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Surge Copper Intersects 296 metres of 0.53% CuEq including 66 metres of 0.75% CuEq in Infill and Step Out Drilling at the Ootsa Property

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  • SRGXF

VANCOUVER, British Columbia, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Surge Copper Corp. (TSXV: SURG) (OTCQX: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) is pleased to announce assay results for multiple resource definition holes from the Company’s 100% owned Ootsa Property in British Columbia.

Highlights

  • Hole S21-264 was targeting extensions of mineralization into the Gap Zone connecting West and East Seel. This 60-degree angled hole intersected 296 metres grading 0.53% copper equivalent from a downhole depth of 448 metres including 66 metres grading 0.75% copper equivalent

  • Hole S21-267 was targeting the northern limits of the East Seel deposit and intersected 305 metres grading 0.46% copper equivalent from a downhole depth of 52 metres, and included 20 metres grading 1.04% copper equivalent

  • Drilling at the Far East Target, located 300 metres northeast of the East Seel deposit, has expanded a modest zone of near surface mineralization that remains open to the east

Assay results have been received for holes S21-262, 264, 267, and 269, with significant assay results summarized in the table below. Holes S21-262 and 264 tested the southwestern margin of the East Seel deposit and the area between the East and West Seel deposits known as the Gap Zone, and have defined a large mineralized zone at depth in that area. Hole S21-267 tested the northeast edge of the East Seel deposit and hole S21-269 expanded a modest zone of near surface mineralization 300 metres northeast of East Seel at the Far East Target.

East Seel and Gap Zone Drilling

Hole S21-267 tested the northeast margin of the East Seel deposit and ended within known East Seel mineralization. The hole successfully expanded near surface mineralization on the northeast margin of East Seel, returning 0.46% copper equivalent over 305 metres including 0.57% copper equivalent over 106 metres and 1.04% copper equivalent over 20 metres.

Holes S21-262 and 264 were collared on the west side of the East Seel deposit and drilled toward the southwest testing the Gap Zone. Both holes help to expand and define a zone of near surface low grade mineralization at the Gap Zone, and a larger zone of deeper mineralization that remains open at depth.

Far East Target Drilling

Hole S21-269 was a 100 metre step out to the northeast of the Far East Target and expanded a modest zone of near surface mineralization located 100 to 300 metres northeast of the East Seel deposit. Hole S21-269 successfully expanded the Far East Target 100 metres to the northeast returning 90 metres grading 0.28% copper equivalent starting below gravel cover at 34 metres depth.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

Figure 1: Plan map of drill hole locations for 2021 Ootsa summer and fall drill program
Figure 1: Plan map of drill hole locations for 2021 Ootsa summer and fall drill program

Plan map of drill hole locations for 2021 Ootsa summer and fall drill program.

Summary of Assay Results for Selected Holes

Drill Hole

From (m)

To (m)

Width (m)1

CuEq (%)2

Cu (%)

Au (g/t)

Mo (%)

Ag (g/t)

S21-262

40

64

24

0.30

0.14

0.08

0.026

0.9

S21-262

74

118

44

0.24

0.12

0.05

0.018

1.1

S21-262

392

406

14

0.33

0.15

0.14

0.012

1.0

S21-262

700

830 EOH

130

0.49

0.26

0.19

0.012

2.2

including

718

770

52

0.84

0.36

0.38

0.037

2.7

S21-264

74

104

30

0.20

0.11

0.09

0.003

0.7

S21-264

136

164

28

0.23

0.13

0.08

0.005

1.0

S21-264

210

296

86

0.21

0.08

0.04

0.027

0.7

S21-264

386

408

22

0.37

0.15

0.18

0.014

0.9

S21-264

448

744 EOH

296

0.53

0.23

0.24

0.020

1.7

including

492

558

66

0.75

0.30

0.40

0.023

1.7

S21-267

52

357 EOH

305

0.46

0.21

0.26

0.001

1.2

including

124

230

106

0.57

0.26

0.34

0.001

1.1

including

286

306

20

1.04

0.50

0.59

0.000

2.8

S21-269

34

124

90

0.28

0.16

0.10

0.005

1.2

including

48

66

18

0.38

0.23

0.14

0.004

1.0

1. Width refers to drill hole intercepts; true widths have not been determined. EOH = end of hole.
2. CuEq (copper equivalent) has been used to express the combined value of copper, gold, molybdenum, and silver as a percentage of copper, and is provided for illustrative purposes only. No allowances have been made for recovery losses that may occur should mining eventually result. Calculations use metal prices of US$3.00/lb copper, US$1,800/oz gold, US$10/lb molybdenum, and US$22/oz silver, using the formula CuEq % = Cu % + (Au g/t x 0.875) + (Mo % x 3.33) + (Ag g/t x 0.0107).

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

Figure 2: East Seel and Gap Zone section E-E’ showing results for holes S21-262, 264, and 267
Figure 2: East Seel and Gap Zone section E-E’ showing results for holes S21-262, 264, and 267

East Seel and Gap Zone section E-E’ showing results for holes S21-262, 264, and 267. See Figure 1 for section location.

Ootsa 2021 Drilling Summary

The summer 2021 core drilling program at Ootsa comprised a total of 26,556 metres of drilling in 72 holes. Thus far, following this news release, results from 24 holes have been released, with results from 48 additional holes pending. Results from 45 holes focused on the shallow Breccia Zone located to the north of the Seel deposits are pending, as are holes from select regional exploration targets, and the bottom portion of hole S21-268, which is the last remaining hole to be reported from West Seel drilling.

Berg Exploration Program Update

The 2021 core drilling program at the Berg deposit area has been completed for the season and will resume next summer. Nine core holes were completed at Berg for a total of 2,855 metres of drilling. All of the Berg drill core has been logged and sampled and submitted to the lab for assay.

Upcoming Catalysts

The Company anticipates updating the market on results from the following activities:

  • Drill results from 48 remaining drill holes from 2021 Ootsa drill program

  • Drill results from 9 drill holes from 2021 Berg drill program

  • Resource update for the Ootsa project

  • Inversion and targeting results from regional airborne geophysics, and update on regional exploration pipeline

The Company is well financed with over C$10 million in the treasury.

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.

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 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”
Chief Executive Officer

For Further information, please contact:
Riley Trimble, Corporate Communications & Development
Telephone: +1 604 416 2978
Email: info@surgecopper.com
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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