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06.02.2017
Supreme Metals Makes First Move Into Cobalt Securing Area in Active Mining Camp

Supreme Metals Makes First Move Into Cobalt Securing Area in Active Mining Camp

 

Sudbury, Ontario – February 6, 2017 – Supreme Metals Corp. (the “Company”) (CSE: ABJ)(FSE:A68) is very pleased to announce that it has entered into an agreement to acquire the Bloom Lake East Project (the “Bloom Lake East Project”) adjacent to the Bloom Lake Mine, located in the Labrador Trough.

 

The Bloom Lake East Project is located in Newfoundland & Labrador and is situated alongside the Quebec-Labrador border. The project is prospective for both cobalt and iron mineralization and much of the tenure comprising the Bloom Lake East Project part of which was held in past under license by Rio Tinto Exploration Canada, Inc. and Consolidated Thomson Iron Mines Ltd.

 

Figure 1 – Map of the Bloom Lake East Project and Regional Cobalt Showings

 

 

Figure 2 – Satellite Image of the Bloom Lake East Project and Adjacent Bloom Lake Mine

 

 

Highlights:

-          Immediately adjacent to the Bloom Lake Mine.

-          Cobalt showing identified at Bloom Lake East Project near Green Lake.

-          High-grade historic grab samples of 6.0% and 6.5% cobalt on neighboring project.

-          Multiple iron showings hosted within Bloom Lake East Project.

-          Limited historic cobalt exploration conducted despite regional showings.

 

The Bloom Lake East Project offers shareholders of Supreme Metals Corp. an exciting opportunity to explore for cobalt in an infrastructure-rich iron ore camp historically overlooked for its cobalt potential.

 

The known cobalt mineralization in the Green Lake area of our project offers an immediate exploration target. We are fortunate to acquire project ground that was not only held in past by large mining entities like Rio Tinto and Consolidated Thomson but also hosts both cobalt and iron showings in the immediate vicinity of a constructed mine,” stated Bob Komarechka, CEO of the Company .

 

"This continues the company's strategy of identifying projects with potential for 'energy metals' in existing mining camps with built-out infrastructure - having started with the Silver Shadow property, bordering the producing Silver Peak mine in Nevada, the company has now acquired the Bloom Lake East project which borders the anticipated soon to be re-opened Bloom Lake Mine in the Labrador Mining Camp.

 

The Company feels that the strategic location of the property, bisected by a railway that services the Labrador trough and adjacent to the 3.4 billion metric ton Bloom Lake iron ore mine effectively hedges the company's exploration risk as it looks to explore high grade cobalt occurences that have not been followed up."

 

Infrastructure in the camp includes:

 

- Two railways, of which one is a common carrier with available capacity connecting to the Port of Sept-Îles

 

- The Port of Sept-Îles, where a 50Mtpa expansion project is nearing completion at Pointe-Noire to construct a multi-user deep-water dock with two ship loaders and two conveyor lines. The Port of Sept-Îles provides access to European and Asian markets with shipping distances of 5,000 km to Rotterdam, and 22,000 km to Tianjin, China

 

- Two major hydroelectric installations provide electricity at C$0.045/kwh, significantly reducing operating costs

 

- Expansion options are available on the railway to the Port of Sept-Îles

 

About the Bloom Lake East Cobalt Project

 

The Bloom Lake East Project consists of 84 mineral claim cells covering three prospect areas hosting both cobalt and iron prospects.

 

Although the area has been of primary interest for its iron ore, deposits of sulphides also occur in several places. Exposed cobaltite has been discovered immediately west of Bloom Lake at the Walsh Cobalt Prospect which contains high-grade historic grab samples of 6.0% cobalt and 6.5% cobalt respectively.

 

Recent increased market demand for politically-secure cobalt supplies warrants an immediate exploration effort in this historic cobalt-hosting region, which until now has not been examined properly for its cobalt potential, because of robust iron ore markets.

 

Transaction Terms

 

Supreme Metals Corp. is acquiring the Bloom Lake East Cobalt Project from arm’s length parties in exchange for five million common shares of the Company, a cash payment of $100,000 and the granting of a 1.5% gross royalty.  A finders fee is payable to an arms-length party on this transaction.

 

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.



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