Supreme Critical signs LOI to acquire Gator project

Executive Summary

• Supreme Critical Metals Inc. signed a Letter of Intent (LOI) to acquire an option to earn a 100% interest in the Gator property, a 3,306-acre gold-silver exploration project in Nevada.
• The company also announced a change to its Board of Directors, with Christopher Gulka appointed to the board and Gerald Tritt resigning.

Key Details

• Transaction: Letter of Intent (LOI) to earn a 100% interest in the Gator property.
• Property Location: Pershing and Lander counties, Nevada, approximately 35 miles south-southwest of Battle Mountain.
• Property Size: 160 mining claims covering 3,306 acres (13.4 square kilometres) on U.S. federal land administered by the Bureau of Land Management (BLM).
• Geology: Interpreted as a covered distal-disseminated style epithermal Au-Ag mineral system. Geologic environment comparable to surface expressions near past-producing mines McCoy-Cove (12 miles away) and Lone Tree (37 miles away).
• Prior Work: Includes detailed geologic mapping, rock chip sampling, low-altitude UAV magnetics, structural interpretation, target generation, and 650 metres of RC drilling. Also benefits from Department of Energy-financed data including mapping, aeromagnetics, gravity, and magnetotellurics.
• Permitting: Existing notice of intent permit with the BLM; modification will allow for additional drill testing.
• Earn-In Terms: Supreme can earn 100% interest over a five-year period through:
  • Issuance of 10 million common shares.
  • Completion of specific work commitments (detailed in an attached table not provided in text).
• Royalties: Property subject to an existing 5% Net Smelter Return (NSR) royalty under an agreement between Castelton Park LLC and a third party.
• Board Changes:
  • Appointed: Christopher Gulka (CPA, CA, CFA), currently CFO, appointed to the Board of Directors effective immediately.
  • Resigned: Gerald Tritt resigned from the Board of Directors.

Notable Quotes

• "The geology, geochemistry and geophysics at Gator, in addition to its proximity to an important regional-scale structure, combine to create an interesting exploration target," said Ian Foreman, PGeo, vice-president, exploration. "We are keen to get compilation and confirmation work going as soon as possible."