Vancouver, British Columbia, Sept. 26, 2024 (GLOBE NEWSWIRE) -- 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.
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.
