November 26, 2020, Vancouver, British Columbia – Surge Copper Corp. (the “Company” or “Surge Copper”) (TSX-V:SURG), is pleased to announce assay results for the upper portion of hole S20-218, the first hole of the 2020 drilling program at the Company’s 100% owned Ootsa Property in British Columbia.
A 10,000 metre drill program is currently underway along the gold rich Seel Trend at Ootsa. One drill is focused on testing the expansion and near-deposit exploration potential at the East and West Seel porphyry Cu-Au deposits, the second is testing new exploration targets.
- The upper part of hole S20-218 was drilled through the East Seel Deposit and returned 176.1 metres grading 0.72% copper equivalent.
- This includes higher grade portions returning 126.0 metres grading 0.89% copper equivalent and 32.0 metres grading 1.30% copper equivalent.
- The Company is fully funded to significantly expand the 10,000 metre drill program as conditions warrant.
The results for the upper 230 metres of drill hole S20-218 have been received and are presented here, results for the lower part of the hole are pending and will be released once they are received and interpreted. Hole S20-218 was collared over the East Seel deposit and drilled at an azimuth of 115 degrees and a dip of -48 degrees to a total depth of 584.8 metres. The hole penetrated the East Seel deposit and then tested a large chargeability anomaly located immediately east. The upper part of the hole intersected continuous copper-gold mineralization from the start of bedrock at 34.5 metres until the East Fault at 210.6 metres, returning a zone grading 0.35% copper and 0.4 g/t gold over 176.0 metres including higher grade sections within the interval. The lower part of the hole intersected widespread alteration through the targeted chargeability anomaly, from 215.0 to 465.0 metres depth, containing abundant pyrite and zones of quartz-pyrite veining and breccias. Assay results from the lower part of the hole are expected in a few weeks.
Assay results for upper portion of hole S20-218 are summarized in the table below.
Summary of select drill intercepts – Upper portion of Hole S20-218
*Width refers to drill hole intercepts, true widths have not been determined.
**Cu Eq. (copper equivalent) has been used to express the combined value of copper, molybdenum, gold 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/lb copper, $1800/oz gold, $22 silver, and $10/lb molybdenum using the formula Cu Eq.% = Cu% + (Au g/t x 0.877) + (Ag g/t x 0.0107) + (Mo% x 3.33).
Drill Program Update
Two drills are active on the property and 4 diamond drill holes have been completed, processed, and submitted to the lab for assay. Hole S20-218 was completed at the East Seel deposit and hole S20-219 has been completed at the West Seel deposit. Hole S20-220 is currently underway at West Seel. Holes S20-221 and 222 have both been completed at the East Target, and drilling is underway on hole S20-223, also testing the East Target. Figure 1 shows the locations of the 2020 drill holes and Figure 2 shows a cross section with hole S20-218.
Figure 1: Seel Drill Hole Location Map
Figure 2: East Seel Cross Section Showing Hole S20-218
All drill core is logged, photographed, and cut in half with a diamond saw. Half of the core is bagged and sent to Activation Laboratories Ltd. 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 37 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.
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. There are 2 drills working at the project with drilling focused on defining the extent of the large West Seel deposit and testing new targets along the Seel Trend.
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.