TSX-V Trading Symbol:
SURG
OTCQX:
SRGXF
Frankfurt Trading Symbol:
G6D2
VANCOUVER, BC, Aug. 17,
2022 /CNW/ - Surge Copper Corp. (TSXV: SURG)
(OTCQX: SRGXF) (Frankfurt: G6D2)
("Surge" or the "Company") is pleased to announce the
receipt of a new exploration permit covering the Berg Property and
several contiguous 100% owned properties in the northern part of
the district. Two skid-mounted drill rigs and one
helicopter-supported drill rig are being mobilized to this area to
focus on drill testing priority targets during the second phase of
the 2022 field exploration program. During the first phase, Surge
conducted district-wide reconnaissance exploration to confirm and
advance multiple targets for drill testing, while two drill rigs
conducted exploration target drilling on the Ootsa Property, as
further described below.
Highlights
- Berg 5-year exploration permit has been received and three
drills will be mobilized to the Berg property shortly to start
systematic drill testing on multiple exploration targets
- Year to date, ongoing surface exploration at the Ootsa and Berg
Properties has included the collection of over 4,000 soil samples,
the completion of 12 induced polarization (IP) geophysical lines
over 6 exploration targets, and widespread surface mapping and rock
sampling
- Surface work is identifying new mineralized exposures and
supporting drill targeting on known exposures
- Phase one drilling at Ootsa of 6,300 metres over 17 holes,
expanding the Seel Breccia Zone and testing 5 exploration targets
surrounding the Seel and Ox deposits, with assay results expected
later in the season
- Surge Copper is undertaking a roughly $6.5 million fully-funded exploration program
across the Ootsa and Berg properties designed to advance and drill
test multiple exploration targets
Berg Exploration Permit
The Company is very pleased to announce the receipt of a
five-year, area-based exploration permit for the Berg property. The
permit is sufficient to initiate a widescale drill and exploration
program across all the known targets on the property by allowing
for 100 drill sites and access trails, and 150 line-kilometres of
ground-based geophysical surveying. The permit also allows for the
operation of two exploration camps, one at high elevation at the
Berg deposit, and a second at low elevation near the Sibola target,
accessed by existing service roads. A reclamation bond of
$130,000 has been posted in
connection with the permit bringing the total reclamation bond
amount to $242,500. Under the terms
of the permit, the Company will undertake annual reporting of
disturbances and reclamation progress to the Inspector of Mines.
The permit allows for year-round exploration in areas below 1,200
metres elevation while exploration activities in areas above 1,200
metres elevation must be conducted between
July 16 and October 31. The Company expects the second phase
of the 2022 exploration program to run to the end of 2022.
Surge is currently in the process of establishing the low
elevation road-accessible camp at Sibola to support drilling and
other exploration activities, with drills being mobilized to this
area to begin target drilling when setup activities are complete.
The remaining metres in the previously announced up to 22,000 metre
exploration program will be testing targets within the new permit
area.
Field Exploration Program
Update
During the first phase of the 2022 exploration program which has
been ongoing since early June, multiple field crews have been
active throughout the Ootsa and Berg project areas conducting
surface soil and rock sampling, mapping, and IP geophysical
surveying. The objective of this work is to advance multiple
exploration targets for drill testing. During 2022 to date, over
4,000 soil samples have been collected with roughly 2,800 of those
collected over the Bergette and Sylvia targets and surrounding
areas. Twelve IP lines have been completed over 6 exploration
targets and IP work is anticipated to continue into late fall.
Figure 1 provides a regional map highlighting the large number of
exploration targets across the district which are being advanced
through reconnaissance exploration during 2022. All these targets
are considered early stage, with most having no prior drilling, and
a few targets having limited shallow drilling, which in some cases
confirmed porphyry style mineralization and alteration.
Following work completed to date in the first phase, the Berg
regional targets, including Sibola, Bergette, Sylvia, NE, and Fire
are prioritized for the second phase of the 2022 exploration
program and are expected to be systematically drill tested as
surface data collection and IP surveys are completed. The first
target scheduled for drill testing on the Berg property is the
Sibola target, which contains a large zone with coincident ZTEM, IP
chargeability, and magnetic anomalies, within a low-lying
till-covered area. Figure 2 shows recent photos from reconnaissance
exploration at Sylvia and Bergette and Figures 3 and 4 provide a
ZTEM map showing the Berg area exploration targets and a cross
section through the Sibola target. Fieldwork continues to advance
the NE Target, Bergette, Sylvia, and Fire in preparation for drill
testing.
In parallel with the regional reconnaissance program, two drills
have been active on the Ootsa Property. One drill is currently
completing an initial test on a previously undrilled target east of
the Blackjack zone, and a second drill is testing the eastward
extension of the high-grade Breccia Zone on the east side of the
Seel deposits. To date in 2022, 17 core holes for 6,300 metres of
drilling have been completed at Ootsa including 6 holes testing 5
exploration targets surrounding the Seel and Ox deposits, and 11
holes expanding the Seel Breccia zone eastward. Further details
will be provided as assays are received.
The Seel Breccia eastern extension target area contains a
600-metre long zone prospective for breccia style mineralization as
highlighted by hole S18-214 which intersected 22 metres grading
1.02% copper and 35.3 g/t silver within a larger area containing
0.5% copper and 17.6 g/t Ag over 48 metres (previously released,
see September 5, 2018 news release).
Multiple holes have been stepping outward to follow the
mineralization seen in hole S18-214 to the east and west, and holes
are being targeted to test the large area between hole S18-214 and
the main Seel Breccia zone, which remains open toward the east, but
due to lack of drilling was not included in the recently released
resource update for the Ootsa Property.
Upcoming Catalysts
The Company anticipates updating the market on results from the
following activities:
- Results from the West Seel metallurgical testwork program
- Exploration updates throughout the 2022 field program
Qualified Person
Dr. Shane Ebert P.Geo., is the
Qualified Person for the Ootsa and Berg projects as defined by
National Instrument 43-101 and has approved the technical
disclosure contained in this news release. The survey data and data
quality have been prepared, processed, and validated by experienced
professionals at Geotech Ltd.
About Surge Copper Corp.
The Company owns a 100% interest in the Ootsa Property, an
advanced-stage exploration project containing the Seel and Ox
porphyry deposits located adjacent to the open pit Huckleberry
Copper Mine, owned by Imperial Metals. The Ootsa Property contains
pit constrained NI 43-101 compliant resources of copper, gold,
molybdenum, and silver in the Measured and Indicated
categories.
The Company is also earning a 70% interest in the Berg Property
from Centerra Gold. Berg is a large, advanced-stage exploration
project located 28 km northwest of the Ootsa deposits. Berg
contains pit constrained 43-101 compliant resources of copper,
molybdenum, and silver in the Measured and Indicated categories.
Combined, the adjacent Ootsa and Berg properties give Surge a
dominant land position in the Ootsa-Huckleberry-Berg district and
control over three advanced porphyry deposits.
On Behalf of the Board of
Directors
"Leif Nilsson"
Chief Executive Officer
Twitter: @SurgeCopper
LinkedIn: Surge Copper Corp
https://www.surgecopper.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.
This News Release contains forward-looking statements, which
relate to future events. In some cases, you can identify
forward-looking statements by terminology such as "will", "may",
"should", "expects", "plans", or "anticipates" or the negative of
these terms or other comparable terminology. All statements
included herein, other than statements of historical fact, are
forward-looking statements, including but not limited to the
Company's plans regarding the Berg Property and the Ootsa Property.
These statements are only predictions and involve known and unknown
risks, uncertainties, and other factors that may cause the
Company's actual results, level of activity, performance, or
achievements to be materially different from any future results,
levels of activity, performance, or achievements expressed or
implied by these forward-looking statements. Such uncertainties and
risks may include, among others, actual results of the Company's
exploration activities being different than those expected by
management, delays in obtaining or failure to obtain required
government or other regulatory approvals, the ability to obtain
adequate financing to conduct its planned exploration programs,
inability to procure labour, equipment, and supplies in sufficient
quantities and on a timely basis, equipment breakdown, impacts of
the current coronavirus pandemic, and bad
weather. While these forward-looking statements, and
any assumptions upon which they are based, are made in good faith
and reflect the Company's current judgment regarding the direction
of its business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections,
assumptions, or other future performance suggestions herein. Except
as required by applicable law, the Company does not intend to
update any forward-looking statements to conform these statements
to actual results.
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SOURCE Surge Copper Corp.