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Supreme Metals Corp. Acquires Cobalt Project With Historic Values of 4.5% Cobalt and 87 Oz Silver

Dienstag, 14.02.2017 06:20

Supreme Metals Corp. Acquires Cobalt Project With Historic Values of 4.5% Cobalt and 87 Oz Silver


Sudbury, Ontario (FSCwire) - Supreme Metals Corp. (the “Company”) (CSE: ABJ)(FSE:A68) is pleased to announce that it has entered into an agreement to acquire the Foster Marshall cobalt-silver property (the “FM Project”).  The FM Project is located in the Province of Ontario in the Larder Lake Mining Division, more specifically in the historic mining area of Cobalt, Ontario. The property is located approximately 25 kms north of the former producing Langis Mine project, once held by Agnico Eagle Mines Limited.

The project consists of 7 mineral claim units over and covers approx. 633 acres.

Highlights:

  • Located in the historic Cobalt, Ontario mining district
  • Reported historic assays including 4.5% Cobalt and 87 oz/t silver
  • Two main veins identified - the Galena vein & the Silver vein with combined length of over 530 ft
  • Government reports indicate an additional vein over 900 feet long
  • Numerous joints, cross fractures and the shear planes are mineralized
  • Significant results to date that have not been followed up

Bob Komarechka P.Geo., CEO of the Company, commented:

"The historic Cobalt mining camp has recently been the focus of significant activity as companies have recognized that the commodity after which the area was named – and which is now in high demand for electric vehicles and energy storage – had been very much overlooked in what was primarily a silver camp in the 1900 - 2000 period.  As commodity prices rise, the economics of narrow cobalt veins at high grades and potential areas of significant widths at lower grades, combined with silver and some good gold values make this camp an exciting area to renew exploration.

The FM Project has demonstrated some very high grade results from stripping and other work which we are eager to follow up."

About the Foster Marshall Property

Access to the property is excellent. The FM Property is located in northeast Ingram Township, approximately 16 km east of the town of Englehart. Access to the property is via Highway 659, east from Highway 11, to the Sherriff Lake road, then northeast past Sherriff Lake to the Marshall farm. The main showings are located at the southwest end of Mallard Lake, on the west side of Ingram Creek.

The property straddles the contact between Proterozoic-aged Nipissing diabase to the south and sediments of the lower part of the Cobalt Group, also of Proterozoic age, to the north. The property is underlain by diabase that carries mineralization on fractures, cross fractures, sheared planes and veins. A cross fracture 1 to 6 inches wide is reported to show mineralization along its length for 900 feet.

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Transaction Terms

The Company is acquiring the FM Project from arm’s length parties in exchange for six and a half million common shares of the Company, a cash payment of $100,000 and the granting of a 2% gross royalty, half of which can be acquired at any time for a cash payment of $1,000,000.

Qualified Person

Mr. Robert Komarechka, P.Geo, a Qualified Person under NI 43-101 regulations, has reviewed the technical data for accuracy.

On Behalf of the Board,

“Bob Komarechka”

CEO

Supreme Metals Corp.  (CSE: ABJ)(FSE:A68)  is a Canadian based exploration company with a focused approach in the area of green and energy metals in the Western World adjacent to anticipated downstream manufacturing projects that will have a significant need for these metals.  

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.


To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/suprememetals02142017.pdf
Source: Supreme Metals Corp. (CSE:ABJ)

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