Surge Battery Metals Commences Phase Three Drilling At Nevada North Lithium Project
Surge Battery Metals has begun its 2024 exploration drill program at the Nevada North Lithium Project, situated north-northwest of Elko, Nevada. The program involves an eight-hole reverse circulation drilling to test geochemical extensions and known geophysical footprints for lithium mineralization. The drilling aims to expand the known NNLP deposit's lateral and vertical extent, which contains an inferred resource of 4.67 million tonnes of lithium carbonate equivalent at 2,839 ppm lithium. The drilling will cover an area extending 1km west and 1.2km south of the maiden resource area. This phase is expected to last about three weeks, with initial assay results anticipated by early August. The results will update the resource model and be incorporated into the Preliminary Economic Assessment currently underway. CEO Greg Reimer emphasized the potential for upgrading the size and lithium content of the inferred mineral reserve.
- Commencement of 2024 exploration drill program at Nevada North Lithium Project.
- Plan for an eight-hole reverse circulation program to test favorable geochemical extensions and known geophysical footprints.
- Target area includes an inferred mineral resource of 4.67 million tonnes of lithium carbonate equivalent at 2,839 ppm lithium.
- Drilling expected to last three weeks with initial assay results by early August.
- Potential to upgrade the size and lithium content of the inferred mineral reserve.
- Integration of drill results into the Preliminary Economic Assessment.
- Short drilling duration might limit comprehensive data collection.
- Dependence on assay results, expected only by early August, introduces uncertainty.
- Potential risks in expanding the lateral and vertical extent of the known deposit.
- The actual upgrade to the inferred mineral reserve is not guaranteed despite high potential.
West Vancouver, British Columbia--(Newsfile Corp. - May 30, 2024) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or "Surge") is pleased to announce commencement of our 2024 exploration drill program at our high-grade Nevada North Lithium Project north-northwest of Elko, Nevada.
- An eight hole reverse circulation program is planned to test favorable geochemical extensions and the known geophysical footprint for lithium mineralization. (See April 4, 2024, News Release)
- All holes have been positioned to further expand and define the lateral and vertical extent of the known NNLP deposit.
- Testing will take place within an area 1km to the west and up to a 1.2km to the south of the 2024 maiden resource area containing an inferred mineral resource of 4.67 million tonnes of lithium carbonate equivalent grading 2,839 parts per million lithium at a 1,250 ppm Li cut-off. (see February 22, 2024, News Release).
Drilling is expected to last for approximately the next 3 weeks with initial assay results expected by early August. These results will be used to update the resource model and incorporated into the Preliminary Economic Assessment currently underway.
Mr. Greg Reimer, Chief Executive Officer, and Director commented: "Surge is continuing to develop and model the property's geology and high-grade mineralization, all of which forms the basis of our ongoing planning. Once results are received from Phase Three drilling, they will integrate with the Company's understanding of the known clay horizons that contribute to an already significant deposit. Additional results from this program have strong potential to upgrade the size and elevated lithium content of the inferred mineral reserve found to date."
Qualified Person as Defined Under National Instrument 43-101
Alan J. Morris, MSc, CPG of Spring Creek, Nevada, 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.
Surge Battery Metals, a Canadian-based mineral exploration company, is at the forefront of securing the supply of domestic lithium through its active engagement in the Nevada North Lithium Project. The project focuses on exploring clean, high-grade lithium energy metals in Nevada, USA. Lithium is a crucial element for powering the electric vehicles of tomorrow. With a primary listing on the TSX Venture Exchange in Canada and the OTCQX Market in the US, Surge Battery Metals Inc. is strategically positioned as a key player in advancing lithium exploration, contributing significantly to the sustainable future of the electric vehicle industry.
About the Nevada North Lithium Project
The Company's Nevada North Lithium Project, located in the Granite Range southeast of Jackpot, Nevada 73 km north-northeast of Wells, Elko County, Nevada. The first two rounds of drilling, completed in 2022 and 2023, identified a strongly mineralized zone of lithium bearing clays occupying a strike length of more than 3,500 meters and a known width of up to 950 meters. Highly anomalous soil values and geophysical surveys suggest there is potential for the clay horizons to be much greater in extent. The Nevada North Lithium Project has a pit-constrained Inferred Resource containing an estimated 4.67Mt of Lithium Carbonate Equivalent (LCE) grading 2,839 ppm Li at a 1,250 ppm cutoff.
On behalf of the Board of Directors
"Greg Reimer"
Greg Reimer,
President & CEO
Contact Information
Email : info@surgebatterymetals.com
Phone: 604-662-8184
Website: surgebatterymetals.com
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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 document may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or "planned", "possible", "potential", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities including lithium and nickel, the accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental, local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure or water, changes in laws, rules and regulations including in the United States, Nevada or California or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or other currencies, fluctuations in the market for lithium related products, changes in exploration costs and government royalties, export policies or taxes in the United States or any other jurisdiction and other factors or information. The Company's current plans, expectations, and intentions with respect to development of its business and of its Nevada properties may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions (including US government subsidies or incentives) on its ability to secure further financing or funding of its Nevada properties. Such statements represent the Company's current views with respect to future events and are necessarily based upon several assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental (including endangered species, habitat preservation and water related risks) and social risks, contingencies, and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
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