Slave Lake Zinc Initiates Summer Lithium Exploration Program to Expand "Critical Metals" Project

Slave Lake Zinc Initiates Summer Lithium Exploration Program to Expand "Critical Metals" Project

Slave Lake Zinc Corp. (CSE: SLZ) (the "Company") is pleased to announce the commencement of its anticipated summer Lithium exploration program, as previously announced on July 17, 2022. This program marks a significant step towards enhancing the Company's "critical metals" project.

The summer exploration program will begin with a focus on conducting reconnaissance prospecting and sampling within a 15 square kilometer area located west of the original headframe, where many pegmatite showings are mapped. The initial fieldwork will target a pegmatite dyke swarm within this region, where northwest trending pegmatites are found to intrude all other rock units. The Company's property is part of the regional-scale Yellowknife Lithium initiative, with the east arm of Great Slave Lake providing the only separation of SLZ from known lithium bearing pegmatites in this extensive lithium corridor. Slave Lake Zinc has engaged Aurora Geosciences of Yellowknife as their experienced geological consultants. CEO Ritch Wigham will accompany Aurora Geosciences during this phase of exploration.

Aurora Geosciences, with over 30 years of experience in the North, is the sole exploration team based in the region, offering a comprehensive suite of exploration services required for discovery. Their involvement in this project enhances the potential for success.

In preparation for the exploration program, Slave Lake Zinc has compiled and diligently studied historic (pre-1954) assessment reports, drill logs, government publications and university theses. The Company's reviews have identified numerous occurrences of pegmatites mapped and noted with no further exploration, which will be sampled as a matter of priority during this exploration program.

The SLZ property lies on the projected southward extension of the Yellowknife Lithium corridor, which has been explored primarily on the North shore of Great Slave Lake. Descriptions of numerous pegmatites in the O'Connor Lake area have indicated showings of very coarse-grained material with large crystals of tourmaline, muscovite, and plagioclase.

CEO Ritch Wigham expressed his enthusiasm about the recent developments, stating, "These significant developments add a further dimension to the Company's existing critical metals pursuit in the South Slave region on the projected southern extension of the Yellowknife Lithium corridor. We are excited about the potential to add lithium to our critical metals portfolio."

The Slave Lake Zinc team is committed to delivering positive outcomes from the summer Lithium exploration program and looks forward to providing updates on the progress made in the coming weeks.

Slave Lake Zinc has closed a non-brokered private placement pursuant to which it has issued 2,000,000 units of the Company's securities at a price of $0.05 per unit for gross proceeds totalling $100,000. Each unit is comprised of one common share and one share purchase warrant, where each warrant entitles the holder to purchase one additional common share at a price of $0.12 per share for two years. The securities issued pursuant to the private placement and any shares to be issued on the exercise of warrants are restricted from trading until November 26, 2023. The net proceeds from the private placement will be used for general working capital.

Three insiders of the Company purchased a total of 800,000 units for proceeds to the Company of $40,000, which comprises 40.0% of the total amount raised. The participation by such insiders is considered a "related-party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related party, exceeded 25% of the Company's market capitalization (as determined under MI 61-101). The Company's board of directors and specifically the independent members of the board, as applicable, reviewed and approved the private placement subscriptions by the insiders. The Company did not file a material change report more than 21 days before the expected closing of the private placement as the date of closing was not previously known.

About Slave Lake Zinc

Slave Lake Zinc Corp. is a company that aims to unlock the potential of its O'Connor Lake property, a historic site rich in zinc, lead, and copper, situated in Canada's Northwest Territories. This property, found to the south of the Great Slave Lake and east of the Pine Point project, was initially developed post-World War II. However, it was abandoned in 1952 due to the collapse of zinc and lead prices after the war. Slave Lake Zinc Corp. is confident in its abilities to progress this project and significantly enhance the historic potential of the property. More information is available at www.zinccorp.ca.

On Behalf of the Board of Directors,

Slave Lake Zinc Corp.
Per:
Ritch Wigham CEO & Director
Phone: 604-396-5762
Email: rwigham@zinccorp.ca

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of the content of this news release.

Forward Looking Statement

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in both Slave Lake Zinc's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "plan", "estimate", "expect", "intend", "potential", "should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information. Forward-looking statements include, without limitation, statements regarding the progress of a definitive offtake agreement, potential development and production at the Company's O'Connor Lake project, future oriented events and other statements that are not facts. Forward-looking statements are based on a few assumptions and estimates that, while considered reasonable by management based on the business and markets in which Slave Lake Zinc operates, are inherently subject to significant operational, economic, and competitive uncertainties and contingencies. Such forward-looking statements should therefore be construed in light of such factors. Although Slave Lake Zinc has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and Slave Lake Zinc disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Slave Lake Zinc does not assume any liability for disclosure relating to any other company.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174770

News Provided by Newsfile via QuoteMedia

SLZ:CC
The Conversation (0)
Climate Change Has Now Become Personal for the North and South Slave and Slave Lake Zinc

Climate Change Has Now Become Personal for the North and South Slave and Slave Lake Zinc

Slave Lake Zinc Corp. (CSE: SLZ) (the "Company"): As much as we want to get on the ground and advance our project, we support and sympathise with the efforts to contain the devastation that our friends are subjected to in the communities that we are associated with in the South Slave.

Hay River, Fort Smith, and Yellowknife are integral to our partners and our ongoing advancement of our mutually beneficial project to combat the obvious climate change challenges that we all face. Thankfully at this point Fort Resolution has only been superficially affected by this regional catastrophe. We deeply hope that remains the case as the summer and this catastrophic fire season are not yet contained.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Forest Fires Delay Plans for Slave Lake Zinc

Forest Fires Delay Plans for Slave Lake Zinc

Slave Lake Zinc Corp. (CSE: SLZ) (the "Company") With the expansion of the forest fire issues in the Northwest Territories, the Territorial government has expropriated all the rotary wing aircraft available in the N.W.T. to support the efforts to fight the expanding forest fire problem. Fixed wing aircraft are also have significant issues in operating under the current conditions.

Consequently, Slave Lake Zinc has had to postpone the proposed ground exploration recognisance program that was scheduled. We will resume these plans as soon as practicable and look even more forward to advancing our exciting critical metals suite of minerals.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Slave Lake Zinc Announces Corporate Update and Exploration of Lithium Potential in Northwest Territories

Slave Lake Zinc Announces Corporate Update and Exploration of Lithium Potential in Northwest Territories

Slave Lake Zinc Corp. (CSE: SLZ) (the "Company") Slave Lake Zinc is excited to share its corporate update and announce its exploration plans for lithium potential in Canada's Northwest Territories. The company is currently designing its summer exploration program and is eagerly anticipating the sampling of pegmatite formations on its property for potential lithium content. This project could potentially add to the company's already important critical metals project in the region.

The company's geologists and advisors have identified numerous significant pegmatite formations from historic mapping conducted on the maiden O'Connor Lake MWK claims from the 1950s. These formations have been mapped over several hundreds of meters. This historical mapping was conducted in conjunction with the then-company, American Yellowknife Mines, which was establishing production for zinc/lead at O'Connor Lake prior to operations halting due to poor metals prices in the early 1950s.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Slave Lake Zinc Poised to Become a Key Player in Canada's Green Economy

Slave Lake Zinc Poised to Become a Key Player in Canada's Green Economy

Slave Lake Zinc Corp (CSE: SLZ) is on the verge of becoming a significant participant in the country's green economy with its strategic metal's exploration operations. The company has recently expanded its potential to include lithium, which is a critical component for electric car batteries, alongside its existing zinc and lead exploration developments.

Slave Lake Zinc has a unique project with an established zinc/lead target and unparalleled lithium potential in the same suite of host rocks.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Slave Lake Zinc Enhances Critical Metal Exploration Potential at the O'Connor Lake Project

Slave Lake Zinc Enhances Critical Metal Exploration Potential at the O'Connor Lake Project

Slave Lake Zinc Corp. (CSE: SLZ) (the "Company") has continued to identify exciting new exploration targets at the O'Connor Lake project. The Company's review of historical drill logs indicates that the extensive drill program testing zinc lead deposits at the original discovery, MWK Number 1 vein, also reported intersecting pegmatitic dykes and pegmatitic granite in multiple drill holes. Intersections of pegmatite recorded in 1952 ranged from less than half a meter to over 8 meters within the same drill holes as multi meter intercepts of the highly prospective zinclead mineralization at the "head frame" area. This pegmatitic material is present as dyke swarms or injections. No sampling was ever done to test for the presence of lithium or other "critical metals" in these rocks. As part of the proposed summer work program, Slave Lake plans to locate the old core to determine if sampling it for lithium is feasible after this length of time.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Los Andes Copper Announces Expansion of Land Package

Los Andes Copper Announces Expansion of Land Package

Los Andes Copper Ltd. (TSXV: LA) (OTCQX: LSANF) ("Los Andes" or the "Company") is pleased to announce that the Company has expanded its land package by obtaining first-priority exploration claims over new areas within and adjacent to the current property boundaries for Los Andes' Vizcachitas copper project in Chile ("Vizcachitas").

The claims cover an 18 square kilometer ("km2") block within the current property boundary, and another 7km2 block adjacent to the north-east corner of the property boundary, as shown in Figure 1.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Ramp Metals Initiates Drill Program for the Rottenstone SW Gold Property

Ramp Metals Initiates Drill Program for the Rottenstone SW Gold Property

Ramp Metals Inc. (TSXV: RAMP) ("Ramp Metals" or the "Company") is pleased to announce that the Company has initiated drilling at its flagship Rottenstone SW property. The Company has completed three drill holes near Ranger-01, where 73.55 gt Au over 7.5m was identified previously. Each drill hole at Ranger has encountered the quartz diorite intrusion where the gold was previously intersected. The core is being flown back to the core shack daily where it will be logged, sampled, cut, and sent to the lab for assays.

The Company plans to drill a total of 12-15 holes across three mineralized zones including Ranger, Rush, and Rogue as shown in (Figure 1). More information on the three mineralized zones can be found in the Ramp Metals January 20th press release.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
StrategX Announces Executive Change

StrategX Announces Executive Change

StrategX Elements Corp. (CSE: STGX) ("StrategX" or the "Company") announces that Gary Wong has stepped down from his role as the Company's Vice President of Exploration. While Gary is transitioning from this position, he will continue to contribute to other capacities, bringing his expertise and leadership to key projects. The Board would like to thank Gary for his efforts and contributions over the past two years.

About StrategX
StrategX is an exploration company focused on discovering critical metals in northern Canada. With projects on the East Arm of the Great Slave Lake (Northwest Territories) and the Melville Peninsula (Nunavut), the Company is pioneering new district-scale discoveries in these underexplored regions. By integrating historical data with modern exploration techniques, StrategX provides investors with a unique opportunity to participate in discovering essential metals crucial to electrification, global green energy, and supply chain security.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
EIA Confirms Taranaki VTM Project of National Significance

EIA Confirms Taranaki VTM Project of National Significance

Manuka Resources (MKR:AU) has announced EIA Confirms Taranaki VTM Project of National Significance

Download the PDF here.

Latest Press Releases

Related News

×