NEW YORK, Nov. 5, 2019 /CNW/ -- Surge Exploration
Inc. (the "Company" or "Surge") (TSXV: SUR) (OTC:
SURJF) (FRA: DJ5C) is pleased to report it has negotiated the
acquisition of a 100% interest four mineral claims adjoining the
recently acquired Caledonia,
Cascade and Bluebell claims (together referred to as the "Caledonia
Project"), subject to a one percent NSR (News Release October 17, 2019). This acquisition will
allow for the exploration of possible strike extensions of
high-grade mineralization to the east and the west from the
Caledonia Project underground workings. With this new acquisition,
the combined land position of the Caledonia Project contains 1,741
hectares.
The Caledonia Project is in the Nanaimo Mining District of
northern Vancouver Island, adjacent to the east side of a joint
venture between Freeport-McMoRan and Northisle Copper and
Gold Inc. Under terms of that joint venture agreement,
Freeport-McMoRan can earn up to a 65% with C$24 million in exploration expenditures over
seven years. Freeport-McMoRan is currently one of the world's
largest copper producers. Additionally, the Caledonia Project lies
within a 50-kilometer-long copper belt and only 4 km northwest of
BHP's previously producing Island Copper Mine
(Canada's third-largest copper
producing mine responsible for extracting 345 million metric tonnes
@ 0.41% Cu, 0.017% Mo, 0.19 g/t Au, and 1.4 g/t Ag).
Relevant Historical Information: The Caledonia Project
(taken from The B.C. Ministry of Energy and Mines, Minefile No 092L
209):
- In 1929, 0.9 tonnes of material was shipped from the property,
grading 514.2 g/mt Ag and 7.3 % Cu (Malcolm, 1969).
- In 1926, a chip sample collected across 1.8 metres in 1926
assayed trace gold, 418.2 g/mt Ag, 2.0 % Cu, 0.8 % Pb and 10.0 % Zn
(Minister of Mines Annual Report 1926).
- Historical Estimate: Underground development by Cominco
outlined possible reserves of 68,000 tonnes grading 704.2 g/mt
tonne Ag, 6.1 % Cu, 7.45 % Zn, 0.6 % Pb and 0.34 g/mt Au in a 3 to
5 metre wide zone over a strike length of 100 metres (George Cross
News Letter #221, 1981; Statement of Material Facts July 5, 1972 - North Island Mines Ltd., D.C.
Malcolm, April 24, 1972). Later
work has expanded the surface mineralized zone for a strike length
of 600 metres over a 300-metre width. (George Cross Newsletter
#221, 1981).
- Sampling in 2007 from trenching returned values including 581.7
g/mt Ag(16.97 oz./ton), 4.42% Cu, 0.13% Pb, 8.97% Zn from the skarn
deposit. Metallurgical testing indicates that flotation gives high
recovery rates for Ag and Cu. (J.T Shearer P. Geol report
2013).
Map of Project:
Mr. Tim Fernback, Surge President
& CEO states: "The area of our Caledonia Project has a strong
history of mineral exploration, but it remains relatively
underexplored, meaning there is plenty of blue-sky potential for
Surge. I believe we can greatly expand on the known mineral
discoveries within our Project area and this exploration potential
should excite our investors."
Subject to the terms and conditions of the Purchase and Sale
Agreement dated November 1, 2019,
(the "Agreement") for the four mineral claims, Surge agrees to
making a cash payment in the amount of $3,657.17 upon signing the Agreement and issuing
1,000,000 shares in the capital of the Company, subject to a 1%
NSR, upon TSX Venture Exchange approval to the Transaction.
Finder's fees may be paid in connection with the transaction.
All shares issued are subject to a four month and a day hold period
under applicable Securities Laws.
J.W. (Bill) Morton, professional
geoscientist, a qualified person within the context of National
Instrument 43-101, has reviewed this news release and concludes it
correctly reflects information as reported in the various news
releases and assessment reports from which it was derived and
approves the scientific and technical disclosure cited in the news
release.
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 23 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 totals an area of
approximately 325 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, 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
135.96 meters of 1.35 g/t Au, 0.31% Cu, 133.62 g/t Ag or 5.00 g/t
Au eq including 6 meters 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. Of note, mineralization hosted on
adjacent and/or nearby properties is not necessarily indicative of
mineralization hosted on the Company's properties.
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 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. Of note, mineralization hosted on
adjacent and/or nearby properties is not necessarily indicative of
mineralization hosted on the Company's properties.
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.
On Behalf of the Board of Directors
"Tim
Fernback"
Tim
Fernback
President & CEO
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.
Surge Exploration Inc.
Suite 1220 ‐ 789 W Pender Street
Vancouver, BC V6C
1H2
Telephone: (778) 945-2656
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SOURCE Surge Exploration Inc.