Surge Copper Corp. (TSXV: SURG) (OTCQB:
SRGXF) (Frankfurt: G6D2) (“Surge” or the
“Company”) is pleased to announce assay results from drill
holes BRG24-253 and 254, two of the ten holes completed during the
2024 field program at its 100%-owned Berg project located in
central British Columbia. Both holes were collared from the same
location and were targeted to infill the western portion of the
deposit to support resource definition. An interactive 3D model
including these results can be viewed here:
https://vrify.com/decks/17210?auth=2f999559-a2fb-4501-8e44-a531f6f85f2f
Highlights
- Hole BRG24-254 intersected 412 metres grading 0.40%
CuEq2 (0.24% Cu, 0.042% Mo, 5.4 g/t Ag, and 0.02 g/t Au)
from 36 metres depth including an interval within the
supergene sulfide zone of 54 metres grading 0.53%
CuEq (0.39% Cu, 0.036% Mo, 4.43 g/t Ag, and 0.04 g/t Au) and an
interval within the hypogene system grading 0.68% CuEq over
18 metres (0.52% Cu, 0.042% Mo, 5.36 g/t Ag, 0.05 g/t Au)
(copper equivalent “CuEq” is reported net of by-product recoveries,
please see Table 1, footnote 2 for details)
- Hole BRG24-253 intersected 288 metres grading 0.30%
CuEq (0.23% Cu, 0.013% Mo, 4.49 g/t Ag, 0.03 g/t Au) from 12
metres depth to the end of the hole including an interval
within the supergene sulfide zone of 56 metres grading
0.52% CuEq (0.43% Cu, 0.017% Mo, 5.11 g/t Ag, and 0.05 g/t
Au)
- Both holes are expected to upgrade sizable zones of Inferred
resources on the outer and inner margins of the mineralized
zone
Leif Nilsson, Chief Executive Officer,
commented: “We are very pleased with this initial batch of results
from the 2024 drill program at Berg. Holes 253 and 254 were from a
series of holes that were designed to infill regions of the deposit
containing predominantly Inferred resources, in hopes of both
upgrading the resource estimation category and increasing the
estimated grade. Both holes will help achieve these objectives, and
both holes demonstrate the consistency and continuity of
mineralization across large volumes at the Berg deposit.”
Table 1. Summary of Assay Results for Hole BRG24-253 and
254 |
Drill Hole |
From (m) |
To (m) |
Width (m)1 |
CuEq (%)2 |
Cu (%) |
Mo (%) |
Ag (g/t) |
Au (g/t) |
BRG24-253 |
12 |
300 EOH |
288 |
0.30 |
0.23 |
0.013 |
4.49 |
0.026 |
including |
26 |
82 |
56 |
0.52 |
0.43 |
0.017 |
5.11 |
0.052 |
|
|
|
|
|
|
|
|
|
BRG24-254 |
36 |
448 |
412 |
0.40 |
0.24 |
0.042 |
5.40 |
0.019 |
including |
38 |
320 |
282 |
0.48 |
0.29 |
0.051 |
6.27 |
0.024 |
including |
70 |
124 |
54 |
0.53 |
0.39 |
0.036 |
4.43 |
0.039 |
including |
194 |
212 |
18 |
0.68 |
0.52 |
0.042 |
5.36 |
0.046 |
|
|
|
|
|
|
|
|
|
1.Width refers to drill hole intercepts; true widths have not been
determined.2.CuEq (copper equivalent) is provided for illustrative
purposes only to express the combined abundance of copper,
molybdenum, silver, and gold, with secondary metals calculated net
of assumed metallurgical recoveries using deposit average recovery
assumptions of 76% for molybdenum, 65% for silver, and 55% for
gold. The calculation uses metal prices of US$4.00/lb copper,
US$15.00/lb molybdenum, US$23.00/oz silver, and US$1,800/oz gold
resulting in the formula: CuEq [%] = Cu [%] + 2.85 x Mo [%] +
0.0055 x Ag [g/t] + 0.3609 x Au [g/t]. |
Figure 1. Berg drill hole location map showing
2024 drill holes and the location of cross section A-A’.Please
click here to view image Figure 2. Cross section A-A’ showing
drill holes BRG24-253 and 254. See Figure 1 for section
location.Please click here to view image
Holes BRG24-253 and 254 were drilled from the
same pad with hole 253 oriented toward the west-northwest with a
-65 degree dip and hole 254 oriented toward the east-southeast with
a -50 degree dip. Both holes were designed to upgrade sizable zones
of Inferred resources on the outer and inner margins of the
mineralized zone.
Hole BRG24-253 encountered andesite, porphyry
dikes, and breccias including intrusive matrix breccias from the
start of bedrock at 9 metres to around 175 metres depth. From 175
metres to the end of the hole at 300 metres the hole encountered
variable mineralized and veined volcanic wall rock. Variably
developed secondary chalcocite blanket was observed from 40 to 115
metres depth. The hole returned 288 metres grading 0.30% copper
equivalent (0.23% copper, 0.013% molybdenum, 4.49 g/t silver, and
0.026 g/t gold) from 12 metres depth to the end of the hole at 300
metres depth. An interval within the supergene sulfide zone from 26
to 82 metres depth returned higher grades of 0.52% copper
equivalent over 56 metres (0.43% copper, 0.017% molybdenum, 5.11
g/t silver, and 0.05 g/t gold).
Hole BRG24-254 mainly encountered various
intrusive phases of the Berg Stock from 30 metres depth to the end
of the hole at 489 metres depth. Zones of brecciation with
intrusive and volcanic clasts and intrusive matrix occur between
180 and 440 metres depth. A variably developed secondary chalcocite
blanket was observed from 40 to 130 metres depth. Hole BRG24-254
contains both increased brecciation and stronger grades than have
typically been encountered in the Berg Stock. The hole returned 412
metres grading 0.40% copper equivalent (0.24% copper, 0.042%
molybdenum, 5.40 g/t silver, and 0.019 g/t gold) from 36 metres
depth to 448 metres depth. An interval within the supergene sulfide
zone from 70 to 124 metres depth returned higher grades of 0.53%
copper equivalent over 54 metres (0.39% copper, 0.036% molybdenum,
4.43 g/t silver, and 0.04 g/t gold). The hole also intersected
strong grades within the hypogene system returning 0.68% copper
equivalent over 18 metres from 194 to 212 metres depth (0.52%
copper, 0.042% molybdenum, 5.36 g/t silver, and 0.05 g/t gold).
This higher grade hypogene zone corresponds to both zones of
brecciation and an interval of strongly biotite altered and veined
andesite.
Figure 3. Drill rig positioned on the western
side of the Berg deposit; view looking west.Please click here
to view image
Figure 4. Photos from BRG24-254. Top: strong
veining within Berg Stock porphyry with sub-angular clasts of dark
biotite altered andesite. Middle: zone of higher grade hypogene
copper mineralization with dark biotite altered andesite and
lighter Berg Stock porphyry cut by abundant
quartz-chalcopyrite-molybdenite and quartz-molybdenite veins.
Bottom: intrusive matrix breccia with angular to sub rounded
intrusive and volcanic clasts and strong quartz-molybdenite
veining.Please click here to view image
Quality Control
All drill core is logged, photographed, and cut
in half with a diamond saw. Half of the core is bagged and sent to
ALS Geochemistry in Kamloops, British Columbia for analysis (which
is ISO/IEC 17025 accredited), while the other half is archived and
stored on site for verification and reference purposes. Gold is
assayed using a 30g fire assay method and 33 additional elements
are analyzed by Induced Coupled Plasma (ICP) utilizing a 4-acid
digestion. Duplicate samples, blanks, and certified standards are
included with every sample batch and then checked to ensure proper
quality assurance and quality control.
Share-Based Compensation
Further to the Company’s February 7, 2024 press
release, the Company’s executive management team elected to receive
a portion of their 2023 annual discretionary compensation in the
form of common shares of the Company, which was approved by
disinterested shareholders of the Company on September 25, 2024 at
the Company’s annual general meeting. The Company will issue
2,146,809 common shares of the Company to four members of the
executive management of the Company to settle the amount of
$182,479. This issuance of common shares is a "related party
transaction" under Policy 5.9 of the Exchange and Multilateral
Instrument 61-101 – Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). Each share issuance in
settlement of the 2023 management annual discretionary compensation
entitlements is exempt from the minority approval and formal
valuation requirements of MI 61-101 pursuant to subsections 5.5(a)
and 5.7(1)(a) of MI 61-101 as neither the fair market value of the
debt, nor the fair market value of the shares to be issued in
settlement of the debt, exceeds 25% of the Company's market
capitalization.
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
604 639 3852Email: 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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