Surge Copper Corp. (the “Company”) (SURG: TSX-V) is pleased to
announce drilling east of the East Seel deposit has intersected
gold mineralization along a large extensional fault zone on the
Ootsa Property. 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 S18-217 intersected 9.4 g/t Au over 2 metres at
130 metres depth.
- Gold mineralization is hosted in an extensional fault
zone which has an inferred strike length exceeding 3
kilometres.
- Mineralized porphyry dikes and widespread alteration in
the footwall of the extensional fault suggests the new zone has
good discovery potential for porphyry style Cu-Au
mineralization.
Drill ResultsAssay results have
been received for holes S18-216 and 217 which tested the north
trending Damascus Horst structure (uplifted fault block) located
between the East Seel and Damascus deposits. The Damascus
Horst can be traced for over 3 kilometres across the Ootsa Property
and is bound by extensional faults, with the West Damascus Fault
defining the west boundary of the horst structure, and the East
Damascus Fault defining the east boundary.
High grade gold mineralization has been
intersected along the West Damascus Fault in hole S18-217, which
returned 9.4 g/t Au over 2 metres at 130 metres depth. Hole
S18-216 also intersected the West Damascus Fault roughly 150 metres
down dip from Hole S18-217, returning 0.6 g/t Au over 2
metres. A cross section showing holes S18-216 and 217 is
available here. A drill hole location map is available in the
map gallery on our website at www.surgecopper.com. High grade
silver vein mineralization at the Damascus zone is located 900
metres east of hole S18-217, on the east side of the horst
structure associated with the East Damascus Fault.
Holes S18-216 and 217 also intersected zones of
anomalous copper and gold mineralization in the footwall of the
West Damascus Fault within the Damascus Horst. Mineralization
is associated with narrow zones of altered porphyritic intrusive
rock and includes 6 metres grading 0.26% Cu and 0.15 g/t Au from
280 to 286 metres in hole S18-216 and 6 metres grading 0.34% Cu and
0.16 g/t Au from 152 to 158 metres in hole S18-217. The
presence of mineralized intrusive dikes combined with widespread
alteration through the zone supports the Company’s exploration
model suggesting a larger mineralized body could occur in the
area.
Summary of select drill intercepts – Holes
S18-216 and 217 |
Drill Hole |
From (m) |
To (m) |
Width (m)* |
Cu % |
Au g/t |
Ag g/t |
S18-216 |
280.0 |
286.0 |
6.0 |
0.26 |
0.15 |
0.87 |
S18-216 |
306.0 |
318.0 |
12.0 |
0.12 |
0.23 |
3.42 |
S18-217 |
130.0 |
132.0 |
2.0 |
- |
9.4 |
1.90 |
S18-217 |
152.0 |
158.0 |
6.0 |
0.34 |
0.16 |
1.83 |
S18-217 |
296.0 |
298.0 |
2.0 |
0.42 |
0.11 |
10.4 |
*Width
refers to drill hole intercepts, true widths have not been
determined. |
Dr. Shane Ebert President of Surge commented,
“New information from 2018 drilling combined with extensive
historic data is helping the Company refine its geologic
understanding and exploration models for the Ootsa district.
We are very pleased to see the extensional faults bounding the
Damascus Horst showing potential for high grade gold on the west
side and for high grade silver on the east side, as this opens up
new exploration opportunities for the district. Follow
up drilling will be required to evaluate the significance and size
potential of the high-grade gold zone identified in hole S18-217,
but it remains a large and well-defined exploration target.
2018 is the first time Surge Copper has drilled into the Damascus
Horst, and the discovery of narrow altered porphyry dikes
containing copper and gold mineralization demonstrates the area is
prospective for porphyry style copper-gold mineralization.
2018 has seen another highly successful exploration program
at Ootsa, with the discovery of a new high-grade copper zone in
holes S18-212 and S18-214, the identification of high-grade gold
and porphyry Cu-Au potential at the Damascus Horst, and the
discovery by prospecting of a new unexplored mineralized porphyry
at the Ravine Zone. The continued exploration success at
Ootsa is a testament to the excellent potential of this under
explored district.”
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 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 sealed in plastic bags 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
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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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