Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Supreme Resources Ltd. (SPRWF.PK) Announces Acquisition of Gold-Silver Property and Drilling Update

Supreme Resources Ltd. announced yesterday the acquisition of a gold-silver property known as “Law’s Camp” on Lawless Creek northwest of Princeton British Columbia and north of the historical placer gold and platinum bearing Tulameen River. The Law’s Camp 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 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 before designing an exploration program.

The claims cover the Liverpool, Shelley and Chicago prospects. The claim area is underlain by Upper Triassic schists and limestones. They 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. It consists of pyrite, chalcopyrite and pyrrhotite, with minor galena and sphalerite (Minfile). They are extensively oxidized to limonite, hematite, malachite and azurite.

An 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, and 0.115 per cent zinc, 29.0 grams per tonne silver and 0.18 gram per tonne gold. (Assessment Report 15419)

An historical chip sample, taken across 1.8 meters 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 meters to the south of the Liverpool, where pyrite, chalcopyrite and sphalerite occur in limestone dipping 25 to 30 degrees west.

Supreme Resources also issued an update on their Copper Mountain area exploration. The Company has now completed 6 drill holes, in the vicinity of Copper Mountain, 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 1,200 meters each have been completed at the TAS South extension and five lines of 1,000 meters each have been sampled at the TAS property. The Company will announce results when assays are received.

The expectation is that drilling on the TAS property will begin soon. The TAS property is adjacent to, and southeast of the Oriole deposit owned by the Copper Mountain Mining Corporation. The Copper Mountain Mine is scheduled to begin production in June of 2011.

Headquartered in Coquitlam, British Columbia, Canada, Supreme Resources Ltd. is a junior exploration company with advanced base and precious metals projects located in producing mining districts of British Columbia. The Company’s goal is to increase shareholder value by developing exploration projects that have the potential of becoming new discoveries.

For more information visit: supremeresourcesltd.com
 
Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net


Disclosure: no positions