Surge Copper Corp. (the “Company”) (SURG: TSX-V) is pleased to
announce that assay results for holes S18-212 and 214 from the
Company’s Ootsa Property have been received and are presented
below. Holes S18-212 and 214 are the first drill hole results
from a recent new discovery located 500 metres northeast of the
East Seel deposit. Assays results confirm the new
discovery has potential to host high-grade resources.
The Ootsa Property is an advanced stage
copper-gold exploration project containing the East Seel, West
Seel, and Ox porphyry deposits, and is located adjacent to the
Huckleberry Copper Mine in British Columbia.
HIGHLIGHTS
• Hole S18-214 intersected 22 metres
grading 1.5% copper equivalent (Cu Eq.) within a larger interval
containing 48 metres grading 0.7% Cu Eq.
• Hole S18-212 intersected 22 metres grading 0.5% Cu
Eq., including 6 metres grading 1.2% Cu Eq.
• Width and grade of the mineralized zone appear to
increase toward the surface.
• Holes S18-212 and 214 both intersected long intervals
of intense alteration locally containing highly elevated zinc and
silver including:
- 98 metres of 0.61% zinc and 5.1 g/t silver, including
14 metres of 1.12% zinc and 6.27 g/t silver in hole
S18-214.
- 71 metres grading of 0.57% zinc, 0.11% lead, and 6.7
g/t silver in hole S18-212.
Drill ResultsThe 2018 drill
program is focused on expanding existing mineralization and testing
new exploration targets around the East and West Seel
deposits. Hole S18-212 is located 500 metres northeast of the
East Seel deposit and was drilled at an azimuth of 133 degrees and
a dip of 50 degrees. This discovery hole contained widespread
and intense alteration along with localized and variable zones of
mineralization consisting of pyrite, chalcopyrite, and sphalerite
along with carbonate and quartz, with sulfides occurring as a
sulfide rich breccia matrix. Photographs of the
mineralization are available in the photo gallery on our website at
www.surgecopper.com or by clicking here. Hole S18-212
intersected 6 meters of high grade mineralization grading 1.2%
copper equivalent from 372 to 378 metres depth within a larger zone
containing 0.5% copper equivalent over 22 metres from 372 to 394
metres depth. The hole also intersected zones of anomalous
zinc mineralization including 71 metres grading 0.57% zinc, 0.11%
lead, and 6.7 g/t silver from 271 to 342 metres depth, including
0.83% zinc, 0.11% lead, and 7.1 g/t silver over 24 metres from 312
to 336 metres depth. Hole S18-212 intersected anomalous gold
mineralization near the bottom of the hole averaging 0.14 g/t gold
over 28.1 metres from 412 to 440.1 metres depth, with the last 4.1
metres sampled averaging 0.29 g/t gold (from 436 to 440.1 metres).
This anomalous gold mineralization surrounds a strongly sericite
altered feldspar-biotite porphyritic intrusive encountered at the
bottom of the hole which is considered prospective for copper-gold
porphyry style mineralization.
Hole S18-214 is a 100 metre step out from hole
S18-212 and was also drilled at an azimuth of 135 degrees and a dip
of -50 degrees. Hole S18-214 intersected the same mineralized
sulfide breccia as hole S18-212 and has traced the mineralized zone
closer to surface. A cross section showing holes S18-212 and
214 is available here.
Assay results from holes S18-212 and 214 are
summarized in the table below.
Summary of select drill intercepts –
Holes S18-212 and 214
Drill Hole |
From (m) |
To (m) |
Width (m)* |
Cu Eq.%** |
Cu % |
Au g/t |
Ag g/t |
Zn% |
Pb% |
S18-212 |
372.0 |
394.0 |
22.0 |
0.5 |
0.29 |
0.03 |
23.5 |
0.26 |
0.04 |
including |
372.0 |
378.0 |
6.0 |
1.2 |
0.65 |
0.04 |
56.1 |
0.20 |
0.06 |
S18-214 |
89.0 |
137.0 |
48.0 |
0.7 |
0.50 |
0.10 |
17.6 |
0.40 |
0.08 |
including |
91.0 |
113.0 |
22.0 |
1.5 |
1.02 |
0.19 |
35.3 |
0.65 |
0.14 |
*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 $2.50/lb copper, $1200/oz gold,
$15 silver, and $10/lb molybdenum using the formula Cu Eq.% = Cu% +
(Au g/t x 0.701) + (Ag g/t x 0.0087) + (Mo% x 4.01). Lead and zinc
values are not included in copper equivalents.
Hole S18-214 intersected 22 meters of high grade
mineralization grading 1.5% copper equivalent from 91 to 113 metres
depth within a larger zone containing 0.7% copper equivalent over
48 metres from 89 to 137 metres depth. Hole 214 also
intersected zones of zinc mineralization including 0.61% zinc and
5.1 g/t silver over 98 metres from 161 to 259 metres depth,
including 14 metres of higher grade returning 1.12% zinc and 6.27
g/t silver from 193 to 207 metres depth.
Hole S18-213 targeted a coincident
magnetic-chargeability-resistivity geophysical anomaly located 650
metres east of the East Seel Deposit and the hole was abandoned in
an altered fault zone at 120.7 metres depth due to difficult
drilling conditions.
Dr. Shane Ebert President of the Company stated,
“our 2018 drill program has focused on expansion potential of
existing resources and targeting new zones of mineralization, and
so far has been very successful on both fronts. The first
hole of the 2018 program was a 50 metre step out on the East Seel
deposit which returned 138 metres grading 0.31% copper and 0.37 g/t
gold (previously released). Holes S18-112 and 214 have
confirmed a new discovery which is showing potential to host high
grade Cu-Ag mineralization within a very large alteration system
containing zones of elevated copper zinc and silver. The new
discovery occurs in a covered area containing no surface
exposure. Geophysical data suggest the zone could extend for
500 metres or more, although the strike of the zone remains poorly
constrained. Holes S18-212 and 214 indicate the high-grade
zone could be steeply dipping, potentially increasing in width and
grade toward the surface. Additional drilling will be
required to delineate the new zone and establish if open pit or
underground resources might be defined along it.”
Drill Program UpdateDuring July
and August the Company completed 2137 metres of drilling in 7
holes. The drill program is currently suspended as forest
fires to the north of the project area have cut off road
access. The drill remains on site and is set up on hole
S18-217. A map showing the location of 2018 drill holes is
available in the map gallery on our website or by clicking
here.
Holes S18-216 and 217 both targeted a new area
located between the East Seel deposit and the historic Damascus
high grade silver vein. Both holes have intersected minor zones of
porphyry style quartz-chalcopyrite-molybdenite mineralization and
suggest the new area is prospective for porphyry style
mineralization. Drill holes S18-215 to 217 have been logged,
sampled and sent for assay with results expected in about 3
weeks.
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
and 1 million ounces of gold 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 study recommends the Company
continue to advance the Ootsa Project with extended and advanced
technical studies with the intention of moving the project toward a
production decision.
Ootsa Project Pit Constrained Mineral
Resource Estimate at $8.50/t NSR Cut-off Value
Category |
Tonnes (‘000’s) |
CuEq% |
Cu % |
Au g/t |
Mo % |
Ag g/t |
CuEqM lbs |
CuM lbs |
Au K oz |
MoM lbs |
Ag K oz |
Measured |
187,148 |
0.38 |
0.23 |
0.15 |
0.021 |
2.8 |
1,568 |
934 |
916 |
85 |
17,089 |
Indicated |
37,041 |
0.35 |
0.21 |
0.12 |
0.023 |
2.8 |
286 |
175 |
146 |
19 |
3,368 |
M&I |
224,189 |
0.37 |
0.22 |
0.15 |
0.021 |
2.8 |
1,854 |
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 $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. Copper Equivalent (CuEq)
calculations are based on base case metal price (US$3/lb Cu,
US$1260/oz Au, US$10.30/lb Mo, and US$17/oz Ag) and process
recovery assumptions, and take into account smelter payable rates
and refining costs. M&I = measured and indicated. The
resource update and Preliminary Economic Assessment was completed
by P&E Mining Consultants Inc. in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects.
Quality ControlAll 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.
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
For Further information, please
contact:Telephone: 604-718-5454Toll Free:
888-500-4587info@surgecopper.com http://www.surgecopper.com
Or Don MosherCorporate DevelopmentTelephone:
604-685-6465don@surgecopper.com
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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