SLAM Cuts 67.4 Metres of Sulphide Two Kilometres From Logan

SLAM Exploration Ltd. (TSXV:SXL) reported that diamond drill hole GW26-36 intersected a 67.4-metre interval of pyrrhotite-chalcopyrite sulphide mineralization from 124.4 m to 191.8 m in a new discovery area 2,000 metres northwest of the Logan zone at its 100%-owned Goodwin copper-nickel-cobalt project in New Brunswick’s Bathurst Mining Camp.

SLAM Exploration Ltd. (TSXV:SXL; OTCQB:SXLXF) has opened a second front at its Goodwin copper-nickel-cobalt project in New Brunswick, reporting sulphide mineralization in three diamond drill holes in a previously untested area 2,000 metres northwest of the project’s known Logan zone. The headline hole, GW26-36, cut a 67.4-metre core interval of sulphide mineralization running from 124.4 metres to 191.8 metres downhole.

The company, which owns the project outright, said the intercept sits on a VTEM plate model — a conductive body interpreted from airborne time-domain electromagnetic survey data, essentially a modelled sheet of metal-bearing rock inferred from how the ground responds to an electromagnetic pulse. Drilling into that modelled plate and finding sulphide where the geophysics said sulphide should be is the cleanest kind of result an early-stage explorer can get: it validates the targeting method, not just the single hole.

What the three holes actually cut

Inside the 67.4-metre envelope in GW26-36, SLAM described sustained pyrrhotite-chalcopyrite mineralization punctuated by discrete massive sulphide intervals at 126.5–128.6 m, 140.7–142.0 m, 142.35–142.4 m, 144.5–144.7 m, 151.0–151.7 m and 166.3–167.5 m, with semi-massive sulphide logged at 157–158 m and 165.4–166.3 m. On the reported depths, the massive intervals add to roughly 5.55 metres and the two semi-massive sections to about 1.9 metres — an illustrative arithmetic total, not a reported figure, and one that says nothing about grade.

Pyrrhotite is an iron sulphide and is not itself a payable mineral; it is the reason these bodies light up on electromagnetic surveys. Chalcopyrite is the copper-iron sulphide that carries the copper. The combination is exactly what a copper-nickel-cobalt targeting model in the Bathurst camp is looking for, but the split between the two — how much conductive iron sulphide versus how much copper mineral — is what determines whether a visually impressive interval turns into an economically interesting one.

The second hole, GW26-37, cut a discrete massive sulphide interval at 162.5–162.9 m — about 0.4 metres on the stated depths — sitting inside a broader envelope of disseminated mineralization, meaning sulphide scattered through the host rock rather than concentrated in a solid band. Sulphide was also cored in GW26-38. Three holes cutting sulphide in a virgin area is the practical takeaway: this is not a one-hole anomaly.

Grades are the missing number

Everything SLAM has released so far is visual and geological. There are no assay results in the announcement, which means the copper, nickel and cobalt content of the 67.4-metre interval — and of the massive bands within it — is not yet public. Investors reading core-length disclosures should hold that distinction firmly. A long sulphide intercept establishes that a mineralizing system is present and that the geophysical model works; only laboratory assays establish whether the metal is there in quantities that matter, and how the new area compares with the grades already known from the Logan zone.

That comparison is the substantive question raised by the release, as reported by INN Precious Metals. If assays from the new zone approach what Logan has shown, SLAM is no longer working a single target but a mineralized corridor with two poles separated by two kilometres — and the ground between them becomes the next thing worth drilling. If they come back weak, the result stays a geophysics validation exercise.

Why the Bathurst camp is being re-examined for copper and nickel

The Bathurst Mining Camp in northern New Brunswick built its reputation on volcanogenic massive sulphide deposits mined chiefly for zinc, lead, silver and copper. What has changed is the demand mix. Copper is the wiring metal for grid buildouts and electrified transport; nickel and cobalt sit in lithium-ion cathode chemistries. A camp with decades of drill logs, existing infrastructure and rock types capable of hosting polymetallic sulphide is precisely where explorers go when battery-and-grid metals reprice and previously secondary elements become the reason to drill.

Goodwin’s copper-nickel-cobalt framing places it in that reassessment, and the appeal of modern airborne EM over historically explored ground is that it can find conductive bodies that older campaigns walked past. The GW26-36 result is a datapoint in favour of that thesis. It is not yet proof of a deposit.

The market reaction, and the pause in drilling

SLAM’s U.S. over-the-counter line was quoted at 0.05 as of 14:01 GMT on 27 August 2026, down 0.42% on the day, with an intraday range of 0.04 to 0.05. That is a nickel stock in the literal sense: at that price level, the bid-ask spread and rounding dominate any single day’s percentage move, and reading sentiment into a fraction of a percent on a thinly traded OTC quote is a mistake. The broader tape was mildly positive at the same timestamp, with the S&P 500 tracker at $768.50 (+0.32%), the Nasdaq 100 tracker at $716.43 (+0.71%) and the Dow tracker at $534.10 (−0.02%).

For a company at this market capitalisation tier, the meaningful re-rating trigger is assays, not the announcement of visible sulphide. Drilling at Goodwin is currently paused for a mid-summer break and is scheduled to resume next week, which sets up the sequence to watch: the resumption of the programme, the follow-up holes testing whether the new zone has strike and depth extent, and the first laboratory results from GW26-36, GW26-37 and GW26-38.

What would confirm this is a real second zone

• Assay grades from the 67.4-metre interval, and specifically from the massive sulphide bands, with copper, nickel and cobalt reported separately.
• Whether the discovery has continuity along strike, or whether GW26-36 clipped an isolated lens.
• How the VTEM plate model performs on further holes — repeat hits would make the remaining untested plates on the property far more valuable.
• Drilling between the new area and Logan, the 2,000-metre gap that would define a corridor rather than two separate showings.
• SLAM’s funding position, since a wholly owned early-stage project with two live targets consumes capital faster than one.

Key facts

• Ticker and price: SXLXF (OTCQB) at 0.05, −0.42%, as of 14:01 GMT 27 Aug 2026
• Headline intercept: GW26-36: 67.4 m of sulphide mineralization, 124.4 m–191.8 m
• Distance from Logan zone: 2,000 metres northwest
• Project: 100%-owned Goodwin copper-nickel-cobalt project, Bathurst Mining Camp, New Brunswick

Frequently asked questions

What did SLAM Exploration report at Goodwin?

SLAM Exploration reported a new mineral discovery from diamond drill hole GW26-36, which intersected a 67.4-metre core interval of sulphide mineralization from 124.4 metres to 191.8 metres. The interval consists of sustained pyrrhotite-chalcopyrite mineralization hosting several discrete massive sulphide bands, and sits 2,000 metres northwest of the project’s known Logan zone.

Are assay results available yet?

No. SLAM’s announcement describes visual and geological observations from core logging only. The copper, nickel and cobalt grades of the 67.4-metre interval have not been published, so it is not yet possible to compare the new discovery area with grades already established at the Logan zone. Laboratory assays are the next material disclosure to watch.

What is a VTEM plate model?

VTEM refers to a versatile time-domain electromagnetic airborne survey. Interpreters model the conductive bodies detected below surface as flat sheets, or plates. Because sulphide minerals such as pyrrhotite conduct electricity well, these modelled plates make useful drill targets. SLAM’s GW26-36 intercept was associated with one such plate model at Goodwin.

How many holes hit sulphide in the new area?

Three. GW26-36 delivered the 67.4-metre interval with multiple massive sulphide bands. GW26-37 cut a discrete massive sulphide interval at 162.5 to 162.9 metres within a broader disseminated mineralized envelope. Sulphide mineralization was also cored in GW26-38. That gives the new discovery area three separate holes with sulphide rather than a single isolated intercept.

What are pyrrhotite and chalcopyrite?

Pyrrhotite is an iron sulphide with no payable metal content, but it is highly conductive and is often what electromagnetic surveys detect. Chalcopyrite is a copper-iron sulphide and is the principal copper-bearing mineral in such intervals. The ratio between them in a given intercept strongly influences whether the mineralization has any economic significance.

How is the stock trading?

SLAM’s U.S. over-the-counter listing was quoted at 0.05 as of 14:01 GMT on 27 August 2026, down 0.42% on the day, with an intraday range of 0.04 to 0.05. At that price level, spreads and rounding dominate daily percentage moves, so the figure carries limited information about how investors assess the drill result.

Sources

• SLAM Exploration Intersects New Discovery of Massive Sulphide Mineralization at Goodwin Copper-Nickel-Cobalt Project — INN Precious Metals

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