Supreme Metals Corp. Triples Clayton Valley Lithium Footprint Neighbouring Lithium-X and the Silver Peak Mine; Investigates Processing Technologies
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 Silver Dawn Project (“Silver Dawn”) in the Clayton Valley basin, Nevada. Silver Dawn is located 10 km from Albemarle’s lithium brine processing facility, North America’s sole lithium producer.
The claims are adjacent to the west of Lithium-X’s south block and 5km west of Pure Energy’s property holdings from which was reported an Inferred Resource of 816,000 tons lithium carbonate equivalent in a recently published National Instrument 43-101 Report. The project consists of 150 mineral claims and covers approximately 3,000 acres to the southwest of the Silver Peak mine and adjacent to Lithium X Energy Corp.
The Company is also pleased to announce that it is reviewing the acquisition of a range of processing technologies complementary to its projects. Supreme believes that such acquisitions will be vital from a cost and efficiency standpoint as this market evolves.
The Company believes that its beneficial geological setting and associated logistical advantages could significantly condense the development process and timeframe to production especially given the favourable geography for end-users, 200 miles from Tesla's gigafactory.
About the Silver Dawn Project
The Silver Dawn project lies along the northwest flank of the Clayton Valley basin. Clayton Valley is an interior drainage basin in which brines have been concentrated during the Pleistocene Era to form the Lithium-rich brines that are being processed at Albemarle’s facility.
Volcanic ash deposits, thermal springs and weathering have contributed lithium to the basin brines over the millennia. Brines pumped from several subsurface aquifers in the basin have supplied the Albemarle processing facility since 1967. A result from recent drilling by Pure Energy confirms that these aquifers extend across a large area of the basin and have been demonstrated to contain high levels of lithium.
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The Company is acquiring Silver Dawn from arm’s length parties in exchange for three million common shares of the Company and the granting of a 1% gross royalty, subject to a buyback provision to the Purchaser whereby it may acquire, at any time, one-half of the GORR (0.5% GORR) for $1,000,000.
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,
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.
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Source: Supreme Metals Corp. (CSE:ABJ)
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