VANCOUVER, British Columbia, May 6, 2019 /CNW/ -- Surge Exploration Inc. ("the Company" or "Surge") (TSXV: SUR), (OTC: SURJF), (FRA: DJ5C) announces that it has recently acquired 100% interest in additional Copper Gold mineral claims adjoining its Copper Porphyry Mineral Claim in North Central British Columbia.
These 2 new mineral claims (6,790 hectares) add to the Company's current sizable land position within British Columbia's prolific Omineca Mining District. Surge now has Copper-Gold mineral claims totalling 26,455 hectares (265 sq km) in the area.
Subject to the terms and conditions of the Purchase and Sale Agreement dated May 2, 2019 (the "Agreement") for the new mineral claims, Surge agrees to making a cash payment to the vendor, Venture Capital IQ Inc., in the amount of $16,000 upon signing the Agreement and issuing 2,000,000 fully paid and non-assessable common shares in the capital of the Company upon TSX Venture Exchange approval to the Transaction.
Tim Fernback, Surge CEO states, "We are very excited to acquire these key additional mineral claims in the Omineca Region. This area has already generated several promising projects, and is the subject of significant interest and exploration expenditure in 2019 with recent discoveries by Sun Metals, Teck Resources, Centerra Gold and Serengeti Resources. Furthermore, this region is host to numerous operating mines, good infrastructure including experienced exploration and supporting services. Our exploration team believes that this land package is strategically situated to exploit the high copper-gold values of the region."
About the Property
The Omineca Group of 12 claim blocks (see map) lie in the Omineca Mining Division of north-central British Columbia, approximately 150 km north of Fort St. James. The claims are not subject to any royalty terms, back-in rights, payments or any other agreements and encumbrances.
B.C. Minfile assessment report data indicates that most of the area covered by the Omineca Group claim blocks were at one time or another covered by staking during surges of exploration in B.C. dating from the 1940's to present day. Largely the claims appear to have been minimally explored with little follow-up. However, some work was recorded on several claims with results for stream sediment sampling showing anomalous to highly anomalous results for gold in a few areas. These areas were recommended for detailed follow-up, however due to a previous commodity price downturn no further work was recorded.
Prominent among early discoveries in the Omineca region were the nearby Lustdust/Stardust property (Sun Metals Corp.TSXV: SUNM) covering a large, coherent integrated porphyry-skarn, epithermal system; the Kwanika property (Serengeti Resources Inc./POSCO DaewooTSXV: SIR) a promising advanced stage copper-gold project; the Lorraine property (Lorraine Copper Corp.TSXV: LLC) host to a large copper/gold NI 43-101 compliant resource. The tenures are located between the Kemess North project being developed by Centerra Gold's subsidiary Aurico Metals and Centerra Gold's operation Mt Milligan mine.
Once a detailed compilation of all available data has been collected and assessed, management will prepare a plan and budget for an exploration program to be carried out once the field season starts in 2019.
All shares issued are subject to a four month and a day hold period in accordance with applicable securities laws.
The technical content of this news release and the 43-101 technical reports have been reviewed and approved by Paul Sorbara, P.Geo., an independent consulting geologist and a qualified person as defined in NI 43-101.
About Surge Exploration Inc.
The Company is a Canadian-based mineral exploration company which has been active in the resource sector in British Columbia and elsewhere in Canada. The Company has an exploration office in Santiago, Chile to review mineral exploration opportunities in Chile and elsewhere in South America.
Ontario Cobalt Properties (Cobalt):
The Company has an option to earn an undivided 60% interest in the Glencore Bucke Property and the Teledyne Property, located in Cobalt, Ontario Canada.
Hedge Hog Property, (Copper Gold) British Columbia
The Company has an option to earn an undivided 60% interest seven mineral tenure covering 2,418 hectares (5,972 acres) located approximately 80 km northeast of the town of Quesnel, BC and 20 km north of the historic gold mining towns of Wells and Barkerville.
On Behalf of the Board of Directors
President & CEO
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 may contain forward‐looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward‐looking. Forward‐looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward‐looking statements.
SOURCE Surge Exploration Inc.