Supreme Metals acquires Iberian Lithium ahead of diamond drilling

21 January 2019 (Last Updated January 21st, 2019 17:46)

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.

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.

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.