SLAM Corrects Silver Values in 1.60% CuEq Hole GW26-33

SLAM Exploration Ltd. (TSXV: SXL; OTCQB: SXLXF) reissued its drill results for hole GW26-33 on September 16, 2026, after incorrect silver ppm values appeared in the original table, restating a 14.45-meter interval grading 1.60% copper equivalent that includes 3.48% CuEq over 1.9 meters and 2.61% CuEq over 4.9 meters.

SLAM Exploration Ltd. (TSXV: SXL; OTCQB: SXLXF) has reissued a drill-result release from its New Brunswick copper ground after incorrect silver values in parts per million appeared in the original assay table. The corrected version, dated Miramichi, New Brunswick, September 16, 2026, leaves the headline number intact: a 14.45-meter core interval in hole GW26-33 grading 1.60% copper equivalent from a semi-massive sulphide zone.

Inside that interval sit two higher-grade slices — 3.48% copper equivalent over 1.9 meters and 2.61% copper equivalent over 4.9 meters. Those are the numbers that matter for anyone trying to picture the shape of the mineralization, because they suggest the broader intercept is not uniformly tenored but built around narrower, richer bands.

What a correction of this kind does and does not change

Junior explorers issue corrected news releases more often than the market notices, and the distinction between types of correction is worth drawing. Here the error was confined to silver values expressed in parts per million within the results table. Copper equivalent grades, the drill hole identifier and the interval lengths are unchanged in the corrected statement.

That matters because silver is not a driver of the copper equivalent calculation SLAM is using. The company states that the Cu-Eq percentages for GW26-33 are recovered grades, computed with a 95% recovery assumption and metal prices for copper, nickel and cobalt published on September 14, 2026 by Daily Metal Price. Silver sits outside that three-metal basket. So a silver transcription error, while it needs fixing for the record, does not propagate into the 1.60% figure.

Investors reading copper equivalent numbers anywhere should treat them as a convenience, not a reserve statement. A copper equivalent grade folds the value of by-product metals into a single copper-denominated number using assumed prices and assumed recoveries. Change the price deck or the recovery assumption and the number moves without a single gram of rock changing. SLAM has at least disclosed both inputs — a dated price source and a stated 95% recovery — which is more transparency than many equivalent calculations carry.

The VTEM plates are still producing targets

GW26-33 is not a standalone result. SLAM has been drilling conductive plate models generated from VTEM survey data — an airborne electromagnetic technique that maps rocks conducting electricity underground, a common signature of massive sulphide bodies. That program has already produced what the company described as a new discovery of massive sulphides some 2,000 meters northwest of the Logan Zone, in drillhole GW26-36, reported in an August 14, 2026 news release.

Two kilometers is a meaningful step-out for a junior working a single property. It implies the mineralizing system is not confined to the immediate footprint around Logan, and it gives the geologists a second anchor point from which to model continuity. Whether the intervening ground carries anything is, at this stage, an open question that only more drilling answers.

The workflow described in the release is conventional and worth noting for its own sake: core is collected from the drill in trays, delivered to a secure logging facility in Bathurst, New Brunswick, logged, then sawn with a diamond blade before sampling. Chain of custody and a half-core retained for verification are the basic controls that make an assay defensible later.

Trenching brings antimony into the story

Alongside the copper drilling, SLAM says trenching is underway on its Moose Lake Gold-Antimony Project. Trenching is the cheapest form of exploration there is — strip the overburden, expose bedrock, sample the outcrop — and it is typically used to test whether a surface anomaly is worth the cost of a drill rig.

The commodity pairing is the interesting part. Antimony has moved from an obscure industrial metal to a strategically watched one, used in flame retardants, lead-acid battery alloys, ammunition primers and certain semiconductor and photovoltaic applications, with Western supply chains thin relative to demand. Gold-antimony vein systems are a recognized deposit style, and New Brunswick sits in a geological belt where such occurrences are documented. A junior able to present a domestic antimony target attached to gold credits has two separate audiences for the same rock.

Trenching results, when they come, should be read with the usual caveat: surface samples are the most weathered and least representative material on any property. They indicate presence, not tonnage.

The market's read on a sub-nickel stock

Price action offers a blunt counterweight to the geology. As of the last trade at 20:00 GMT on September 16, 2026, SXLXF changed hands at 0.04 on its over-the-counter listing, down 8.57% on the day from a prior close of 0.05, with the day's range spanning 0.04 to 0.04. At that price the spread between a bid and an ask is a large share of the quote, and small orders move the print.

That happened on a session in which the broad market was mixed but unhelpful: SPY, tracking the S&P 500, settled at $754.05, down 0.44%; the Dow 30 proxy DIA fell 1.15% to $515.22; and QQQ, tracking the Nasdaq 100, was effectively flat at $704.72, up 0.03%. None of that explains a move of this size in a micro-cap explorer. Stocks at this level trade on flow, not on index beta, and a corrected release can invite selling for reasons unrelated to the substance of what was corrected.

The INN Precious Metals posting carries the corrected figures in full.

What would move the needle from here

Three things are worth tracking. First, assays from the follow-up on GW26-36 — the massive sulphide intersection 2,000 meters from Logan is either an isolated lens or the edge of something, and drilling will say which. Second, the Moose Lake trench sampling, which will determine whether antimony stays a line in a press release or becomes a drill program. Third, the financing question that shadows every explorer at this share price: drilling and trenching consume cash, and a company quoted at 0.04 raises equity on terms that dilute hard.

For now, the corrected record stands at 14.45 meters of 1.60% copper equivalent, with richer intervals inside it, generated by a geophysical targeting method that has already produced one step-out hit this season. That is a legitimate exploration result. Turning it into a resource is a longer and more expensive exercise than a single hole can demonstrate.

Key facts

• Corrected intercept: 14.45 m at 1.60% copper equivalent, hole GW26-33
• Higher-grade slices: 3.48% CuEq over 1.9 m; 2.61% CuEq over 4.9 m
• Share price: SXLXF at 0.04, -8.57%, as of 20:00 GMT Sept 16, 2026
• CuEq inputs: 95% recovery; copper, nickel, cobalt prices dated Sept 14, 2026 (Daily Metal Price)

Frequently asked questions

What exactly was corrected in SLAM's release?

The original version of the release contained incorrect numerical values for silver, expressed in parts per million, in the results table. The corrected release issued September 16, 2026 fixes those entries. The copper equivalent grades, the 14.45-meter interval length and the drill hole identifier GW26-33 are unchanged from the original statement.

Does the silver error affect the 1.60% copper equivalent grade?

No. SLAM states that copper equivalent values for GW26-33 are recovered grades calculated using a 95% recovery rate and metal prices for copper, nickel and cobalt published September 14, 2026 on Daily Metal Price. Silver is not part of that three-metal calculation, so a silver reporting error does not change the 1.60% figure.

What is a copper equivalent grade?

It is a single number that expresses the combined value of several metals in a rock as though it were all copper, using assumed metal prices and assumed metallurgical recoveries. It makes intervals easier to compare, but it is sensitive to those assumptions: a different price deck or recovery rate produces a different equivalent grade from identical drill core.

What was found in drillhole GW26-36?

SLAM reported the discovery of massive sulphides approximately 2,000 meters northwest of the Logan Zone in drillhole GW26-36, disclosed in an August 14, 2026 news release. That hole was drilled as part of a program testing VTEM airborne electromagnetic plate models, and the step-out distance suggests mineralization extends well beyond the immediate Logan footprint.

Why does the Moose Lake antimony target matter?

Antimony is used in flame retardants, battery alloys, ammunition primers and some semiconductor and solar applications, and Western supply is thin relative to demand. SLAM says trenching is underway at its Moose Lake Gold-Antimony Project. Trenching exposes bedrock cheaply to test whether a surface anomaly justifies drilling; it indicates presence, not tonnage.

How is SLAM's stock trading?

SLAM Exploration trades as SXL on the TSX Venture Exchange and SXLXF over the counter. As of the last trade at 20:00 GMT on September 16, 2026, SXLXF was quoted at 0.04, down 8.57% from a prior close of 0.05, with a day range of 0.04 to 0.04. At that price level, bid-ask spreads are wide and small orders move the quote.

Sources

• CORRECTION FROM SOURCE: SLAM Reports 1.60% Copper Equivalent Over 14.45 Meters in Hole GW26-33; Trenching Gold-Antimony Targets on Moose Lake Project — INN Precious Metals

Photo: Mikael Blomkvist · Pexels Licence — source