TSX-V Trading Symbol: SURG OTCQX: SRGXF Frankfurt Trading Symbol: G6D2
VANCOUVER, BC , Aug. 17, 2022 /PRNewswire/ - 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.
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
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.
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.
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
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.
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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