SLAM Exploration Ltd. announced two additional gold-bearing float respectively grading 3.390 g/t and 2.420 g/t gold in the vicinity of a previously reported quartz boulder discovery grading 39.300 grams/tonne ("g/t") gold on its Jake Lee gold project located 30 kilometres west of Saint John, New Brunswick. In summary, three boulders grading 39.300 g/t gold, 3.390 g/t gold and 2.420 g/t gold respectively occur within a 10 m radius at a location 250 m south of an angular quartz float grading 1.49 g/t gold. Gold ranging from 0.0100 to 0.661 g/t gold was detected in 31 samples from a total of 186 samples that were submitted for assay.

These samples were collected by SLAM's advance scout team during prospecting expeditions conducted in the fall of 2022. The Company has already obtained approval to further test these gold discoveries with a trenching program as soon as weather permits. The Jake Lee Gold Project: SLAM's Jake Lee gold project comprised of 6 claims covering 9,508 hectares spread over a 20 km stretch of volcano-sedimentary rocks along the Wheaton Brook and St George fault zones.

Five of the 6 mineral claims are wholly owned by SLAM. The Roger Lake claim is subject to completion of cash and share payments over a 4-year period and a 2% NSR royalty. The Company may purchase one half of the royalty for $1,000,000 at any time and the remaining half of the royalty for $2,000,000 at any time.

The Lepreau river placer gold occurrence lies within the Roger Lake claim. In addition, gold was detected in one soil sample containing 16.200 g/t gold and 121 samples ranging from 0.010 to 0.173 g/t gold by a soil geochemical survey of 1904 samples collected in 2021. These gold targets are associated with volcano-sedimentary and intrusive rocks that straddle the Belleisle Bay fault zone.