VANCOUVER, BC, Oct. 29, 2020 /CNW/ - 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
Category
|
Tonnes
('000's)
|
CuEq1
%
|
Cu
%
|
Au
g/t
|
Mo
%
|
Ag
g/t
|
Cu
M
lbs
|
Au
K
oz
|
Mo
M
lbs
|
Ag
K
oz
|
Measured
|
187,148
|
0.45
|
0.23
|
0.15
|
0.021
|
2.8
|
934
|
916
|
85
|
17,089
|
Indicated
|
37,041
|
0.42
|
0.21
|
0.12
|
0.023
|
2.8
|
175
|
146
|
19
|
3,368
|
M&I
|
224,189
|
0.44
|
0.22
|
0.15
|
0.021
|
2.8
|
1,109
|
1,062
|
104
|
20,457
|
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
"Shane Ebert"
President and Chief Executive Officer
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. 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.
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SOURCE Surge Copper Corp.