TSX-V: SURG
OTCQX: SRGXF
Frankfurt: G6D2
VANCOUVER, BC, Sept. 28, 2021 /CNW/ - Surge Copper Corp.
(TSXV: SURG) (OTCQX: SRGXF) (Frankfurt: G6D2) ("Surge" or the
"Company") is pleased to announce that it has executed a
definitive asset purchase agreement to acquire a 100% interest in
the Sylvia mineral claims located in the northern area of the
Huckleberry district in central British
Columbia, contiguous with the Berg Property and the
Company's other 100% owned claims in the area (see Figure 1).
The Sylvia claims host an underexplored porphyry target
consisting of a 500 by 2,000 metre sulfide alteration zone that
straddles the south contact of a granodiorite stock. Historical
drilling in 1974 by Hudson Bay Oil and Gas Company Ltd. intercepted
63 metres grading 0.33% copper and 0.02% molybdenum, starting at
9.1 metres downhole, with the hole ending in mineralization (BC
Assessment Report 5213). The claim area was also included in the
recently completed district-wide airborne geophysical survey,
allowing the Company to accelerate its exploration planning in the
area. The Sylvia claims comprise two mineral claims totalling
approximately 572 hectares. Under the terms of the agreement, Surge
will issue to three vendors a total of 390,000 common shares and
will grant the vendors a 2% net smelter return royalty on the
claims, subject to a perpetual buyback right on half of the royalty
for C$1 million. The terms of the
agreement and issuance of Surge shares are subject to TSX Venture
Exchange approval, and the shares will be subject to a statutory
four-month hold period.
The acquisition of these claims provides the Company with
another quality porphyry exploration target with known copper
mineralization within this highly prospective porphyry district.
The Sylvia claims occur in relatively flat, low-lying terrain with
direct road access, allowing for low cost and potentially
year-round exploration of the target.
Appointment of New Board Chair
The Company is also pleased to announce the appointment of
Christian Kargl-Simard as
Non-Executive Chairman of the Board. Christian has served as a
director of Surge since the September
2020 recapitalization of the Company and has played an
important role in the development of the business over the last
twelve months. Christian has served as President, CEO, and director
of Adventus Mining Corporation since December 2016. Patrick
Glazier, who has served as Chairman of the Company since
2016, remains an independent director of the Company.
Christian Kargl-Simard commented:
"It's an honour to be appointed as Chairman of Surge, and to be
working with such a high-calibre board. In just one year the
business has advanced rapidly, having raised over C$20 million in new equity, completed several
district consolidation deals including the Berg transaction, and
drilled over 44,000 metres. This district is one of the most
prospective for copper in British
Columbia, and we look forward to making new discoveries on
the back of our district-wide geophysical survey, and working to
realize the mining potential of our resources."
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.
About Surge Copper Corp.
The Company owns a 100% interest in the Ootsa Property, an
advanced stage exploration project containing the East Seel, West
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 into 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 NI 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 four advanced porphyry deposits.
On Behalf of the Board of Directors
"Leif Nilsson"
CEO and Director
For Further information, please contact:
Telephone: +1 604 416 2978
info@surgecopper.com
http://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.