16:47:49 EDT Fri 10 May 2024
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USA
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Surge Battery Metals Inc
Symbol NILI
Shares Issued 158,176,436
Close 2023-10-31 C$ 0.64
Market Cap C$ 101,232,919
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Surge Battery hires Rangefront for NNLP soil sampling

2023-11-01 13:20 ET - News Release

Mr. Greg Reimer reports

SURGE ANNOUNCES SOIL SAMPLING ON RECENTLY ACQUIRED PROPERTY

Surge Battery Metals Inc. has retained Rangefront Geological to perform detailed soil sampling at Surge's Nevada North lithium project (NNLP).

The company continues to advance the NNLP and, in July, 2023, announced a strategic acquisition by entering into a mineral property option and joint venture agreement with M3 Metals Corp. (M3M). This agreement included claims to the south and southwest of Surge's existing NNLP deposit, which ensured Surge controlled some potential extensions of its existing high-tenor lithium clay deposit.

Rangefront collected 598 soil samples in the west/southwest corner of the expanded Surge property boundary, which includes some of the property acquired from M3M. The company considers this area to be highly prospective and will further test for extensions of clay beds that were assayed for high levels of lithium in the 2022 and 2023 drilling programs.

Rangefront's Elko, Nev.-based operations have worked closely with Surge in the past, and has both the local and in-depth knowledge and expertise to complete this project.

Surge is also pleased to announce that Dan Chafetz has joined the company as project geologist. Mr. Chafetz comes to us after several years with Ioneer Ltd., working on its Rhyolite Ridge project. Mr. Chafetz has a bachelor of science from the Colorado School of Mining and is currently defending his thesis at the University of Nevada in the masters of science program, with a major in geochemistry and geology.

Working closely with and under the guidance of Alan Morris, senior geologist, Mr. Chafetz will initially start with the company's geologic mapping program that will continue to advance Surge's understanding of the Nevada North lithium project deposit. That work is critical as the company works toward defining the boundaries of the NNLP deposit, supporting the conceptual mining engineering and any future resource statements as it advances the development of this important, shallow and high-grade lithium deposit.

Greg Reimer, chief executive officer and director, commented: "This soil sampling program is another positive step the company is taking to further expand the footprint of lithium claystone mineralization at the NNLP. Soil sampling has proven to be an effective tool in identifying the location of lithium claystone mineralization, as demonstrated by the successful 2022 soil sampling program and follow-up drilling campaigns.

"We also welcome and are excited to add Dan Chafetz to the Surge team and look forward to him assisting the company in the continued advancement of the NNLP."

Qualified person as defined under National Instrument 43-101

Mr. Morris, MSc, CPG, of Spring Creek, Nev., a qualified person as defined under National Instrument 43-101, has reviewed and approved the technical aspects of this news release.

About Surge Battery Metals Inc.

The company is a Canadian-based mineral exploration company active in the exploration for lithium in Nevada whose primary listing is on the TSX Venture Exchange. The company maintains a focus on exploration for high-value battery metals required for the electric vehicle (EV) market.

About the Nevada North lithium project

The company owns the Nevada North lithium project located in the Granite Range southeast of Jackpot, Nev., about 73 kilometres north-northeast of Wells, Elko county, Nevada. The first round of drilling, completed in October, 2022, identified a strongly mineralized zone of lithium-bearing clays occupying a strike length of almost 1,620 metres. Widths of the mineralized horizons are at least 400 metres, supported by highly anomalous soil values indicating potential for the clay horizons to be much greater in extent. The potential for a significant lithium deposit can be illustrated by the average lithium content within all near surface clay zones intersected in 2022 drilling, applying a 1,000 parts per million cut-off, was 3,254 ppm

The 2023 drill program is under way and is designed to expand the known lithium-rich clay from the current 1,620-metre strike length to more than 3,500 metres and the known width of the mineralization to 950 metres from the previously drill-indicated 400 metres. Initial assay results from the first hole of the 2023 season had a high of 8,070 ppm lithium with an average of 4,067 ppm lithium at a 1,000 ppm cut-off.

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