Sand is not milk, it has no expiration date and does not go bad, it is already millions of years old. Stir it up and suck out the slime with a canister filter or strain it through a coffee filter. Old sand is better than new sand which is why a new tank with new sand and new water looks lousy and can't hardly support anything.
Forget about it absorbing nitrates, phosphates or Loch Ness Monster fry. My substrait is 42 years old and just getting to where I like it.
(Except for those dam Loch Ness Monster fry)