Amended: Surge Closes Transaction to Acquire Additional Claims on its Mineral Mountain Property in BC
Vancouver, BC - TheNewswire - July 8, 2019 - Surge Exploration Inc. ("the Company" or "Surge") (TSXV:SUR) (OTC:SURJF) (FRA:DJ5C) is pleased to announce that further to its news release dated May 6, 2019 and the TSX Venture Exchange's ("Exchange") conditional acceptance letter dated June 7, 2019, the Company has closed its property transaction whereby the Company has entered into Purchase and Sale Agreement with Venture Capital IQ Inc. (the "Vendor") dated May 2, 2019 (the "Agreement"). Surge acquired a 100% interest in four additional mineral claims to add to its 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.
Pursuant to the terms of the Agreement the Company paid the Vendor a payment of $16,000 upon signing the Agreement and issued 2,000,000 common shares upon Exchange Approval. All shares issued are subject to a four month and a day hold period expiring on November 9, 2019 in accordance with applicable securities laws.
For more information on the transaction and the Property, please see the Company's news releases dated May 6, 2019 and May 31, 2019.
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-manto, epithermal system; the Kwanika property (Serengeti Resources Inc./POSCO Daewoo TSXV: SIR) a promising advanced stage copper-gold project; the Lorraine property (Teck Resources and Sun Metals) host to a significant coppergold NI 43-101 compliant resource. The Surge 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.
Map of Properties
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Qualified Person
The technical content of this news release has been reviewed by Bruce Laird, P.Geo., an independent consulting geologist and a qualified person as defined in NI 43-101 and by J.W. Morton P.Geo, Technical Adviser to the company who takes responsibility for the content of this news..
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
"Tim Fernback"
Tim Fernback
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.
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