SLAM Exploration Ltd. announced it has entered into an option agreement (the "Option Agreement") to acquire the Shadow Lake gold property located on the Trans-Canada highway 15 kilometres west of Saint John, New Brunswick (the "Property"). Previous workers reported 7 recent gold discoveries with grab samples ranging up to 70.4 grams per tonne ("g/t") gold at Shadow Lake. On a due diligence visit, SLAM's prospecting team collected 5 samples and reported visible gold at one of these gold discovery sites.

The Shadow Lake and adjacent 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. This is similar to the setting of the Queensway project adjacent to the Appleton fault in Newfoundland where recent gold discoveries have been reported by Newfoundgold (TSXV-NFG). The Shadow Lake Gold Project The Property is host to 7 recent gold discoveries made in 2021 by previous workers.

Six gold discoveries on the east portion of the claims include one site that returned a grab sample grading 70.4 g/t gold and 5 sites where grab samples are grading from 0.396 g/t to 3.03 g/t gold. Approximately 14 kilometres to the west, a similar occurrence returned grab samples ranging up to 54.9 g/t gold. SLAM's prospecting team reported a site of visible gold at this occurrence after a due diligence visit.

Assays are pending on 5 samples collected from the property during this visit. The Property comprises 6 claims covering 3782 hectares along a 20 kilometre stretch of granitic and sedimentary rocks associated with the Fundy fault zone.