Surge Copper Acquires Strategic Land Position at Berg Project

Rhea-AI Summary

Surge Copper Corp. has announced the acquisition of a 100% interest in specific mineral claims within the eastern Berg Property and southern Ootsa Property. This acquisition consolidates Surge's control over the Bergette prospect area, a significant exploration target. Historical drilling has shown promising copper mineralization, with notable results including 0.29% Cu over 70 meters. The company plans a surface exploration program scheduled for July 2021 to further investigate this area. Surge will issue 850,000 common shares to the vendors, subject to TSX Venture Exchange approval.

Positive

• Consolidation of ownership of the advanced Bergette prospect area.
• Historical drilling shows significant mineralization with 0.29% Cu over 70 meters.
• Plans for a comprehensive surface exploration program to further define mineral potential.

Negative

• Issuance of 850,000 common shares may dilute existing shareholder value.

TSX-V Trading Symbol: SURG
Frankfurt Trading Symbol: G6D2

VANCOUVER, BC, April 7, 2021 /PRNewswire/ - Surge Copper Corp. (TSXV: SURG) (Frankfurt: G6D2) ("Surge" or the "Company") is pleased to announce it has executed definitive asset purchase agreements with two vendors to acquire a 100% interest in certain mineral claims in the eastern portion of the Berg Property and southern portion of the Ootsa Property. The acquisition of these claims consolidates Surge's ownership of the Bergette prospect area, which is the most advanced regional exploration target on the Berg Property outside of the Berg deposit.

The Bergette target area is situated approximately 10 kilometers east of the Berg deposit. Prior exploration work has outlined a 2 km by 2 km copper-in-soil anomaly straddling the interior margins of an intrusive magnetic anomaly that remains open to the east. Historical shallow drilling in the southwestern and northwestern corners of the soil anomaly intercepted porphyry mineralization, including 0.29% Cu, 0.011% Mo, and 0.6 g/t Ag over 70 metres and 0.32% Cu and 0.010% Mo over 64 metres with both potassic alteration and grades appearing to increase with depth. An AeroTEM survey completed over the area in 2010 also shows an EM geophysical anomaly comparable in magnitude and scale to the signature over the Berg deposit area.

The Company is planning a surface exploration program at Bergette starting mid-July of this year that will focus on extending and fully defining the large copper in soil anomaly, complete surface mapping and rock sampling, and potentially look to complete a ground-based induced polarization geophysical survey over the entire target area.

Under the terms of the asset purchase agreements, Surge will issue to two vendors a total of 850,000 common shares, and register separate net smelter return royalties on the claims, each subject to certain buyback rights. The terms of the agreements and issuance of Surge shares are subject to TSX Venture Exchange approval. The shares issued will be subject to a statutory four-month hold period.

Participation in Upcoming Investor Conferences

The Company also announces its participation in the following upcoming virtual investor conferences:

• 121 Mining Investment Americas Online 27-29 April
• 121 Mining Investment EMEA Online 25-27 May
• 121 Mining Investment APAC Online 16-18 June

Qualified Person

Dr. Shane Ebert P.Geo., is the Qualified Person for the Ootsa and Berg projects 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% 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 NI 43-101 compliant resources of copper, gold, molybdenum and silver in the Measured and Indicated categories.

The Company is also earning into a 70% interest in the Berg Property from Centerra Gold. Berg is a large, advanced stage exploration project located 28 km northwest of the Ootsa deposits. Berg contains pit constrained 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.

On Behalf of the Board of Directors

"Leif Nilsson"
Chief Executive Officer

For Further information, please contact:
Telephone: +1 604 416 2978 or +1 604 558 5847
info@surgecopper.com
http://www.surgecopper.com

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 contains forward-looking statements, which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "will", "may", "should", "expects", "plans", or "anticipates" or the negative of these terms or other comparable terminology. All statements included herein, other than statements of historical fact, are forward looking statements, including but not limited to the Company's plans regarding the Berg Property and the Ootsa Property.  These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Such uncertainties and risks may include, among others, actual results of the Company's exploration activities being different than those expected by management, delays in obtaining or failure to obtain required government or other regulatory approvals, the ability to obtain adequate financing to conduct its planned exploration programs, inability to procure labour, equipment and supplies in sufficient quantities and on a timely basis, equipment breakdown, impacts of the current coronavirus pandemic, and bad weather. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company's current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual results.

View original content to download multimedia:http://www.prnewswire.com/news-releases/surge-copper-acquires-strategic-land-position-at-berg-project-301263437.html

SOURCE Surge Copper Corp.

FAQ

What is Surge Copper's recent acquisition related to?

Surge Copper acquired a 100% interest in mineral claims in the Berg and Ootsa Properties to consolidate ownership over the Bergette prospect area.

What significant results were reported from the historical drilling at Bergette?

Historical drilling at Bergette showed copper mineralization, including 0.29% Cu over 70 meters and 0.32% Cu over 64 meters.

When is Surge Copper planning its surface exploration program?

Surge Copper's surface exploration program at Bergette is scheduled to start in mid-July 2021.

How many shares will Surge issue as part of the acquisition?

Surge will issue a total of 850,000 common shares to the vendors as part of the acquisition.

What is the significance of the Bergette prospect area for Surge Copper?

The Bergette prospect area is Surge's most advanced exploration target outside of the Berg deposit, which is crucial for the company's growth.