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Surge Copper Corp
Symbol SURG
Shares Issued 131,103,365
Close 2021-03-23 C$ 0.435
Recent Sedar Documents

Surge Copper drills 164 m of 0.68% CuEq at Ootsa

2021-03-24 02:45 ET - News Release

Mr. Leif Nilsson reports

SURGE COPPER SIGNIFICANTLY EXPANDS WEST SEEL WITH STEP OUT HOLE INTERSECTING 585 METRES GRADING 0.57% COPPER EQUIVALENT INCLUDING 164 METRES GRADING 0.68% COPPER EQUIVALENT

Surge Copper Corp. has released assay results for multiple resource definition and exploration holes from the company's 100-per-cent-owned Ootsa property in British Columbia.

Highlights:

  • Hole S21-228 intersected 585 metres grading 0.57 per cent copper equivalent (1) with the zone remaining open at depth.
  • Hole S21-228 includes multiple higher-grade zones such as 0.99 per cent copper equivalent over 16 metres and 0.76 per cent copper equivalent over 44 metres.
  • Hole S21-228 opens up significant expansion potential to the southeast with a 585-metre vertical zone of continuous mineralization, containing above deposit average grades.
  • Hole S21-228 ended in strong mineralization, leaving the deposit fully open at depth and to the southeast.

Dr. Shane Ebert, vice-president, exploration, commented: "Hole S21-228 is a vertical stepout hole on the southeastern side of West Seel. The hole encountered a large, continuous zone of strong mineralization over 585 metres, ending in strong mineralization hosted within the deep West Seel intrusive. This intercept extends known mineralization up to 175 metres to the southeast in the lower portions of the deposit and represents the deepest zone of continuous strong mineralization encountered to date at West Seel, significantly opening the deposit for further expansion both at depth and laterally to the southeast. Mineralization in the hole occurs both within a large intrusion that contains potassic alteration and strong quartz veining and in volcanic, sedimentary and intrusive rocks overlying the intrusion. The projection of this mineralized contact and intrusion to the northwest and southeast provides the company with a very large and compelling exploration target. Pending results from holes S21-231, S21-233 and S21-239 will help understand the expansion potential of West Seel in these directions. Further stepouts to the southeast in this area will be a priority when drilling resumes in the summer."

The winter 2021 drill program at Ootsa has been completed with 20,028 metres drilled in 27 holes. Drilling is scheduled to resume in late May to early June following spring breakup and snowmelt in the area.

Holes S20-226 and S21-228 -- West Seel deposit

Holes S20-226 and 228 both tested the West Seel deposit. Hole S20-226 was drilled at an azimuth of 208 and a dip of minus 50 degrees to a total depth of 959.4 metres. The hole helps to define the limit of West Seel mineralization to the southwest, returning mineralization from a three-metre depth grading 0.56 per cent copper equivalent over 13 metres, along with 0.36 per cent copper equivalent over 120 metres from a 342-metre depth.

Hole S20-228 was a vertical hole drilled on the southeast side of the West Seel deposit to a depth of 795 metres. The hole has expanded the West Seel deposit 175 metres to the southeast with the deposit remaining open for further expansion over a vertical interval exceeding 500 metres. Hole S20-228 returned 0.57 per cent copper equivalent over 585 metres from a 210-metre depth, including 0.68 per cent copper equivalent over 164 metres from a 272-metre depth. Mineralization is interpreted to extend laterally above and along the upper contact of the West Seel intrusion, a deep and potentially large intrusive body containing potassic alteration and veining.

                           SUMMARY OF ASSAY RESULTS FOR HOLES S20-226 AND S20-228                           

Drill hole     From (m)    To (m)    Width (m) (1)    CuEq (%) (2)     Cu (%)   Au (g/t)    Mo (%)    Ag (g/t)

S20-226            3.0      16.0             13.0            0.56       0.22       0.20     0.017        10.2
S20-226          342.0     462.0            120.0            0.36       0.19       0.08     0.022         2.5
S21-228          172.0     184.0             12.0            0.46       0.24       0.20     0.011         1.3
S21-228          210.0     795.0            585.0            0.57       0.25       0.25     0.023         2.2
                             EOH
including        272.0     436.0            164.0            0.68       0.29       0.30     0.029         2.9
including        516.0     564.0             48.0            0.68       0.30       0.31     0.021         3.5
including        726.0     770.0             44.0            0.76       0.35       0.26     0.047         2.5
including        732.0     748.0             16.0            0.99       0.43       0.32     0.074         3.2

(1) Width refers to drill hole intercepts. True widths have not been determined. EOH equals end of hole.
(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. No allowances have 
been made for recovery losses that may occur should mining eventually result. Calculations use metal 
prices of $3 (U.S.) per pound copper, $1,800 (U.S.) per ounce gold, $10 (U.S.) per pound molybdenum and 
$22 (U.S.) per ounce silver, using the formula CuEq per cent equals Cu per cent plus (Au gram per tonne
times 0.875) plus (Mo per cent times 3.33) plus (Ag g/t times 0.0107).

Holes S20-225 and S20-227 -- west geophysical target

Holes S20-225 and 227 both tested the west geophysical target near the southwest edge of the West Seel deposit. Hole S20-225 was drilled at an azimuth of 225 and a dip of minus 60 degrees to a total depth of 620.2 metres. Hole S20-227 was drilled from the same location as hole S20-225 at an azimuth of 135 and a dip of minus 60 degrees to a total depth of 936.3 metres. Hole S20-227 intersected a 110-metre zone of anomalous porphyry-style mineralization containing 0.1 per cent copper, 0.03 gram per tonne gold and 0.007 per cent molybdenum, with no other significant zones of mineralization intersected in either hole.

Holes S20-222 and S20-223 -- east geophysical target

Holes S20-222 and 223 tested the east geophysical target located 800 metres northeast of the East Seel deposit. Hole S20-222 was drilled at an azimuth of 95 and a dip of minus 58 degrees to a total depth of 642 metres. Hole S20-223 was located 380 metres north of hole S20-222, and was drilled at an azimuth of 100 and a dip of minus 60 degrees to a total depth of 708 metres. The holes did not encounter any intervals of significant porphyry-style mineralization but did intersect zones of sericite and clay alteration showing gold potential.

Hole S20-222 returned a high-grade gold intercept of 8.54 g/t over two metres from a 50-metre depth. This high grade occurs within a larger zone of anomalous gold grading 0.19 g/t gold over 38 metres from a 40- to 78-metre depth (averaged with the high grade capped at two g/t).

Hole S18-217 (drilled in 2018), located 250 metres south of hole S20-222, also hit a high-grade gold interval grading 9.40 g/t Au over two metres from a 130-metre depth. There is potential for the high grade in holes S20-222 and S18-217 to be part of a larger high-grade gold vein target controlled by a north-south-trending extensional fault zone. Hole S20-221, drilled between holes S18-217 and S20-222, did not test this target as the hole encountered 90 metres of cover before hitting bedrock.

Wide-spaced drilling conducted to date at the east geophysical target shows increasing alteration and intrusive activity toward the south end of the anomaly, which remains largely untested and warrants additional drill testing.

Drill program update

The fall 2020 to winter 2021 drilling program has been completed. During the program, 20,028 metres were drilled in 27 holes. Drilling is scheduled to resume in late May to early June following spring breakup and snowmelt in the area. Assay results for 11 holes have been received and released. A further 16 holes have been completed, processed and submitted to the lab for assay with results pending.

Quality control

All drill core is logged, photographed and cut in half with a diamond saw. Half of the core is bagged and sent to Activation Laboratories Ltd. in Kamloops, B.C., 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 30-gram fire assay method, and 37 additional elements are analyzed by induced coupled plasma (ICP) utilizing a four-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.

Qualified person

Dr. Shane Ebert, PGeo, 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-per-cent 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 National Instrument 43-101-compliant resources of copper, gold, molybdenum and silver in the measured and indicated categories.

The company is also earning into a 70-per-cent interest in the Berg property from Centerra Gold. Berg is a large, advanced-stage exploration project located 28 kilometres northwest of the Ootsa deposits. Berg contains pit-constrained NI 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.

(1) Copper equivalent 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: $3 (U.S.) per pound copper, $1,800 (U.S.) per ounce gold, $10 (U.S.) per pound molybdenum and $22 (U.S.) per ounce silver.

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