Supreme Metals Corp. Update on Activity in the Bloom Lake East Area
20.07.2017 | FSCwire
Sudbury - Supreme Metals Corp. (the “Company”) (CSE: ABJ) (FSE:A68) is pleased to congratulate its neighbor, Champion Iron Ore Limited for its recent USD180M debt financing on its Bloom Lake Iron Ore Mine production restart. The restarting of this mine and the recent rise in iron prices should enhance the economics of the iron ore occurrences existing on Supreme Metal Corp’s Bloom Lake East Properties located adjacent to Champion Iron Ore Limited’s Bloom Lake Iron Ore operations.
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Google Earth image showing the nearby mine operations and the location of Supreme’s East Bloom Lake Property with historic assays as reported in the Newfoundland Government’s Geoscience Atlas database.
The Bloom Lake East claims lie between the Champion Iron Ore Limited and the Iron Ore Company of Canada (IOC) operations along the strike extension of the Sokoman Formation, previously known as the Wabush Iron Formation, which is the formation from which the iron is mined by the two major mining companies. The Bloom Lake East claims were originally acquired for a cobalt occurrence within a sulphide body on the property however 5 known iron occurrences also exist on the property as reported on the Geoscience Atlas of the Newfoundland government. Numerous strong magnetic anomalies also exist on the property along trend of the middle member of the Sokoman Formation.
The Bloom Lake Railway runs through several of the East Bloom Lake Claims. This common carrier railway runs to a multi-user deepwater port on the St. Lawrence River offering year-round access to global markets.
Bob Komarechka noted “The Company feels this recent announcement confirming the funding for restarting Champion Iron Ore Limited’s Bloom Lake Mine is a very positive event that can help enhance the value of the existing iron occurrences on Supreme Metals Corp’s adjacent Bloom Lake East Property. In addition to this, the reopening of the mine will allow for enhanced infrastructural facilities that will facilitate future exploration and potential development.”
Qualified Person
Mr. Robert Komarechka, P.Geo, a Qualified Person under NI 43-101 regulations, has reviewed the technical data for accuracy.
About Supreme Metals Corp.
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.
On Behalf of the Board,
Bob Komarechka
CEO
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.