Punch the slimy creature! (4)

I believe the answer is:

slug

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'punch' is the definition.
(I know that punch can be written as slug)

'slimy creature' is the wordplay.
'slimy' becomes 's' (this might be a standard abbreviation of which I'm unaware).
'creature' becomes 'lug' (lug is a kind of creature).
's'+'lug'='SLUG'

'the' acts as a link.

Can you help me to learn more?

(Other definitions for slug that I've seen before include "draught" , "Garden mollusc" , "ammunition?" , "slimy type" , "gulp!" .)

I've seen this clue in the Sydney Morning Herald.

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