Mr. Greg Reimer reports

SURGE BATTERY METALS ANNOUNCES CORE DRILLING INTERCEPTS OVER 4,000 PPM LITHIUM AT SURFACE WITH ASSAYS UP TO 7,630 PPM; DEEPER DRILLING CONFIRMS MULTIPLE HORIZONS

The first certified assay results from the 2023 core drilling phase on Surge Battery Metals Inc.'s high-grade lithium clay discovery at Nevada North (NNLP) have returned greater than 4,000 parts per million lithium (Li) for some samples starting from surface and to depths greater than 175 m. The highest-grade assay of 7,630 ppm Li was observed at less than 30 m depth.

After the successful 2023 sonic drilling campaign at the NNLP, Surge proceeded with the diamond core drilling program. The maximum depth reached by sonic drilling was 107.5 m, whereas diamond holes extended to 243 m (NN2308). Diamond holes NN2306, NN2308 and NN2309 at the south end of the NNLP intercepted extended lithium clay mineralization west from the 2022 reverse circulation drilling, validated 2022 RC assay results and encountered additional mineralization at depth. It is expected that deeper clay mineralization discovered in this round becomes shallower toward the east and adds to the already extensive near-surface lithium clay mineralization outlined by drilling thus far.

Hole NN2306

Drilled to a total depth of 198.72 m (652 feet), hole NN2306 was located to investigate farther west into the basin from holes NN2207 and NN2208. This diamond core stepout hole confirmed the continuation of the upper high-grade lithium clay sequence, which typically hosts three mineralized clay zones. NN2306 returned positive sample results ranging between the 1000 ppm cut-off to 5,120 ppm Li. These results include high grades averaging 4,423 ppm Li over 9.8 m, 4,673 ppm over 11.4 m and 2,805 ppm over 10.8 m. This entire sequence was observed at less than 50 m depth. Below the upper lithium clay-bearing zone, NN2306 continues to a total depth of 198.72 m, which revealed several more lithium-enriched layers.

Hole NN2308

Drilled to a total depth of 243 m (797 ft), hole NN2308 was designed to investigate deeper mineralization beneath sonic core hole NN2301 and to compare results obtained in the sonic versus diamond core drilling. This diamond core hole confirmed grades observed in sonic drilling with results including high grades averaging 4,718 ppm Li over 25 m, 3,812 ppm Li over 9.2 m, 2,300 ppm Li over 3.1 m and 2,627 ppm Li over 3.4 m. The entire sequence was observed at depths of less than 75 m. Results for the upper clay intervals intersected in NN2301 were similar: 4,939 ppm Li over 24.4 m, 3,758 ppm Li over 9.1 m, 2,284 ppm Li over 3.8 m and 2,591 ppm Li over 5.3 m. The core hole NN2308 also intersected an untested mineralized clay zone beneath a thick (approximately 100 m) zone of airfall and welded tuff. Continuing to a total depth of 243 m revealed two deeper mineralized clay layers.

Hole NN2309

Drilled to a total depth of 132 m (433 ft), hole NN2309 was designed to investigate deeper mineralization beneath last year's reverse circulation hole NN2208 and to compare results obtained in the reverse circulation versus diamond core drilling. This diamond core hole confirmed grades observed in reverse circulation drilling with results including high grades averaging 3,446 ppm Li over 21.9 m, 3,591 ppm Li over 47.4 m and 2,143 ppm Li over 4.6 m. Results for the upper clay intervals intersected in NN2208 were similar with an overall positive difference of 9 per cent for core as compared with RC. Continued drilling revealed another mineralized clay zone of 1,177 ppm Li over 18.3 m, which increases the thickness of the mineralization at this location by 19 per cent.

These three diamond core holes, NN2306, NN2308 and NN2309, have achieved four significant goals:

• Confirmed an extension of the known deposit to the west, resulting in an increase to the footprint of the mineralized zone;
• Deeper drilling confirmed a greater thickness of the mineralization over the previously drilled mineralized zones;
• Confirmed the consistency in mineralization and associated lithium grades in both reverse circulation drilling and sonic drilling, thereby bolstering confidence in existing data and providing opportunities to utilize multiple methods of borehole exploration that vary in cost, speed and supply;
• Confirmed the lateral continuity of the mineralized layers, further bolstering confidence in interpretations of data showing continuous stratiform Li clay layers, the boundaries of which have not been discovered. Interpretation of these results, beyond the expansion of the known deposit, suggests that a second, deeper zone of mineralization exists that is expected to approach the surface to the east. Additional borehole exploration will reveal the extent and nature of this zone in the future.

Core samples from the diamond drilling were placed in standard waxed cardboard core boxes by the drillers who delivered the core to the Surge field office. The core samples were logged at the camp and sample intervals marked with the sample number tags. The core was then driven by Surge workers to a locked warehouse in Elko, Nev., where they were stored for splitting. At the warehouse, the core samples were split or sawn, depending on the rock composition, and half of the core samples were placed in cloth bags. Samples were then submitted to the ALS facility in Elko, Nev., for analysis. ALS is independent of the company. The samples batches included 6-per-cent insertion of quality assurance/quality control samples, including blanks, duplicates and commercially obtained standards. Most standards ran within 5 per cent of the known and duplicated values, with the blanks reporting no greater than 20 parts per million lithium.

Greg Reimer, chief executive officer and director, commented: "Today's diamond drilling results, combined with previous sonic and RC results, are starting to outline a large volume of greater than 4,000 ppm Li within our upper clay horizon at the NNLP. Additionally, the deeper mineralization intersected in NN2308 is promising; it validates our interpretations and provides a critical exploration target in tracing this mineralization up dip to the east, where it is expected to approach the surface. Finally, the twinning of NN2208 bolsters our confidence in the assay results from the 2022 reverse circulation drilling. We look forward to following up these exciting results in the future."

Qualified person as defined under National Instrument 43-101

Alan J. 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 in Canada and the OTCQX Market in the United States. The company maintains a focus on exploration for high-value battery metals required for the electric vehicle (EV) market.

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