Supreme Drilling Encounters Sulphide Mineralization
Sep. 23, 2010 (Marketwire) --
COQUITLAM, BRITISH COLUMBIA -- (Marketwire) -- 09/23/10 -- SUPREME RESOURCES LTD. (TSX VENTURE: SPR) (OTCBB: SPRWF) (the "Company") is pleased to announce the completion of the first three drill holes at the Verde project that contain fine-grained sulphide mineralization. The drilling is designed to test the copper-silver-gold mineralization exposed in trench 1 at the Verde project. To date, 260 metres of a 500 metre program have been completed.
The Verde project is located 14 kilometres south of Princeton, British Columbia and adjacent to the east of the holdings of Copper Mountain Mining Corporation's Copper Mountain mine. The current 2010 measured and indicated resources at the Copper Mountain mine are 518.6 million tons of 0.31% Cu containing 3.2 billion pounds of copper with gold-silver credits. The Copper Mountain mine is 75 percent owned by Copper Mountain Mining Corporation and 25 per cent owned by Mitsubishi Materials Corporation. The construction of the Copper Mountain mine is on schedule for full production in June of 2011.
The Verde trench 1 sampling returned over a 14.5 metre interval grades averaging 0.34% copper, 4.54 grams/tonne silver and 0.032 gram/tonne gold, including 9 metres averaging 0.49% copper, 6.86 grams/tonne silver and 0.046 grams/tonne gold as previously disclosed in the Company's press release dated April 7, 2010. Malachite, limonite, chalcopyrite and magnetite occur along fractures and as disseminations within moderately fractured diorite of the Voigt stock.
The drill hole data is as follows:
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Drill Hole Easting Northing Zone Elevation Azimuth Inclination EOH
(metres asl) (metres)
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V10-01 682757 5470399 10N 1119 214 -65 122.53
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V10-02 682762 5470398 10N 1119 186 -61 51.56
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V10-03 682766 5470398 10N 1119 170 -61 85.95
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Drill hole V10-01 has been logged and sampled, and the samples submitted to Eco Tech Laboratory Limited of Kamloops, BC for analysis. Logging and sampling of drill holes V10-02 and V10-03 is in progress.
Grant F. Crooker, P.Geo. (geologist) is the qualified person as defined by national Instrument 43-101 who supervised the preparation and verification of the technical information in this release.
Upon completion of the Verde drilling program, crews and drillers will be mobilized to the Company's TAS North Project, which is located less than 1 km in distance and borders Copper Mountain Mining Corporation's Oriole Area.
In 2008, Copper Mountain Mining Corp. reported that from the Oriole Area, drill hole CM08OL-17 intersected 119 feet (36.3 m) grading 2.10% Cu, 0.10 g/t Au, and 22.7 g/t Ag (2.31% Cu Equiv.).
August 5, 2010 Copper Mountain Mining Corp. announced a two phased 10,000 meter drill program to provide more drill information for detailed mine design and to upgrade the mine optimization in the Oriole Area and Pit 2 Area (see news at http//www.cumtn.com/site/news/index.php)
Diamond drilling should begin on the TAS North Project in approximately two weeks.
ON BEHALF OF THE BOARD
Allan Levien, President and Chief Executive Officer
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
About Copper Mountain Mining Corp.
Copper Mountain is a Canadian resource company managed by an experienced team of professionals with a solid track record of exploration and development success. The Company's shares trade on the Toronto Stock Exchange under the symbol "CUM". Copper Mountain owns 75% and Mitsubishi Materials Corporation owns 25% of the Copper Mountain mine. The 18,000 acre mine site is located 20 km south of the town of Princeton in southern British Columbia. The Copper Mountain mine has a current resource of approximately 5 billion pounds of copper. Currently, the project is fully financed ($438M) and in construction. Pre-production mining activities are underway and construction is on schedule for the mine to produce approximately 100 million pounds of copper per year by mid 2011. Additional information is available on the Company's web page at www.CuMtn.com
Statements in this press release other than purely historical factual information, including statements relating to revenues or profits, or the Company's future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in the technology history. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Company's securities set out herein in the United States, or to, or for the benefit or account of, a U.S. Person or person in the United States.
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.
Bill Percy
604-942-8940
Supreme Resources Ltd.
Allan Levien
CEO/President
604-941-3716
aelevien@supremeresourcesltd.com
www.supremeresourcesltd.com
Source: Marketwire (September 23, 2010 - 3:46 PM EDT)
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