Supreme Metals has begun a diamond drill programme at Iberian Lithium’s Alberta II project in the Galicia province of Spain, following its acquisition of the company.

The deal was announced on 23 October 2018.

As part of the deal, Supreme issued 35 million common shares and 115 million nonvoting, convertible series 1 preferred shares to shareholders of Iberian Lithium at price of each share of $0.02.

With an exploration area of 10km2, the Alberta II Property is an advanced stage lithium exploration project located in northwestern part of Iberia.

The exploration work included detailed mapping, soil geochemistry, remote sensing using high-resolution satellite imagery and low altitude flights using unmanned aerial vehicles equipped with high-resolution multispectral cameras.

One 3,075m diamond drill programme consisted of ten diamond drill holes.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

As of 1 June 2012, the Alberta II property had inferred NI 43-101 resources of 12,342,000t of 2,038ppm lithium, alongside 440ppm of tin and 99ppm of tantalum.

This resource would lead to a grade equivalent of 2,245ppm Li or 0.48% lithium oxide.

The grade equivalent marks a resource of 25,154t of lithium, 1,221t of tantalum and 5,429t of tin.

Exploration at the property is currently governed by an exploration permit granted to Strategic Minerals Spain. Additionally, mineral rights for lithium, tin, tantalum and niobium have been granted with the name of Alberta II, number OU/C/05186 under a contract with the Spanish government, along with exclusive rights to apply for a mining concession. This contract is valid until 29 December.

Access to the location to carry out exploration was granted by formal agreements with landowners and other stakeholders.

“The Alberta II Property is an advanced stage lithium exploration project located in northwestern part of Iberia.”

The permits needed for the proposed work, and work already completed, have been obtained or is the process of being applied.

This drill programme is intended to analyse the northern extent of pegmatite bodies on the property in order to raise the current inferred resources on the Alberta II Property.

Supervised by Salamanca Ingenieros, the drilling programme is being conducted by Sondeos y Perforaciones Industriales del Bierzo SA.