Supreme Resources Ltd: Property Acquisition and Drilling Update
07 October 2010 - 10:00AM
Marketwired
Supreme Resources (TSX VENTURE: SPR) (OTCBB: SPRWF) is pleased to
announce the acquisition of a gold-silver property known as "Law's
Camp" on Lawless Creek northwest of Princeton B.C. and north of the
historical placer gold and platinum bearing Tulameen River The
property includes 13 claims covering approximately 355 hectares.
Some of the claims are reverted Crown Granted claims covering three
of the original showings at Law's Camp. The claims are accessed by
public roads from Tulameen or from the Coquihalla Highway.
The claims cover the Liverpool, Shelley and Chicago prospects.
The claim area is underlain by Upper Triassic schists and
limestones which s strike northwest and dip 30 to 70 degrees
southwest towards the contact with nearby Eagle Plutonic Complex.
The upper part of this sequence is intruded by feldspar porphyritic
dikes and sills. Stratabound massive sulphides are developed in
this area, where noncalcareous pelitic schists grade into overlying
calcareous schists and marbles. Mineralization consists of a layer
of semi-massive to massive sulphides, consisting of pyrite,
chalcopyrite and pyrrhotite, with minor galena and sphalerite
(Minfile) . They are extensively oxidized to limonite, hematite,
malachite and azurite.
A historical 4-metre chip sample taken across an exposure of
limonite, hematite and malachite at the portal of an adit contained
0.205 per cent copper, 0.026 per cent lead, 0.115 per cent zinc,
29.0 grams per tonne silver and 0.18 gram per tonne gold
(Assessment Report 15419)
A historical chip sample taken across 1.8 metres of massive
pyrite, with blebs and disseminations of chalcopyrite, exposed in
underground workings, assayed 0.69 gram per tonne gold, 17 grams
per tonne silver and 1.26 per cent copper (Minister of Mines Annual
Report 1929, page 279).
Similar mineralization is exposed in trenches on the Chicago
showing (previously Lot 260), 200 metres to the south of the
Liverpool, where pyrite, chalcopyrite and sphalerite occur in
limestone dipping 25 to 30 degrees west.
The claims were acquired from vendor Stephen Lawes for $10,000
cash and 100,000 shares. Recent selected samples, among others of
lower value, contained up to 4.76 g/t gold and 33.1 g/t silver.
Considerable exploration data exists in Assessment reports which
needs to be compiled prior to designing an exploration program.
Copper Mountain area exploration
In the vicinity of Copper Mountain, Supreme have now completed 6
drill holes, under the supervision of Grant Crooker, P.Geo. Samples
from the first two holes are in for assay and the other cores are
being logged. Two geochemical soil lines of 1200 meters each have
been completed at the TAS South extension and five lines of 1000
meters each have been sampled at the TAS property. Results will be
announced when assays are received. Drilling on the TAS property is
expected to commence shortly. The TAS property is located adjacent
to, and southeast of the Oriole deposit owned by the Copper
Mountain Mining Corporation. The Copper Mountain Mine is scheduled
to commence production in June 2011.
Further news will be forthcoming in the near future.
ON BEHALF OF THE BOARD
Allan Levien, President
About Supreme Resources Ltd:
Supreme Resources Ltd. (TSX VENTURE: SPR) is a junior
exploration company with advanced base and precious metals projects
located in producing mining districts of British Columbia, Canada.
Supreme Resources' goal is to increase shareholder value by
developing exploration projects that have the potential of becoming
new discoveries.
Website: www.supremeresourcesltd.com
This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the TSX-Venture
Exchange, the British Columbia Securities Commission, Alberta
Securities Commission and the US Securities and Exchange
Commission.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Supreme Resources Ltd. Allan Levien CEO/President
(604) 941 3716 aelevien@supremeresourcesltd.com
www.supremeresourcesltd.com
Supreme Resources Ltd. (TSXV:SPR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Supreme Resources Ltd. (TSXV:SPR)
Historical Stock Chart
From Sep 2023 to Sep 2024