VANCOUVER, British Columbia,
July 24, 2019 /CNW/ -- Surge
Exploration Inc. ("the Company" or "Surge") (TSX-V:
SUR) (OTCQB: SURJF) (FRA: DJ5C) would like to provide its
shareholders with additional information regarding the history and
current status of the company, as well as, its proposed operating
plan for 2020.
LETTER FROM THE PRESIDENT
TO OUR SHAREHOLDERS AND PARTNERS:
Over the course of the last year, the Company has announced
several key initiatives that have resulted in the Company becoming
a land bank of key gold, copper and cobalt mineral exploration
properties in Canada. With the announcement of the refocusing
of the Company on April 23,
2019 , Surge and its management team have added several
key copper-gold mineral exploration properties in British Columbia Canada, namely the Mineral
Mountain Properties (North Central, BC) and the Trapper Lake
Properties (Golden Triangle, BC), to complement our existing
BC copper-gold property, Hedgehog, and our Ontario cobalt properties, Teledyne and
Glencore Bucke.
Mr. Tim Fernback, Surge President
& CEO, comments, "Given the direction of the cobalt commodity
markets lately hovering at what we regard as low commodity prices
of US$12-15/lb, the Company has
decided to focus its resources on its Canadian copper gold
properties. Management and the Board both agree that this
effort should provide the biggest opportunity for Surge
shareholders going forward. In particular, our exploration
properties in British Columbia's
Omineca and Golden Triangle Region appear to well situated given
the proposed 2019 exploration activity in the area by our
neighbours. This 2019 activity includes CAD$23.7 million to be spent by Barkerville
Gold Mines Ltd. (TSXV: BGM) nearby our Hedghog Property,
CAD$5.4 million to be spent by
Sun Metals Corp. (TSXV: SUNM) nearby our Mineral Mountain
Properties and a projected initial 1,000
m of drilling by Brixton Metals Corp. (TSXV: BBB) which
is nearby our Trapper Lake Properties."
"We are very excited to acquire these key additional mineral
claims in mining friendly British Columbia. This area has
already generated several promising projects, and is the subject of
significant interest and exploration expenditure in 2019 by many
prominent exploration companies like Sun Metals, Teck Resources,
Centerra Gold, Serengeti Resources, Barkerville Gold Mines, and
Brixton Metals Corp. Furthermore, this region is host to
numerous operating mines, good infrastructure including experienced
exploration and supporting services. Our exploration team believes
that this land package is strategically situated to exploit the
high copper-gold values of the region."
"In 2019, the Mining Journal of London gave British Columbia the title of Least Risky
Global Mining Jurisdiction and the BC government has made some big
infrastructure investments including a CAD$736 million investment in power line
transmission to the north and made permanent a popular flow-through
tax benefit investment incentives which encourages significant
investment in exploration. The fact that large global mining
companies like Newmont Goldcorp (NYSE: NEM) are investing
large $$ to buy into the Galore Creek Partnership with Tech
Resources (TSE: TECK.B) and Newcrest Mining Limited (ASX:
NCM) has invested US$806.5
million to buy 70% of the Red
Chris Mine from Imperial Metals Corp (TSX: III)
inside BC's Golden Triangle.
Furthermore Mr. Fernback states, "Long-term, the Company
believes in the market for cobalt and we will continue to explore
and develop our cobalt properties in Ontario. They are great
and important Company assets because of the predicted emergence of
the overall Electric Vehicle ("EV") market. An EV like a
Tesla Model S needs 51 lbs of cobalt for its battery. Cobalt is an essential component in a lithium
ion rechargeable battery, and this technology used in all sorts of
desirable consumer items such as cars, laptops, cell phones,
appliances etc. EVs are expected to drive a large part of this
increased future metal demand. Globally EVs are projected to
grow from a small number today to 140 million vehicles by
the year 2035. China plans to ban
the sale and production of gas powered cars by the year 2040, as it
grapples with ways to improve overall air quality and China is expected to be the largest global
market for EVs. As you can see the future for cobalt is
certainly bright and Surge management is extremely bullish on the
future demand for this metal."
We are now planning our 2019 / 2020 Canadian exploration
programs, and plan to both further enhance and move our mineral
exploration properties forward.
Thank you for joining us on this journey, and we look forward to
a great 2019 and 2020.
Cheers,
Tim
Tim Fernback
President & CEO
Qualified Person
The BC properties technical content of this news release dealing
with the Omineca properties and the Hedge Hog property has been
reviewed by Bruce Laird, P.Geo., an
independent consulting geologist and a qualified person within the
context of NI 43-101.
About Surge Exploration Inc.
The Company is a Canadian-based mineral exploration company
which has been active in the resource sector in British Columbia and elsewhere in
Canada.
Golden Triangle – Trapper Lake Property (Copper Gold),
British Columbia
The Company owns 100% interest in the Golden Triangle – Trapper
Lake Group of 14 mineral claims which are located in the prolific
Golden Triangle Region of northwestern British Columbia approximately 90 km ENE
from Juneau, Alaska. Surges' staking program acquired an area
of 213 sq. km within the regionally important geological and
structural trend. A large portion of the new property is adjacent
to the Thorn Project owned by Brixton Metal's Corp.
("Brixton", TSXV: BBB) with the balance covering prospective
open ground containing numerous B.C. Minfile showings with Cu, Ag,
Au values adjoining the boundaries of the Golden Bear Mine of
Chevron Resources, a 480,000 oz Au past producer.
In Brixton's news release dated July 15,
2019 (Brixton News Release), they reported results from
drill hole THN19-150, which was drilled to 829.06 metres depth at
the Oban diatreme breccia pipe within the Camp Creek copper
corridor. Brixton reported a drill hole intercept of 1.97
grams per tonne gold equivalent across 554.70 meters including
135.96M of 1.35 g/t Au, 0.31 Cu,
133.62 g/t Ag or 5.00 g/t Aueq including 6M of 3.56% Cu, 3.37 g/t Au, 257.77 g/t Ag.
Structural mapping and soil-rock geochemistry at the Chivas
zone and relogging of select core from the Glenfiddich zone were
also conducted as part of the overall exploration program at the
Thorn Project.
Mineral Mountain Properties (Copper Gold) British Columbia
The Company owns a 100% interest in the Omineca Group of 12
claim blocks which are located in the Omineca Mining Division of
north-central British Columbia,
approximately 150 km north of Fort St. James. The claims are
not subject to any royalty terms, back-in rights, payments or any
other agreements and encumbrances.
B.C. Minfile assessment report data indicates that most of the
area covered by the Omineca Group claim blocks were at one time or
another covered by staking during surges of exploration in B.C.
dating from the 1940's to present day. Largely the claims
appear to have been minimally explored with little
follow-up. However, some work was recorded on several claims
with results for stream sediment sampling showing anomalous to
highly anomalous results for gold in a few areas. These areas
were recommended for detailed follow-up, however due to a previous
commodity price downturn no further work was recorded.
Prominent among early discoveries in the Omineca region were the
nearby Lustdust/Stardust property (Sun Metals Corp. TSXV:
SUNM) covering a large, coherent integrated
porphyry-skarn-manto, epithermal system; the Kwanika property
(Serengeti Resources Inc./POSCO Daewoo TSXV: SIR) a
promising advanced stage copper-gold project; the Lorraine property
(Teck Resources and Sun Metals) host to a
significant copper gold NI 43-101 compliant resource. The
Surge tenures are located between the Kemess North project being
developed by Centerra Gold's subsidiary Aurico
Metals and Centerra Gold's operation Mt
Milligan mine.
Hedge Hog Property, (Copper Gold) British Columbia
The Company has an option to earn an undivided 60% interest
seven mineral tenure covering 2,418 hectares (5,972 acres) located
approximately 80 km northeast of the town of Quesnel, BC and 20 km north of the historic
gold mining towns of Wells and Barkerville.
Ontario Cobalt Properties (Cobalt) Ontario
The Company has an option to earn an undivided 60% interest in
the Glencore Bucke Property and the Teledyne Property, located in
Cobalt, Ontario Canada.
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 may contain
forward‐looking statements which include, but are not limited to,
comments that involve future events and conditions, which are
subject to various risks and uncertainties. Except for statements
of historical facts, comments that address resource potential,
upcoming work programs, geological interpretations, receipt and
security of mineral property titles, availability of funds, and
others are forward‐looking. Forward‐looking statements are not
guarantees of future performance and actual results may vary
materially from those statements. General business conditions are
factors that could cause actual results to vary materially from
forward‐looking statements.
Suite 1220 ‐ 789 W Pender Street
Vancouver, BC V6C 1H2
Telephone: +1-778-945-2656
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SOURCE Surge Exploration Inc.