VANCOUVER, BC, Jan. 11, 2021 /CNW/ - Surge Copper Corp. (TSXV:
SURG) ("Surge" or the "Company") is pleased to announce that
drilling has resumed at the Company's 100% owned Ootsa project in
British Columbia after a planned
holiday break, and a minimum 5,000 metres of additional drilling
has been added to the winter program for a total of at least 15,000
metres. Surge remains well funded with approximately $6.3 million in the treasury.
Highlights
- The current drill program at Ootsa has been expanded by a
minimum of 5,000 metres, with additional drilling to focus on
expanding resources at the West Seel deposit, where recent results
from hole S20-219 delivered the longest continuously mineralized
hole in the history of the Ootsa project, intersecting 0.42%
CuEq1 over 1,013 metres from bedrock surface, ending in
mineralization, and including 0.60% CuEq over 422 metres
- Assays are pending on six completed holes, plus the bottom
portion of hole S20-218 which targeted a chargeability anomaly in
the footwall of the East Fault adjacent to the East Seel
deposit
- Permitting procedures initiated for access and infrastructure
upgrade work on the Berg project in advance of Surge's maiden
exploration program to commence later in 2021
Leif Nilsson, Chief Executive
Officer, commented: "Exploration activity at the Ootsa project
was reactivated in October 2020 with
an initial 10,000 metre program designed to both expand the limits
of known resources and to test multiple new geophysical targets
along the Seel Trend. Given the quality of the initial results, we
are excited to now be expanding this investment program and eagerly
await additional results on target drilling."
Ootsa Exploration Program Update
There are currently two drills operating at the Ootsa project
focused on expanding the large copper-gold-molybdenum-silver
resource at the West Seel deposit and testing exploration targets
along the Seel Trend. The current drill program commenced in
October 2020, and to date 7,750
metres of core has been drilled with eight holes completed and two
additional holes in progress. All drill core has been logged,
sampled, and sent for assay. Assay results for the top of
hole S20-218 and the entire hole S20-219 have been received and
released (see news releases dated November
26, 2020 and December 14,
2020). The results for all other holes are pending.
Key results received to date:
- Hole S20-218 was drilled at the East Seel deposit and returned
176.1 metres grading 0.72% copper equivalent (0.35% copper, 0.4 g/t
gold, 1.7 g/t silver).
- Hole S20-219 was drilled at the West Seel deposit and returned
422 metres grading 0.60% copper equivalent (0.25% copper, 0.20 g/t
gold, 0.042% molybdenum, 3.3 g/t silver) within 1,013 metres
grading 0.42% copper equivalent (0.20% copper, 0.13 g/t gold,
0.025% molybdenum, 2.9 g/t silver).
Based on the strong drilling results to date the Company has
expanded the original 10,000 metre drill program at Ootsa to a
minimum of 15,000 metres to allow the Company to drill through the
winter and conduct sufficient drilling to define the extent of the
large West Seel deposit. The budget for the additional 5,000 metres
is expected to be less than $1
million.
Berg Project Update
The Company is preparing reports and seeking final permissions
to allow rehabilitation of the historic access road to the Berg
deposit area. Pending approval, work on the road is anticipated to
begin in July followed by a drilling program focused on defining
and expanding the high-grade, near-surface copper zones at Berg.
Additional geophysics may be planned after further review of
historical information and could be integrated with a regional
program covering both Ootsa and Berg.
Qualified Person
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.
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, owned by Imperial Metals. The Ootsa
property contains pit constrained NI 43-101 compliant resources of
copper, gold, molybdenum and silver in the Measured and Indicated
categories. There are 2 drills working at the project with drilling
focused on defining the extent of the large West Seel deposit and
testing new targets along the Seel Trend.
The Company is also earning into a 70% interest in the Berg
property from Centerra Gold. Berg is a large, advanced stage
exploration project located 28 km northwest of the Ootsa deposits.
Berg contains a large copper-molybdenum-silver mineralized zone
with historical resources. Combined, the adjacent Ootsa and Berg
properties give Surge a dominant land position in the
Ootsa-Huckleberry-Berg district and control over four advanced
porphyry deposits.
On Behalf of the Board of Directors
"Leif Nilsson"
Chief Executive Officer
For Further information, please contact:
Telephone: +1 604 416 2978 or +1 604 558 5847
info@surgecopper.com
http://www.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. All statements
included herein, other than statements of historical fact, are
forward looking statements, including but not limited to the
Company's plans regarding the Berg Property and the Ootsa
Property. 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 suggestions 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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1)
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Copper equivalent
("CuEq") has been used to express the combined, gross in-situ
content of copper, gold, molybdenum, and silver with no adjustments
made for recovery. It is provided for illustrative purposes only,
and is calculated using the following pricing assumptions:
US$3.00/lb copper, US$1,800/oz gold, US$10/lb molybdenum, and
US$22/oz silver.
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SOURCE Surge Copper Corp.