SLAM Exploration Ltd. reported it has entered into an option agreement signed February 6, 2024 with Edge Exploration Inc. to acquire the Dam Lake gold project adjacent to SLAM's wholly-owned Jake Lee gold project 30 kilometres west of Saint John in the mineral-rich province of New Brunswick. Edge reported two gold discoveries grading 4.76 g/t (grams/tonne) gold and greater than 5.00 g/t gold in basal till samples collected in 2021 from two overburden drill holes 420 metres apart. The basal till unit from 0.15 to 1.15 metres (m) in hole DH15 was comprised of sand and clay and assayed 4.76 g/t gold.

This gold-bearing till was underlain by banded volcanic tuff from 1.85m to the end of the hole at 4.0 m. DH16 collared 420 m to the southwest and was drilled to 13 m. Three gold-bearing intervals were reported from hole DH16; limonitic sand from 0.15 m to 1.15 m grading 1.830 g/t gold, clay and fine sand from 6.90 m to 8.50 m grading 0.353 g/t gold and sand with angular rock fragments from 12.2 m to 13 m grading greater than 5,000 g/t gold. SLAM discovered anomalous gold in soil samples on a grid 1,000 m to the northeast and previous workers discovered boulders with visible gold and assays up to 302.5 g/t gold at a site 4,100 m northeast of the gold discoveries by Edge. This gold-bearing float is located 400 m northeast of SLAM's Jake Lee project boundary.

SLAM has discovered additional float grading up to 39.2 g/t gold and soil samples grading up to 0.900 g/t gold 12 kilometres further east within the boundary of the Jake Lee gold project. The Jake Lee claims cover gold occurrences associated with the Fundy fault zone; a broad system of deep-rooted Appalachian structures centered around the Belleisle Bay fault. The Company recently added the Mine Road zinc silver project to its base metal portfolio in the mineral rich Bathurst Mining Camp of New Brunswick.

Previous workers drilled massive sulphide zones including with 2 massive sulphide intervals in hole IL2014-003 with a 9 metre core interval grading 14.51% zinc, 5.86% lead, 0.67% copper and 139.9 g/t silver and a 3 metre interval grading 6.57% zinc, 2.78% lead, 0.46% copper, and 68.1 g/t silver. The Company holds NSR royalties and expects additional cash and share payments on the Wedge copper zinc project. SLAM also holds NSR royalties and may receive addition cash and share payments on the Ramsay, Reserve Creek and Opikeigen gold projects.