Supreme Metals Corp. Announces Acquisition of the Wendigo Gold Property
SUDBURY, Ontario, Nov. 05, 2018 (GLOBE NEWSWIRE) — Supreme Metals Corp. (the “Company” or “Supreme”) (CSE: ABJ) (FSE: A68) today announced its claim acquisition of the Wendigo Gold Property in Bayly township, located 39 km southeast of Kirkland Lake. The property was acquired due to the highly anomalous lake sediment values for gold and nickel as well as anomalous cobalt reported by the Geological Survey of Canada1. This regional lake sediment survey, covered over 20,900 square kilometres and contained approximately 1,600 lake sediment samples. Cobalt and gold occurrences occur on the property. This property consists of 55 contiguous one unit claims acquired by Supreme using Ontario’s MNDMF’s MLAS online claim acquisition service. No additional fees or royalties to other parties were involved in this acquisition.
Bob Komarechka, P.Geo., CEO of the Company, commented:
The highly anomalous gold, nickel and anomalous cobalt lake sediment samples found in Wendigo Lake by the Geological Survey of Canada is extremely intriguing and warrants further investigation. The acquisition of this property, up-ice and within the adjacent drainage basin of the highest lake sediment gold values encountered within Wendigo lake, is a prime location for a source of this gold. This being further substantiated by an existing gold occurrence in the area. The adjacent Archean diorite-gabbro-ultramafic intrusive may also be a source for the anomalous nickel and cobalt lake sediment samples. I believe this property, with its limited previous exploration is a great asset for the company, having excellent potential at a minimal acquisition cost.
About the Wendigo Gold Property
The property is underlain by a north to south striking Archean greenstone belt containing felsic-intermediate volcanics and a diorite-gabbroic-ultramafic intrusion believed to be a sill.
The Wendigo Property has excellent access from the south shore of Wendigo Lake and by a logging road through the northwest of the property. Additional recent logging activities have resulted in numerous roads and trails on the property.
Of all the lake sediment samples analyzed, 3 occurring within Wendigo Lake area were above the 95 percentile with the highest reading of these 3 being 133ppb Au. This was the second highest gold reading in the whole survey area, with the highest lake sediment gold analysis occurring in the Matachewan gold camp area, outside of the Wendigo Property. An area up-ice and within the drainage basin of a creek flowing into the lake at the 133ppb Au sample location was acquired as part of the Wendigo Property. This drainage system is underlain by Archean metavolcanics with areas of brecciation having localized shearing and associated quartz veining. In the next drainage area to the east, also on the Wendigo Property, exist several old pits with quartz veining and anomalous gold values occur, including the Bute Larder Gold occurrence where OGS geologist Lovel, H obtained samples returning 0.05 to 1.17 oz/ton gold and 0.13% to 1.89% copper2 from an 800 metre long quartz carbonate quartz vein in dacite breccias and tuffs.
Lake sediments from the Wendigo Lake area also show some of the highest anomalous nickel values in the whole survey area of the GSC Open File 1640 report. These anomalous nickel values appear in the vicinity of an Archean diorite-gabbro- peridotite sill. Two unexamined old pits are shown on ODM Map P11983 in this rock type off the Wendigo Property.
An old shaft with reported cobalt bearing erythrite occurs on the property but within the bounds of a narrow waterway park along the west shoreline of the north arm of Wendigo Lake is also shown on ODM Map P1198. Nearby a massive pyrite zone occurs within a cherty volcanic unit with associated brecciation. This shaft is also along the west side of Wendigo Lake’s north arm and within the waterway park boundary.
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,
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.
1 Regional Lake Sediment and Water Geochemical Reconnaissance Data, Gogama Area, Ontario, GSC Open File 1640
2 Geology of Bayly Township, District of Timiskaming, Miscellaneous Paper 88, Ontario Department of Mines, 1976, by H. Lovell & F. R. Ploeger.
3 Bayly Township District of Temiscaming, Ontario Division of Mines, Preliminary Map P1198, Geol. Surv. 1976 by H. Lovell & F. Ploeger.
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