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18/07/2024
Mining News

Supreme Metals Corp. enters agreement with Portuguese Mining Company to explore for Bulk Tonnage-Open Pit Lithium Targets

The main areas prospective for Lithium minerals particularly in the northern and central part of the country have largely been explored primarily with a focus on other metals such as tin and tungsten.

Supreme Metals Corp. is pleased to announce that it has entered into a Cooperation Agreement effective February 25, 2017 with Portugal focused Iberian Lithium Corp.

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Bob Komarechka, CEO of Supreme commented:

“Portugal is currently the leading lithium producer in Europe; however, exports of lithium concentrates have been focused essentially on its use in the ceramics industry rather on the obtainment of battery grade Li carbonate and hydroxide end products.

Europe represents 24% of global lithium demand, and with over forty new models of electric cars set to come into production from Volkswagen, Daimler/Mercedes, BMW, and Renault/Nissan – that is only set to increase.

Twelve gigafactories are either operational, planned, or under construction across Europe today, and we believe that Portugal with proven widespread lithium mineralization but never properly explored for lithium as anything but a by-product, as well as ranked in the global Top 10 of all countries in the Fraser Institute 2015 Survey of Mining Companies for Policy Perception, is the ideal location for Supreme to advance its Europe strategy.

The main areas prospective for Lithium minerals particularly in the northern and central part of the country have largely been explored primarily with a focus on other metals such as tin and tungsten.

We are very happy to have partnered with Iberian Lithium whose local technical team of exploration geologists have undertaken an in-depth study, which has yielded 34 principal areas of lithium anomalies including numerous instances of greisenised granited cupolas intersected by drilling, but never followed up, and 10 historical mines.

Iberian and Supreme have targeted areas of these granitoid cupolas because of their potential for large open pittable deposits hosted by greisens developed within or lateral to productive two-mica equigranular tin-granite cupolas. The Cinovec deposit in the Czech Republic (134 Mt @ 0.6% Li2O and 28 Mt @ 0.4% Sn) is an example of this deposit type and is hosted in an identical geologic context of Hercynian igneous rocks.

Iberian and Supreme believe that this geologic model has been overlooked in Portugal but that this mining friendly environment has the right geology to support the presence of bulk tonnage- open-pit type lithium deposits, similar to Cinovec, which could be highly economic in this new era of high demand for lithium generally, and high demand from Europe specifically.

Supreme expects that the Cooperation Agreement with Iberian will result in the acquisition of critical mass property packages in several of the 34 target areas identified , in the near term.”

Source: Stockhouse

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