VANCOUVER, British Columbia,
Oct. 17, 2019 /CNW/ -- Surge
Exploration Inc. (the "Company" or "Surge") (TSXV: SUR)
(OTC: SURJF) (FRA: DJ5C) is pleased to report it has
recently entered into a Property Option Agreement to acquire a 100%
interest in three mineral claims known as the Caledonia, Cascade and Bluebell, subject to a
2% NSR. The claims are located in the Nanaimo Mining
District of northern Vancouver Island, adjacent to the joint
venture partnership between Freeport-McMoRan and
Northisle Copper and Gold Inc. and under the terms of
this joint venture partnership 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.
The Caledonia, Cascade and
Bluebell claims are also 7 km north-west of BHP's past
producing Island Copper mine which was responsible for
extracting 345 million metric tonnes @ 0.41% Cu, 0.017% Mo, 0.19
g/t Au, and 1.4 g/t Ag. During its prime operating period the
Island Copper mine was Canada's
third-largest copper producer. The
Caledonia, Cascade and Bluebell
claims area lies within a 50-kilometer-long copper belt northwest
of the Island Copper mine.
The following quotes contain historical estimates on the
Property and has been obtained from The B.C. Ministry of Energy and
Mines Minfile records for MINFILE No 092L 209 which states: "In
1929, 0.9 tonnes of ore was shipped from the property, grading
514.2 grams per tonne Silver and 7.3 per cent Copper
(Malcolm, 1969). A chip sample collected across 1.8
metres in 1926 assayed trace gold, 418.2 grams per tonne Silver,
2.0 per cent Copper, 0.8 per cent lead and 10.0 per cent Zinc
(Minister of Mines Annual Report 1926)."
"Sampling in 2007 from trenching returned values of 581.7
g/tonne Silver (16.97 oz./ton), 4.42% Copper, 0.13% Lead, 8.97%
Zinc from the skarn deposit. Metallurgical testing indicates
that flotation gives high recovery rates for Silver and Copper.
Discussions have been initiated regarding shipping a 10,000 tonne
bulk sample to the Myra Falls mill" (J.T Shearer P.Geol report
2013).
Mr. Tim Fernback, Surge
President & CEO states: "Northern Vancouver Island
has had a strong history of mineral exploration and mining, but it
remains relatively underexplored, meaning there is plenty of
blue-sky potential for today's mining companies. The most recent
evidence of this potential and it's ability to attract investment
is the joint venture partnership between Freeport-McMoRan
and Northisle Copper and Gold Inc.. Apart
from the previously mined BHP deposit, there are a number of
large copper porphyry occurrences which, taken together, (see
Northisle website) have a reported Life of Mine metal production
of 1.8 billion pounds of Copper, 1.7 million ounces of Gold and
55 million pounds of molybdenum. Surge management sees strong
potential for the exploration and discovery of an attractive
mineral deposit in this environment. I believe we can greatly
expand on the known mineral resource at the Caledonia property. The potential of the area
is exciting for me personally and we believe for our investors as
well."
The Caledonia project is
subject to a staged, four year option agreement whereby the company
may earn a 100% interest in the project by making cash payments
totalling $100,000 plus share
issuances totalling 1,000,000 shares and making a minimum
exploration expenditure of not less than $200,000. This agreement is subject to a 2% NSR.
The transaction is subject to TSX Venture Exchange approval and all
shares issued are subject to a four month and a day hold period
under applicable Securities Laws.
J.W. (Bill) Morton, P.Geo, a
qualified person within the context of NI 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.
Contact:
Surge Exploration Inc.
Telephone:
+1(778)945-2656
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content:http://www.prnewswire.com/news-releases/surge-acquires-an-option-to-purchase-a-100-interest-in-a-polymetallic-silver-copper-lead-zinc-deposit-in-british-columbia-canada-300940101.html
SOURCE Surge Exploration Inc.
