Supreme Resources Ltd.
TSX VENTURE : SPR
OTC Bulletin Board : SPRWF

Supreme Resources Ltd.

February 09, 2011 11:01 ET

Supreme Resources Ltd.: TAS Drilling Intersects Significant Copper Values at Copper Mountain

Intersections of significant grades of copper & silver mineralization

COQUITLAM, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2011) - Supreme Resources Ltd. (TSX VENTURE:SPR) (OTCBB:SPRWF) is pleased to announce the results of the shallow, 200 metre, four hole drilling program conducted on the TAS Project at the Cliff and Road showings in the fall of 2010. The Cliff showing drilling intersected 19 metres grading 0.20% copper and the Road showing drilling intersected 14 metres grading 0.21% copper. The TAS Project is located 17 kilometres south of Princeton BC., adjacent to the Copper Mountain Mining Corporation's claims on the east. (www.Cumtn.com)

Significant drill intersections have been returned from the TAS Project and the results confirm the presence of copper-silver mineralization within the Copper Mountain Main Trend. Supreme has identified a number of Titan 24 chargeability anomalies along this trend for future exploration.
(See news release "Excellent results from Titan 24" dated October 7, 2009)

Measured and indicated, and inferred resources at the Copper Mountain Mine reported by Copper Mountain Mining Corporation are as follows:

  • Measured and Indicated resources, based on a 0.15% Cu cut-off grade, are 518.6 million tons grading 0.31% Cu containing 3.2 billion pounds of copper.

  • Inferred resources at 0.15% Cu cut-off grade are 390.7 million tons grading 0.23% Cu containing 1.8 billion pounds of copper.

In 2010, Copper Mountain completed a shallow diamond drill program in the Oriole and Rifle areas of the Copper Mountain project. Supreme's TAS Project is located 1500 metres south-east of the Oriole and Rifle areas. The Rifle area is 1000 metres south of the Oriole deposit. The shallow drilling at the Oriole zone has returned intercepts ranging from 7.5 to 63.0 metres grading 0.28% to 1.69% copper and 1.79 to 7.72 grams per tonne silver. In the Rifle area, four holes were drilled on the margin of a geophysical chargeability anomaly and low level soil geochemical anomaly. The shallow drilling at the Rifle area has returned intercepts ranging from 15.0 to 24.0 metres grading 0.27% to 0.35% copper and 1.20 to 1.49 grams per tonne silver. Additional follow up work is being planned by Copper Mountain.

Supreme Resources is planning to expend $ 3 million over the next years for drilling on their consolidated land position at Copper Mountain. This exploration will focus on their 30,000 acres (121 sq km) of holdings that include the Verde and TAS Projects.

Cliff Showing

At the Cliff showing, chalcopyrite and malachite are exposed in a 12 metres long by 10 metres wide zone of propylitic and potassic altered monzonite of the Copper Mountain Intrusions. Five of six cuts of channel samples taken across the Cliff zone in August of 2010 gave significant copper and silver values, including 12 metres (Cut-1) grading 0.184% copper and 1.7 grams/tonne silver and 3 metres (Cut-3) grading 0.491% copper and 6.2 grams/tonne silver. The zone is open to the east, south and south-west.

Drill hole 21004 was a -60 degrees hole drilled easterly across the Cliff zone and completed to a depth of 49.38 metres. The drill hole intersected 19 metres grading 0.195% copper and 2.7 grams/tonne silver, including 4 metres grading 0.30% copper and 2.6 grams/tonne silver and 3 metres grading 0.39% copper and 5.6 grams/tonne silver. Chalcopyrite mineralization occurs in strongly propylitic and potassic altered monzonite of the Copper Mountain Intrusions. The chalcopyrite occurs along fractures and as disseminations, and is variably associated with epidote and magnetite.

Drill holes 21005 (-70 degrees, EOH 50.60 metres) and 21006 (-55 degrees, EOH 50.29 metres) were drilled across the Cliff zone in north-easterly and north-westerly directions respectively and did not intersect significant copper-silver mineralization.

2010 CLIFF AREA DRILLING RESULTS
Drill Hole   From m To m Interval m Copper % Silver GMT
21004   1.56 49.38 EOH 47.82 0.10 1.5
including
and
and
1.56
3.56
14.56
20.56
7.56
17.56
19.00
4.00
3.00
0.20
0.30
0.39
2.7
2.6
5.6
21005   3.05 50.60 EOH 47.55 0.01 0.4
21006   1.11 50.29 EOH 49.18 0.01 0.3

Road Showing

At the Road showing, traces of malachite occur along fractures in propylitic and potassic altered monzonite of the Copper Mountain Intrusions. Six channel samples taken across the Road showing in August of 2010 gave anomalous copper values grading from 0.038% to 0.068% copper.

Drill hole 21007 was a -55 degrees hole drilled north-westerly across the Road zone and completed to a depth of 49.99 metres. The drill hole intersected 14 metres grading 0.21% copper and 2.1 grams/tonne silver, including 4 metres grading 0.319% copper and 2.4 grams/tonne silver. The copper values in drill hole 21007 were significantly higher than those from the surface sampling. As in drill hole 21004, the chalcopyrite mineralization occurs along fractures and as disseminations in propylitic and potassic altered monzonite of the Copper Mountain Intrusions, and is variably associated with epidote and magnetite. The zone is open in all directions.

All samples over 1000 ppm copper were analyzed for gold, platinum and palladium but returned no significant values.

2010 ROAD AREA DRILLING RESULTS
Drill Hole   From m To m Interval m Copper % Silver GMT
21007   0.91 49.99 EOH 49.08 0.08 0.7
Including
and
2.91
6.91
16.91
10.91
14.00
4.00
0.21
0.32
1.7
2.4

The Cliff and Road showings are underlain by a large body of strongly altered monzonite of the Copper Mountain Intrusions and occur in an area of anomalous copper soil geochemical values and a strong magnetic high response. It is not known at this time if the copper mineralization intersected in drill holes 21004 and 21007 are related. Two high priority Titan-24 chargeability anomalies are located 250 to 350 metres south of the Cliff and Road showings near the Copper Mountain Intrusion/Nicola volcanic contact. This contact is known to host copper mineralization at the Copper Mountain mine.

Supreme is encouraged by the significant copper mineralization intersected in drill holes 21004 and 21007 and is presently planning a spring drilling program to determine the extent of the copper mineralization intersected in the two drill holes. Supreme will also be testing a number of high priority Titan-24 chargeability anomalies during the spring drilling program.

Core is logged and split with a diamond saw at a secure core storage facility. Eco Tech Laboratory Ltd. of Kamloops B.C., an accredited laboratory and subsidiary of Alex Stewart Group Ltd. conducted the sample preparation and analysis. All samples were analyzed by 35 multi-element ICP analysis, aqua regia digestion, AES finish. All samples over 1000 ppm copper were analyzed for gold, platinum and palladium by 30 gram fire assay geochem/A.A. finish. The sample stream was subject to check analysis on repeat and re-split samples.

Al Levien Supreme's CEO states "The TAS results are very positive, and the directors are looking forward to aggressively exploring and drilling our Copper Mountain targets this year."

Grant F. Crooker, PGeo, (geologist) is the qualified person as defined by National Instrument 43-101 who supervised the preparation and verification of the technical information in this release.

Further news will be forthcoming in the near future.

ON BEHALF OF THE BOARD

Allan Levien, President and Chief Executive Officer

About Supreme Resources Ltd.:

Supreme Resources Ltd. (TSX VENTURE:SPR) is a junior exploration company with advanced base and precious metals projects located in producing mining districts of British Columbia, Canada. Supreme Resources' goal is to increase shareholder value by developing exploration projects that have the potential of becoming new discoveries.

Website: www.supremeresourcesltd.com

About Copper Mountain Mining Corporation:

The Copper Mountain Mining Camp has excellent road access, an entire infrastructure in place for a 25,000 to 50,000 tpd open pit operation, including a water license and a 138 kilo volt power line.

Copper Mountain owns 75% and Mitsubishi Materials Corporation owns 25% of the Copper Mountain Project. The 18,000 acre mine site is located 20 km south of the town of Princeton in southern British Columbia. The Copper Mountain Project has a current resource of approximately 5 billion pounds of copper, the project is fully financed ($438M) and in construction and on schedule for the mine to produce approximately 100 million pounds of copper per year by mid 2011.

Website: www.CuMtn.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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