Surge Copper Intersects 422 metres of 0.52% CuEq including 200 metres of 0.60% CuEq at West Seel and Provides Update on Resource Estimate
VANCOUVER, British Columbia, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Surge Copper Corp. (TSXV: SURG) (OTCQX: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) is pleased to announce complete assay results for hole S21-268 from the Company’s 100% owned Ootsa Property in British Columbia, and an update on the Company’s ongoing resource update for the Ootsa Property. The Company previously released the results for the top portion of hole S21-268 (see October 12, 2021 Press Release).
- Hole S21-268 intersected 422 metres grading 0.52% copper equivalent from 20 metres downhole depth, including 200 metres grading 0.60% copper equivalent
- This includes a zone of higher grade mineralization returning 0.69% copper equivalent over 76 metres from 324 metres depth
Complete assay results have been received for hole S21-268 with significant results summarized in the table below (including the previously reported top portion of the hole). Hole S21-268 was collared toward the southern end of the approximately 500 metre zone where mineralization at West Seel comes to bedrock surface, and intercepted a broad zone of strong continuous mineralization. A drill hole plan map and cross section are included below.
Exploration hole S21-271 tested a chargeability high located to the south of the West Seel deposit and encountered a pyrite halo with no significant intervals of mineralization. These are the final results from the infill and expansion drilling program targeting the main East and West Seel porphyry deposits at the Ootsa Property which will be used to conduct an updated resource estimate for the Ootsa Property. Thus far, following this news release, results from 26 holes from the Company’s 2021 Ootsa summer drilling program have been released, with results pending from 46 additional holes testing exploration targets in the near vicinity of the Seel and Ox deposits, including the Seel Breccia Zone. An additional nine core holes are also pending from the Company’s 2021 Berg drill program.
|Summary of Assay Results for Selected Holes|
|Drill Hole||From (m)||To (m)||Width (m)1||CuEq (%)2||Cu (%)||Au (g/t)||Mo (%)||Ag (g/t)|
|1.||Width refers to drill hole intercepts; true widths have not been determined.|
|2.||CuEq (copper equivalent) has been used to express the combined value of copper, gold, molybdenum, and silver as a percentage of copper, and is provided for illustrative purposes only and to provide ease of comparison. No allowances have been made for recovery losses that may occur should mining eventually result. Calculations use metal prices of US$3.00/lb copper, US$1,800/oz gold, US$10/lb molybdenum, and US$22/oz silver, using the formula CuEq % = Cu % + (Au g/t x 0.875) + (Mo % x 3.33) + (Ag g/t x 0.0107).|
|*||Previously reported on October 12, 2021.|
Resource Estimate Update
The Company has engaged Advantage Geoservices Limited to conduct a mineral resource estimate in accordance with National Instrument 43-101. The resource estimate will include the East Seel, West Seel, and Ox porphyry deposits, and will include all relevant resource drilling completed during the 2018, 2020, and 2021 core drilling programs. The estimation process is well underway, and the Company will provide further updates as the process is nearing completion.
Upcoming Catalysts and Marketing Events
The Company anticipates updating the market on results from the following activities:
- Drill results from 46 remaining drill holes from 2021 Ootsa drill program
- Drill results from 9 drill holes from 2021 Berg drill program
- Resource update for the Ootsa project
- Inversion and targeting results from regional airborne geophysics, and update on regional exploration pipeline
The Company also announces its participation in the following upcoming investor conferences:
- Mines and Money London, December 1-2
- Vancouver Resource Investment Conference (VRIC), January 16-17
- AME Roundup, January 31 – February 3
All drill core is logged, photographed, and cut in half with a diamond saw. Half of the core is bagged and sent to ALS Geochemistry 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 33 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 and Berg projects 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.
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 pit constrained 43-101 compliant resources of copper, molybdenum, and silver in the Measured and Indicated categories. 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
Chief Executive Officer
For Further information, please contact:
Riley Trimble, Corporate Communications & Development
Telephone: +1 604 416 2978
LinkedIn: Surge Copper Corp
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, the ability to obtain adequate financing to conduct its planned exploration programs, inability to procure labour, equipment and supplies in sufficient quantities and on a timely basis, equipment breakdown, impacts of the current coronavirus pandemic, 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.To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
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