Supreme Metals Corp. (the “Company”) (CSE: ABJ)(FSE:A68) is pleased to announce that it has entered into a Cooperation Agreement (the “Agreement”) effective February 19, 2017 with Morocco based Green Energy Resources SARL (“GER”).
The Agreement forms the foundation for a strategic relationship between GER and Supreme, (the “Parties”), enabling the joint evaluation and potential acquisition of Cobalt and other mineral research permits in Morocco.
The mining industry of Morocco is important to the national economy. Morocco is the world’s third largest producer of phosphate, and contains about 75% of the world’s estimated reserves. Mining contributed up to 35% of exports and 5% of GDP in 2011. Foreign investors have found the investment climate, the infrastructure, fiscal situation, and political stability very favorable to continue business in the country in this sector.
Discussions between the parties are focused on the near-term acquisition of high value Cobalt Research Permits in Morocco, which hosts the Bou-Azzer Mine, the world’s fourth largest cobalt mine, one of the few primary cobalt producing mines in the world, which has been in production since 1928.
Bob Komarechka, CEO of Supreme commented “This Agreement provides a unique opportunity for Supreme to be able to access projects that it may normally not be able to. The Agreement also enables Supreme to have continued access to local Moroccan geological and technical expertise of Green Energy. In turn, we believe that Supreme’s public company platform will provide access to the capital markets for necessary financing for opportunities which arise under the Agreement.
Morocco is an excellent and underexplored jurisdiction in which to operate and we believe that the opportunity to enter the country with the latest exploration and development technology and search for a key commodity like cobalt at a district scale, just across the sea from European demand, will be a boon for all shareholders and stakeholders.”
About the Moroccan Cobalt District
The mining district of Bou Azzer is located 35 km south of Ourzazate in the south central Morocco.
The exceptional Co-Ni Bou Azzer mining complex is located in the plateau of the Draa region. The cobalt nickel veins occur in Precambrian rocks. Mineralised veins are numerous and occur in the contact zone between serpentine and other rock types for a total length of about 35 km in outcrop. The biggest veins are associated with a fault system. Three main types of veins occur: 1) veins in serpentine; 2) veins in the contact between serpentine and other rocks; 3) mineralised faults. The Ni-Co assemblage is made of skutterudite, rammelsbergite, nickeline and chalcopyrite. Sometimes the Nickel is dominat and the assemblage shifts to nickeline and rammelsbergite as in the Ait Hamane area. The oxidation zones along the mineralisation extent is extremely variable. in some mines Erythrite may be found up to 200 m depth while in others is alsmost absent (see Bou Azzer East Mine).
The Bou Azzer mining complex is made of several mines opened along the outcrops of the main veins. Many are still active. Among these, Bou Azzer and Bou Azzer East, Arbhar, Dambrouse and Ait Hamane.
Mr. Robert Komarechka, P.Geo, a Qualified Person under NI 43-101 regulations has reviewed the technical data for accuracy.
On Behalf of the Board,
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.