Slave Lake Zinc Announces Completion of Exploration Fieldwork

Rhea-AI Summary

Slave Lake Zinc (SLZNF) completed its initial exploration field program at the O'Connor Lake property on October 9, 2025. A field crew re-sampled and evaluated historic mineralized targets using modern technology; the company described the initial process as very positive and said results will be released as they are compiled and interpreted.

To fund the program the company settled a $117,000 loan from three directors by issuing 2,340,000 units at $0.05 per unit. Each unit includes one share and one warrant exercisable at $0.07 for three years. Securities are subject to a statutory hold until February 10, 2026.

Positive

• Initial exploration program at O'Connor Lake completed
• Issued shares-for-debt to preserve $117,000 cash

Negative

• 2,340,000 units issued at $0.05 causing shareholder dilution
• Warrants exercisable at $0.07 for three years adding potential future dilution

Vancouver, British Columbia--(Newsfile Corp. - October 9, 2025) - Slave Lake Zinc Corp. (CSE: SLZ) (the "Company") is pleased to provide an update on its recent exploration activities at the O'Connor Lake property.

Exploration Program Concluded

The Company successfully wrapped up its initial exploration field program at the O'Connor Lake property. A field crew was mobilized to confirm and evaluate historic mineralized targets using modern technology to validate previous findings and pinpoint new areas of interest. The Company reports that the initial process has been very positive, and results will be announced as they are compiled and interpreted. This work once compiled will help us further define the area as well as potential drill targets.

Loan Settlement with Directors

The Company has settled a $117,000 loan provided by three directors to finance the exploration program. This was achieved through a shares-for-debt transaction, whereby the Company issued 2,340,000 units at a price of $0.05 per unit to the directors.

Each Unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to purchase an additional share at $0.07 for three years.

As the transaction involves insiders, it is considered a "related party transaction" under MI 61-101. The Company is exempt from formal valuation and minority approval requirements because the value of the units issued is less than 25% of the Company's market capitalization. The transaction was approved by the Board. All securities issued are subject to a statutory hold period until February 10, 2026.

On Behalf of the Board of Directors,

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

About Slave Lake Zinc Corp.

Slave Lake Zinc Corp. is a mineral exploration company focused on advancing its 100% owned O'Connor Lake Property, located in the prolific Slave Lake greenstone belt of the Northwest Territories. The property is situated approximately 100 km east of Fort Resolution, the terminus of the all-weather road from Osisko's Pine Point deposits. The Company's geological team is experienced in identifying and delineating targets in our hydrothermal structurally controlled system and is committed to maximizing shareholder value through exploration and development of the O'Connor Lake Project.

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/269690

FAQ

What did Slave Lake Zinc (SLZNF) announce on October 9, 2025 about O'Connor Lake?

The company completed its initial exploration field program and reported the initial process was very positive; detailed results will be released when compiled.

How did SLZNF fund the October 2025 exploration program?

SLZNF settled a $117,000 loan from three directors by issuing 2,340,000 units at $0.05 per unit in a shares-for-debt transaction.

What is included in each unit issued by SLZNF and the warrant terms?

Each unit includes one common share plus one warrant; each warrant is exercisable at $0.07 for three years.

Are the shares issued to directors subject to any hold period?

Yes. All securities issued are under a statutory hold period until February 10, 2026.

Was the related-party shares-for-debt transaction subject to shareholder approval?

The company said the transaction is a related party transaction but exempt from formal valuation and minority approval because the units' value is under 25% of market capitalization.

When will SLZNF release the exploration results from O'Connor Lake?

The company indicated results will be announced as they are compiled and interpreted; no specific release date was provided.