the operator mined 21 million tonnes 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 grams per tonne (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. (For reference, these numbers are derived from: McCutcheon, S.R. (compiler) 1997; Geology and massive sulphides of the Bathurst Camp, New Brunswick; Geological Association of Canada -- Mineralogical Association of Canada, joint annual meeting, Ottawa, 1997, Field Trip B7, Guidebook, 85 pages.)

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 has 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 has made the first share issuance due pursuant to the option agreement and it has issued 100,000 common shares to the optionor at a deemed price of five cents per share. The securities have a four-month-and-one-day hold period, which will be expire on Jan. 28, 2024, pursuant to Canadian securities laws.

The company can earn a 100-per-cent interest in and to the Mine Road project by making cash payments and common share issuances over a period of four years, as shown in the attached table.

The Mine Road project is subject to a 2-per-cent net smelter return (NSR) royalty. Slam retains the right to buy back half the royalty, equal to a 1.0-per-cent NSR royalty, for $1-million and the further right to buy back the remaining royalty, equal to a 1.0-per-cent NSR royalty, for $1-million at any time. No finders' fees were paid on this arm's-length option agreement.

The company's board of directors has approved the grant of incentive stock options to directors, officers, employees and consultants to acquire a total of 2.4 million common shares in the capital of the company at an exercise price of 5.5 cents. All options were granted pursuant to the company's 10-per-cent rolling stock option plan and are subject to the terms of the plan, the applicable grant agreements and the requirements of the TSX Venture Exchange. The options are exercisable for a five-year term expiring Sept. 27, 2028.

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. 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.

QA/QC (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: Mike Taylor PGeo, president and chief executive officer of Slam, is a qualified person as defined by National Instrument 43-101 and has approved the contents of this news release.

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