Surge Copper Completes 2024 Field Program and Provides Corporate Update
26 September 2024 - 9:00PM
Surge Copper Corp. (TSXV:
SURG) (OTCQB:
SRGXF) (Frankfurt:
G6D2) (“Surge” or the “Company”)
is pleased to announce the successful completion of its 2024 field
program at its 100%-owned Berg and Ootsa copper-molybdenum-precious
metals projects located in central British Columbia. Field crews
have now been demobilized, and with the conclusion of physical
operations, the Company is ramping down associated expenditures as
it transitions into the data analysis and reporting phase.
2024 Field Program
Highlights
- Completed a total of 13 diamond
drill holes for 5,054 metres:
- At the Berg Project, 10 holes were
drilled for a total of 3,707 metres within the main Berg deposit,
with an additional 450-metre hole testing the Berg SW exploration
target.
- At the Ootsa Project, two holes
were drilled for a total of 897 metres, targeting the copper-gold
porphyry zone discovered in 2022, northeast of the Seel deposit
(see January 9, 2023 press release).
- All 10 holes at the Berg deposit
are expected to support resource definition and conversion of
Inferred resources to higher confidence categories.
- Six of the Berg deposit holes
underwent downhole geotechnical testing, including Packer tests,
piezometer installations, and televiewer surveys, supporting
pre-feasibility mining studies.
- Core samples will also undergo
geochemical analysis and acid-base accounting test work during the
winter, supporting ARD/ML environmental baseline and
pre-feasibility studies on waste rock management.
- An environmental baseline data
collection program was initiated across the project area to bolster
previously completed database efforts.
- A pre-feasibility level metallurgy
program is ongoing and slated for completion in early 2025.
- Assay results from all drill holes
will be released once data are received, verified, and
interpreted.
Leif Nilsson, Chief Executive Officer,
commented: “We’re pleased with how efficiently this year’s field
program progressed. We achieved all the critical objectives, and
thanks to high productivity and favourable weather conditions, we
exceeded our original drilling target. I would like to extend my
sincere gratitude to all the employees and contractors whose hard
work and dedication contributed to this successful program. We look
forward to providing further updates as we analyze the results in
the coming months.”
Annual General Meeting
The Company held its Annual General Meeting on
September 25, 2024. All proposed resolutions, as described in the
notice of the meeting and information circular dated August 13,
2024, were approved by the shareholders of the Company.
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.
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