Surge Copper Corp. (TSXV:
SURG) (OTCQB:
SRGXF) (Frankfurt:
G6D2) (“Surge” or the “Company”)
is pleased to announce exploration results from 2023 surface work
on the Berg Property in west-central British Columbia.
Highlights
- 3149 soil samples and 87 rock chip
and grab samples were collected and analysed as part of the 2023
Berg exploration program
- Two priority exploration targets
with porphyry copper potential are highlighted
- A large exploration target
immediately adjacent to the Berg deposit has been identified and
termed the SW Berg Target. This target contains a
similar geophysical and geologic expression as the Berg deposit,
contains leached and iron oxide stained surface exposures, and is
partially outlined by a 600 metre by 300 metre copper in soil
anomaly. Given its location and large geophysical and geochemical
expression the SW Berg Target has become the highest
priority new exploration target on the Berg Property
- The NE Sibola
Target has been expanded and contains a copper in soil
anomaly 1200 by 800 metres within a flat till-covered valley, and
the anomaly remains open to the north. This target is a strong
candidate for ground geophysics and if warranted drill testing
Leif Nilsson, Chief Executive Officer,
commented: “In parallel with the 2023 deep drilling campaign at the
Berg deposit, Surge’s field team conducted regional reconnaissance
surface exploration across the northern portion of the
Berg-Huckleberry-Ootsa district on our 100% owned Berg Property.
This work represents a systematic follow-up on the significant
district-wide regional program conducted in 2022 (see April 19,
2023 press release), which itself built upon the 2021
deep-penetrating ZTEM geophysical survey across the district (see
April 12, 2022 press release). These programs have delivered
multiple new early-stage discoveries and built out an impressive
exploration pipeline within this large, critical minerals district.
We are particularly excited about the new SW Berg Target. Given its
proximity to the Berg deposit, it is straightforward to see how any
future exploration success at this target could quickly have a
positive impact on the Berg Project.”
During 2023 Surge Copper collected 3149 soil
samples, 87 rock samples, and drilled 3 core holes into the Berg
deposit for 2077 metres of drilling. As a result of surface
sampling and prospecting, 2 new large undrilled porphyry targets
have been identified, and several new areas containing geochemical
anomalies that warrant further exploration work have been
discovered.
A large exploration target immediately adjacent
to the Berg deposit has been identified and is termed the SW Berg
Target. This target is described below and due to its immediate
proximity to the advanced Berg Cu-Mo-Ag-Au resource has become the
highest priority new exploration target on the Berg Property. The
East Sibola copper in soil target has been significantly expanded
during 2023 work and is a second high priority untested exploration
target. New early stage targets have also been identified at NE
Fire and an area immediately north of the N. Whiting Creek
Target.
Figure 1. Berg Project 2023 surface
sample and drill hole location map showing new target
discoveries.
Please click here to view
image
SW Berg Target
Soil sampling in 2023 has identified a 600 by
300 metre and open copper in soil anomaly located immediately
southwest of the Berg deposit at the SW Berg Target. This target
area has geophysical and surface geochemical similarities to Berg
and has never been drill tested. Figure 2 shows a compilation map
over the Berg - SW Berg Target area with a 2007 induced
polarization geophysical survey that partially covers the SW Berg
Target. The Figure shows a prominent resistive feature at the SW
Berg Target that remains open to the west and has a similar
expression and dimensions as a resistive feature that corresponds
to the Berg Stock. This resistive feature could represent a second
mineralizing intrusion, similar to the Berg Stock, and is a
compelling exploration target. The SW Berg Target area correlates
with a zone of strong chargeability that also remains open to the
west.
A cross section through the ZTEM 3D resistivity
and magnetic models is shown on Figure 3. The SW Berg Target shows
similar ZTEM resistivity and magnetic expressions as the
mineralized Berg deposit, where mineralization is associated with
relatively conductive rocks (blue on Figure 3) with low magnetic
values. Limited available geologic data combined with geophysical
data indicate the new copper in soil anomaly at the SW Berg Target
could potentially occur near the contact between an intrusive stock
and andesite volcanic wall rock. This geologic setting is
significant as the best hypogene mineralization at Berg is located
within wall rocks proximal to the Berg Stock.
Figure 2. Compilation map of the SW Berg
Target showing resistivity and copper values in 2023 soil and rock
samples.
Please click here to view
image
Prospecting at the SW Berg Target has identified
large areas of intensely iron oxide stained and strongly leached
outcrops with remnants of stockwork veining as shown in Figure 4. A
grab sample from one of these leached outcrops, sample 103859,
returned 0.07% copper, 0.026% molybdenum, 4.1 g/t silver, and 0.04
g/t gold. It should be noted that the values for molybdenum,
silver, and gold from the outcrop sample are similar to deposit
averages for these metals at Berg, whereas copper within this
surficial environment is expected to be leached, similar to
exposures located immediately above the Berg deposit.
Figure 3. Cross section A – A’ through
the Berg Deposit and SW Berg Target showing ZTEM 3D resistivity
model (top) and magnetic model (bottom). The location of section A
– A’ is shown on Figure 2.
Please click here to view
image
The SW Berg Target remains at an early stage and
additional detailed work is required to better understand the
geology and exploration potential of the zone. The similarities in
geophysical and surface geochemical expression as Berg, the large
scale of the target, and the location immediately adjacent to the
advanced Berg deposit, make the SW Berg Target a compelling target
that will be prioritized for exploration work and evaluation in
2024.
Figure 4. Surface outcrop from the SW
Berg Target near sample 103859. The zone contains strong iron oxide
stained, leached, and stockwork veined rock exposed over a large
area.
Please click here to view
image
NE Sibola Target
A copper and molybdenum in soil anomaly on the
NE end of the large Sibola alteration system has been expanded and
better defined during 2023. This soil anomaly is termed the NE
Sibola Target and has now been defined over an area 1200 metres by
800 metres and remains partially open to the north where a large
swamp prevents B-horizon soil sampling. The anomaly contains copper
in soil values around 100 to 200 ppm, and molybdenum in soil values
around 5 to 20 ppm, values which are considered very significant
for a till-covered area. No outcrop was found in the immediate area
of the soil anomaly but a large exposure of unmineralized altered
and pyritic rock was sampled in a stream canyon about 500 metres to
the southwest and possibly represents distal pyritic alteration
around a porphyry system. The next steps for this target will
include ground based induced polarization surveying and drill
testing if warranted.
Figure 5. NE Sibola Target copper in soil
map.
Please click here to view
image
A soil line on the far west side of the Sibola
area has intersected a new continuous low-level copper in soil
anomaly that extends for 500 metres along the line. This new
anomaly occurs within a flat till covered valley and warrants
additional follow up.
New Early Stage Anomalies
A zone of patchy copper and molybdenum in soil
values over an area 800 by 250 metres has been identified in the NE
part of the Berg claim block and is termed the NE Fire Target (see
Figure 1). Copper values up to 100 to 200 ppm occur within a till
covered area near the contact zone of a Bulkley Suite diorite
intrusive and Telkwa Formation volcanic rocks. No outcrop was found
within the main soil anomaly, however, adjacent to the anomaly
altered diorite with thin quartz veinlets and minor disseminated
pyrite were discovered. This target remains a candidate for future
exploration work.
Seventeen rock samples were collected during
reconnaissance prospecting from an area north of the N. Whiting
Creek target during 2022. These samples were assayed in 2023. In
the area malachite and azurite copper staining was identified in
altered volcanic rocks with varying degrees of veining. The samples
returned copper values ranging from below detection to 0.52%, with
4 samples returning greater than 0.1% copper. Follow up surface
evaluation is required to better understand the potential of this
new area.
Share Based Compensation
The Company announces that all of its executive
management team members have agreed to receive a portion of their
2023 annual discretionary compensation in the form of common shares
of the Company, on the basis of the 5-day volume weighted average
price on the TSX Venture Exchange (being $0.085 and calculated as
of February 1, 2024), which would result in the issuance of
2,146,816 common shares of the Company (the “Employee Shares”). The
Employee Shares are subject to TSX Venture Exchange acceptance and
disinterested shareholder approval at the Company’s upcoming annual
general meeting and will be subject to a four month hold.
Quality Control
Soil samples consist of B-horizon samples
collected in kraft soil bags by Surge field personel. Soil samples
were analysed by portable X-ray flouresence (pXRF) with analysis
completed through thin plastic sandwich bags on the fine fraction
of dried soil samples within an enclosed XRF workstation using an
Olympus Innov-X Delta series pXRF unit equipped with a 4 W 40 kV
Xray Tube and a Rh anode excitation source. Samples were analysed
using the factory set soil mode utilizing 3 beams with a 105 second
run time. Standards, blanks, and duplicate quality control samples
were included in pXRF analyses and checked to verify sample
results. Rock samples were sent to Actlabs in Kamloops, British
Columbia for analysis (which is ISO/IEC 17025 accredited), with
gold assayed using a 30g fire assay method and 33 additional
elements analyzed by Induced Coupled Plasma (ICP) utilizing a
4-acid digestion.
Element highs, lows, and averages for the 2023
rock and soil samples are summarized in the tables below.
Statistics for 87 rock samples from 2023
program |
Element |
High (ppm) |
Low (ppm) |
*Average (ppm) |
Copper |
46400 |
4 |
1100 |
Gold |
0.23 |
<0.005 |
0.02 |
Silver |
387 |
< 0.3 |
8.2 |
Molybdenum |
260 |
< 1 |
10.4 |
Zinc |
58600 |
24 |
929 |
Lead |
23600 |
< 3 |
416 |
*Samples below detection were assigned a value of zero for
averaging. |
Statistics for 3149 soil samples from 2023
program |
Element |
High (ppm) |
low (ppm) |
*Average (ppm) |
Copper |
1593 |
0 |
59 |
Molybdenum |
505 |
0 |
2.7 |
Zinc |
5127 |
0.4 |
152 |
Lead |
18025 |
0 |
76 |
Arsenic |
3076 |
0 |
28 |
*Samples below detection were assigned a value of zero for
averaging. |
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.
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 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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