Supernova options Lac Saint Simon to 79 Resources
2021-02-17 12:05 ET - News Release
Mr. Sean McGrath reports
SUPERNOVA ANNOUNCES OPTION AGREEMENT ON LAC SAINT SIMON LITHIUM PROPERTY
Supernova Metals Corp. has entered into an option agreement with 79 Resources Ltd., whereby 79 Resources can acquire 100 per cent of the Lac Saint Simon lithium property in the James Bay/Eeyou Istchee region of Quebec.
Pursuant to the terms of the agreement, 79 Resources is required to make cash payments totalling $155,000, issue 1,500,000 common shares and incur a minimum of $700,000 of exploration expenditures over a three year period. Supernova will retain a 2% net smelter returns royalty of which 79 Resources can purchase one half (or 1%) from the Company in exchange for a cash payment of $1,000,000.
Sean McGrath, CEO of Supernova, commented: "The option agreement with SNR allows us to focus our efforts and resources on the drill ready properties in our portfolio, such as the current drill program underway at our Cold Springs property in Nevada, while simultaneously seeing the Lac Saint Simon lithium property receive the immediate attention it deserves in an environment that is heating up for battery metals. We look forward to updating the market on these and other developments in the near future."
About Cold Springs Silver-Gold Project
The Cold Springs property located just off of US Route 50 in Churchill County, approximately 80km east of Fallon, Nevada, is in the western Great Basin of Nevada and covers high-grade volcanic-hosted epithermal gold-silver mineralization. The property consists of 22 Federal Lode Claims centered on a small hill located along the up-thrown east side of NNW-striking range front normal-fault system, located approximately 80km east of Fallon and is accessible by road. It covers an approximately 800 metre by 350 metre hill-top exposure of altered and silicified rhyodacite breccia which hosts a series of northwest-striking, sub-parallel gold and silver-bearing quartz veins.
Four large, low-sulphidation epithermal veins are exposed in a wider 500 metre by 200 metre area of silicification. Silver-gold mineralized quartz-vein systems are up to 70 metres long and 2 metres thick. Existing data suggests the exposed mineralization is on the eastern-periphery of a larger hydrothermal system. Prior geological mapping and drill results indicate that the host volcanic tuffs, large silicified breccia-bodies and high-grade quartz veins dip west towards the Cold Springs valley. Additional segments of the silver-gold mineralization exposed on the hill-top, and potential hydrothermal feeder conduits (faults) may have been down-dropped to the west across the range-front fault system and are now hidden beneath valley-fill alluvial cover.
Combined CSAMT and IP geophysical surveys have identified a large resistivity low located beneath alluvial cover to the west of the range front fault system. This zone extends deeper than the detection limit of the surveys (approximately 200 metres below surface) and has a top at around 80 metres, the inferred approximate depth to bedrock beneath alluvium in this area. The resistivity low is interpreted to be argillic alteration surrounding the core of the hydrothermal system and/or sulfide-bearing quartz feeder veins.
Supernova is currently conducting a diamond drill program at Cold Springs and will release results upon receipt. The program is expected to consist of up to 2,000 metres (approximately 6,600 feet) and is designed to target new high-priority, untested geophysical anomalies identified as potentially representing the source of the project's known mineralization.
About Supernova
Supernova is a growth-oriented exploration company focused on acquiring and advancing natural resources opportunities within North America. Supernova has a growing and diversified portfolio of assets, including revenue generating oil production, as well as Silver, Gold, Lithium and Vanadium assets.
Qualified Person
The scientific and technical information contained in this news release as it relates to the Cold Springs silver-gold project has been reviewed and approved by Dr. Kent Ausburn, PhD, PG, Director of Supernova, a qualified person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Dr. Ausburn verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein. The sampling data disclosed in this news release is historical in nature and is taken from exploration reports completed by past operators on the property, and therefore should not be relied upon as current.
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