Slam Expands the Farquharson Zone with 74.9 and 49.4 meter Intervals at Goodwin

The most recent news release dated 2025-11-12 announced additional drilling results from SLAM Exploration Ltd.'s Goodwin Copper-Nickel-Cobalt Project in New Brunswick. The company reported that two diamond drill holes (GF25-20 and GF25-21) successfully expanded the Farquharson Zone, intersecting mineralized gabbro with pyrrhotite and chalcopyrite. Hole GF25-20 encountered a 74.9-meter interval (from 85.7m to 160.6m), and hole GF25-21 intersected a 49.4-meter interval (from 52.1m to 101.5m). Assays for these intervals, along with 236 other samples from the Goodwin project and 900 samples from the Jake Lee Claims, are pending. The drilling aims to test the depth and strike extent of the Farquharson zone.

This news is a positive, albeit routine, update for an exploration company. The successful intersection of mineralized gabbro containing pyrrhotite and chalcopyrite (minerals often associated with copper, nickel, and cobalt) over significant widths is encouraging. It confirms the continuity and potential expansion of the Farquharson zone, aligning with the company's objective to extend these critical mineral zones at depth and along strike.

However, the primary impact is limited by the fact that assays are pending. Without actual metal grades, the economic significance of these intercepts remains undetermined. Visible mineralization is a good indicator, but not a guarantee of economic viability. This release continues the pattern of drilling updates from the Goodwin project, which began drilling in late September 2025, following a planned 4,000-meter program. Previous news releases have highlighted positive copper equivalent (CuEq) intercepts from other zones within Goodwin (e.g., 64.90m at 1.61% CuEq in GW24-02). The large number of pending samples (236 from Goodwin, 900 from Jake Lee) suggests a backlog at the lab or a strategic release of news before full results are in. The pending assays for these recent drill holes are the critical factor that will determine the true materiality of this news.

SLAM Exploration Ltd. (SXL) is a Canadian junior mineral exploration company headquartered in Miramichi, New Brunswick. The company employs a "project generator" business model, focusing on identifying, acquiring, and initially exploring mineral prospects. Its strategy includes optioning out projects to other companies to advance them while retaining net smelter return (NSR) royalties and often receiving cash and share payments.

Flagship Project - Goodwin Copper-Nickel-Cobalt Project: - Location: Bathurst mining camp, New Brunswick, Canada. - Commodities: Copper, nickel, cobalt (critical minerals). - Size: Expanded to 11,450 hectares through strategic acquisitions and staking. - Key Zones: Granges, Farquharson, and Logan zones are the primary targets. These zones are associated with aeromagnetic anomalies and sill-like gabbro units. - Recent Development: The company has completed multiple drilling campaigns (e.g., 15 holes in 2024) and Induced Polarization (IP) geophysical surveys (2025) to define and expand targets. The 2025 drill program, ongoing, aims to expand the Granges and Farquharson zones along strike and at depth, following promising intersections of visible mineralization. Previous drill highlights include 64.90 meters grading 1.61% copper equivalent (CuEq) in hole GW24-02 (Granges) and 60.60 meters grading 0.90% CuEq in hole GW24-03 (Farquharson). The most recent news (2025-11-12) reports new mineralized intervals of 74.9 meters and 49.4 meters in the Farquharson zone, with assays pending. - Royalties: The Goodwin Lake and Goodwin claims have a 2% NSR royalty on the property, with the company having the right to buy back one-half (1.0% NSR) for $1,000,000 at any time.

Other Significant Projects: - Jake Lee / Love Lake Gold Project (Southwestern New Brunswick): This project focuses on high-grade gold discoveries, with grab samples previously reported up to 94.80 g/t gold (Jake Lee) and historical quartz float up to 302.5 g/t gold (Love Lake). The company has undertaken trenching and prospecting, with further assays pending. - Menneval Gold Project: A wholly-owned project that has yielded high-grade gold intercepts in previous drilling (e.g., 162.5 g/t gold over 0.2m). The company plans to resume exploration in the spring. - Project Generator Activities: SLAM actively options out properties, retaining NSR royalties. Examples include the Wedge copper-zinc project (with Nine Mile Metals Inc.) and the Ramsay gold project (with Lode Gold Resources Inc. or a private company), from which it expects additional cash and share payments. The company holds various NSR royalties, many of which are partially buyable by the optioning parties.