Champion Iron Limited announce that a joint exploration agreement has been reached with Supreme Metals Corp. in order to access the claims located on the Bloom Lake East Property (“Bloom East”). Magnetic survey work, conducted by Supreme in 2018, identified iron ore prospects at Bloom East, which could be of strategic importance to Champion and its subsidiary Quebec Iron Ore Inc. (“QIO”), as it could potentially be considered as a source of iron ore feed for the Bloom Lake Mine (“Bloom Lake”) concentration plant owned and operated by QIO.

The southern part of Bloom East is geologically continuous with the Bloom Lake orebody and is located east of the Quebec-Labrador Boundary, less than 3 km from the Bloom Lake mill. Furthermore, Champion will evaluate the northern section of Bloom East, which hosts iron ore according to the Newfoundland and Labrador Geoscience Atlas. Pursuant to the Agreement, Champion will grant Supreme access to the Walsh Prospect located on QIO's Bloom Lake Mining Lease.

The Walsh Prospect, located 1.3 km away from current mining operations, was discovered in 1951 and yielded results “running to better than 11% Cobalt”1.