October 29, 2020, Vancouver, British Columbia – Surge Copper Corp. (the “Company” or “Surge Copper”) (TSX-V:SURG), is pleased to announce a 10,000 metre core drilling program at the Company’s 100% owned Ootsa Property. The Ootsa Property contains large advanced-stage copper-gold resources and is located adjacent to the Huckleberry Copper Mine in west central British Columbia.
Two drills are active on the property, one is focused on testing the expansion potential of known deposits, the second is testing new exploration targets along the gold rich Seel Trend.
Drill Target Highlights
- One drill will focus on expanding the East and West Seel deposits and testing new targets immediately adjacent to the deposits.
- The second drill will focus on testing new geophysical targets recently identified in a 3D IP survey conducted this summer, including:
- The East Target, a new chargeability anomaly on the east end of the Seel Trend that is 900m long by 400m wide and interpreted to be a fault offset portion of the high-grade East Seel Deposit.
- The West Target, a coincident chargeability and copper in soil anomaly on the west end of the Seel Trend that extends in a curved pattern over an area 1000 metres long by 200 to 300 metres wide.
- The Company is fully funded to significantly expand the 10,000 metre drill program as conditions warrant.
An updated Corporate presentation containing additional information on the planned drilling program is available here.
Dr. Shane Ebert CEO of Surge commented, “The Company has seen strong investor interest following the announcement of the recently closed financing and the addition of exceptional expertise to the Surge Copper team. The Company is now well capitalized and can advance a multi track agenda of aggressive exploration and strategic copper district consolidation in British Columbia. The announcement of this drill program at Ootsa is an exciting first step in our path forward.”
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. The property contains NI 43-101 compliant resources of 224 million tonnes in the Measured and Indicated categories with contained metals of 1.1 billion pounds of copper, 1 million ounces of gold, and 20 million ounces of silver as summarized in the table below.
On February 9, 2016, the Company announced a positive Preliminary Economic Assessment (PEA) for the Ootsa Property with potential for low capital cost, low risk and rapid pay back utilizing existing infrastructure in the district with a contract mining and toll milling scenario. The Company currently has no agreement in place to access the existing mining and milling infrastructure in the district.
Ootsa Project Pit Constrained Mineral Resource Estimate at $8.50/t NSR Cut-off Value
The current technical report supporting the resource statement and PEA is available on SEDAR or the Company’s website at www.surgecopper.com and has an effective date of January 2016. The resource estimate uses an $8.50 per tonne NSR cut-off value. Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. A ‘Measured Mineral Resource’ is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. 1Copper Equivalent (CuEq) calculations have been calculated by Surge management using long term consensus metal prices of US $3/lb Cu, $1700 oz Au, $22 oz Ag, $10 lb Mo, and assume 100% recovery with no provision for treatment or refining costs.
Dr. Shane Ebert P.Geo., is the Qualified Person for the Ootsa project as defined by National Instrument 43-101 and has approved the technical disclosure contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
President and Chief Executive Officer
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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. 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 or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdown 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 suggests 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.