Surge Copper Corp. (TSXV: SURG) (OTCQB:
SRGXF) (Frankfurt: G6D2) (“Surge” or the
“Company”) is pleased to announce the commencement of field
operations for its 2024 work program at its 100%-owned Berg
copper-molybdenum-precious metals project located in central
British Columbia. Additionally, the Company announces that African
Rainbow Minerals Limited (“
ARM”) has exercised in full its
rights in respect of the Company’s recently completed private
placement (see April 2, 2024 press release and June 21, 2024 press
release), and has subscribed for a total of 1,582,353 common shares
of the Company at a price of $0.15 per common share for gross
proceeds of approximately $237,353 (the “
Top-Up Offering”).
Highlights of the 2024 Field Program
- Drilling has commenced at the Berg Project with two drill rigs
operating
- Surface exploration work is being advanced to finalize the
scope of the initial drill test of the Berg SW exploration
target
- The exploration drill program at the Berg deposit will be
completed with two drill rigs and will cover approximately 2,500
metres across six holes, targeting previously untested areas, with
the potential for program expansion based on initial results
- The drill holes are strategically designed to achieve multiple
objectives, including expanding the known mineralization envelope
and converting Inferred resources to higher categories, as well as
advancing geochemical and geotechnical studies
Leif Nilsson, Chief Executive Officer,
commented: “We are excited to kick off our 2024 field program at
the Berg Project and appreciate the continued support from ARM. The
funds raised through our recent financing transactions fully fund
this year’s program and provide additional flexibility to expedite
further exploration based on initial results.”
Top-Up Offering
The Company intends to use the proceeds from the
Top-Up Offering for working capital and general corporate purposes.
The common shares issued in connection with the Top-Up Offering
will be subject to a statutory hold period of four months and one
day from the date of issuance. Together with the private placement
of special flow-through shares that was announced concurrently with
the Top-Up Offering and closed on June 21, 2024, the Company raised
aggregate gross proceeds of approximately $2.43 million.
One insider of the Company participated in the
Top-Up Offering. The insider is a related party of Surge, and
therefore the insider participation in the Top-Up Offering is
considered a “related party transaction” subject to Multilateral
Instrument 61-101 – Protection of Minority Security Holders in
Special Transactions (“MI 61-101”). The Company is relying
on exemptions from the formal valuation and minority shareholder
approval requirements provided under subsections 5.5(a) and
5.7(1)(a) of MI 61-101 on the basis that participation in the
Top-Up Offering by insiders did not exceed 25% of the Company’s
market capitalization. The Company did not file a material change
report more than 21 days before the expected closing date of the
Top-Up Offering as the details of the Top-Up Offering and the
participation therein by the "related party" of the Company were
not settled until shortly prior to the closing of the Top-Up
Offering, and the Company wished to close the Top-Up Offering on an
expedited basis for sound business reasons.
Grant of Options
The Company has awarded 175,000 options to a
consultant of the Company pursuant to the Company’s Share
Compensation Plan. The options are subject to vesting provisions,
have an exercise price of $0.15 per share, and expire five years
from the date of grant.
Qualified Person
Dr. Shane Ebert P.Geo., is the Qualified Person
for the Berg Project and the Ootsa Property as defined by National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
("NI 41-101") and has approved the technical and scientific
disclosure contained in this news release.
About Surge Copper Corp.
Surge Copper Corp. is a Canadian company that is
advancing an emerging critical metals district in a well-developed
region of British Columbia, Canada. The Company owns a large,
contiguous mineral claim package that hosts multiple advanced
porphyry deposits with pit-constrained NI 43-101 compliant
resources of copper, molybdenum, gold, and silver – metals which
are critical inputs to the low-carbon energy transition and
associated electrification technologies.
The Company owns a 100% interest in the Berg
Project, for which it announced a maiden PEA in June 2023 outlining
a large-scale, long-life project with a simple design and high
outputs of critical minerals located in a safe jurisdiction near
world-class infrastructure. The PEA highlights base case economics
including an NPV8% of C$2.1 billion and an IRR of 20% based on
long-term commodity prices of US$4.00/lb copper, US$15.00/lb
molybdenum, US$23.00/oz silver, and US$1,800/oz gold. The Berg
deposit contains pit-constrained 43-101 compliant resources of
copper, molybdenum, silver, and gold in the Measured, Indicated,
and Inferred categories.
The Company also 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, Indicated,
and Inferred categories.
On Behalf of the Board of Directors
“Leif Nilsson”Chief Executive Officer
For further information, please contact:Riley
Trimble, Corporate Communications & DevelopmentTelephone: +1
604 416 2978Email: info@surgecopper.comTwitter:
@SurgeCopperLinkedIn: Surge Copper
Corphttps://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 commencement of drilling at the Berg Project and the timing
thereof; the surface exploration work at the Berg Project and the
timing thereof; the size and focus of the exploration drill program
at the Berg deposit; the potential for program expansion based on
initial results of the exploration drill program; the objectives of
the drill hole design; the use of proceeds from the Top-Up
Offering; and the Company’s plans regarding the Berg Project 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.
Surge Copper (TG:G6D2)
Historical Stock Chart
From Oct 2024 to Nov 2024
Surge Copper (TG:G6D2)
Historical Stock Chart
From Nov 2023 to Nov 2024