Surge Battery Metals Reports Favorable Claystone Intercepts of 114.4 Meters in Hole NN2007 and 73.15 Meters in Hole NN2008 With Assay Results Pending

Rhea-AI Summary

Surge Battery Metals reported promising geological findings from drill holes NN2207 and NN2208 at its Nevada North Lithium Project. The NN2207 hole intercepted 114.3 meters of favorable claystone, significantly thicker than previous holes, while NN2208 cut 73.15 meters of similar claystone. Soil samples from the area previously returned lithium values up to 4,940 ppm. The company awaits final assay results to confirm the potential for a high tenor lithium clay deposit.

Positive

• NN2207 cut 114.3 meters of favorable claystone, thicker than previous holes.
• Soil samples returned lithium values as high as 4,940 ppm, supporting the potential for lithium deposit.

Negative

• Final assay results pending, creating uncertainty about the actual lithium concentrations.
• NN2208 did not reach the basement, limiting the data gathered.

COQUITLAM, BC / ACCESSWIRE / December 28, 2022 / Surge Battery Metals Inc. (the "Company" or "Surge") (TSXV:NILI)(OTC PINK:NILIF)(FRA:DJ5C) is pleased to present geological information from the logging of drill holes NN2207 and NN2008 while the Company awaits final assays from drilling at the 100% owned Nevada North Lithium Project in Elko County, Nevada.

Previously released assay results (refer to News Release dated Dec. 8'22) confirmed the presence of significant lithium values contained within layered zones of claystone and blue-grey clay in drill holes NN2201 thru NN2006 (see plan map). The Company believes this demonstrates the potential for a high tenor lithium clay deposit.

While assays are yet to be received from the lab, the same claystone unit and blue-grey clay was intersected in holes NN2207 and NN2208, some 790 and 1130 meters south and south-southeast of the discovery hole NN2201.

Hole NN2207 cut a much thicker section of the favorable claystone than was encountered in holes NN2201, NN2203, 04, and 05. Hole NN2207cut 114.3 meters (375 feet) of claystone compared to the average of 45.7 meters (150 feet). Visually, the claystone and especially the blue-grey clay beds within the package are identical to those carrying high grade lithium.

Hole NN2208 was situated on anomalous soil geochemistry about 354 meters south-southwest of NN2207. This hole cut 73.15 meters (240 feet) of the favorable claystone, still well above the average for the four holes to the north-northeast. The hole was cut at 300 feet due to time and budget constraints and did not penetrate to the basement welded tuff.

The potential for lithium values within both drill holes is supported by the soil geochemistry collected along the slope exposure of the claystone south of NN2207. Previously collected soil samples down slope (section) of this drill site returned assay values of 4,940, 2040, 3640, 1090, and 1440 ppm lithium. These samples were collected on 50-meter intervals with a total elevation change of about 36 meters (120 ft) and are listed in descending elevation order.

Qualified Person as Defined Under National Instrument 43-101

Alan J. Morris of Spring Creek, Nevada, a Qualified Person as defined under Nation Instrument 43-101 has reviewed and approved the technical aspects of this news release.

Figure 1. Drill Hole Location Map

About Surge Battery Metals Inc. surgebatterymetals.com

The Company is a Canadian-based mineral exploration company active in the exploration for nickel-iron alloy in British Columbia and lithium in Nevada whose primary listing is on the TSX Venture Exchange. The Company's maintains a focus on exploration for high value battery metals required for the electric vehicle (EV) market.

Nevada Lithium Projects

The Company owns a 100% interest in 154 mineral claims located in Elko County, Nevada. The Nevada North Lithium Project is in the Granite Range southeast of Jackpot, Nevada, about 73 km north-northeast of Wells, Nevada. The target is a lithium clay deposit in volcanic tuff and tuffaceous sediments of the Jarbidge Rhyolite package. The project area was first identified in public domain stream sediment geochemical data with follow up sediment sampling and geologic reconnaissance returning assay results for lithium ranging from 29.1 ppm to 5,120 ppm. Significant results included 89 samples outlining a highly anomalous zone containing sample points greater than 1,000 ppm lithium. Currently, the zone of highly anomalous lithium values extends about 1,700 meters east-west in two bands each about 300 to 400 meters wide. The anomalous values appear to be in soils developed on airfall or water lain rhyolitic tuff overlain by welded ash flow tuff.

In addition, the Company has a Property Option Agreement to earn an undivided 80% interest in 16 mineral claims, comprising 640 acres located within Nevada's San Emidio Desert, known as the Galt Property. Recent mineral exploration on the Galt claim group includes 51 playa sediment samples collected for chemical analysis at ALS Geochemistry in Vancouver, B.C. Results of aqua regia leaching of the samples show 68 to 852 parts per million lithium (mean 365 ppm), 5.3 to 201 ppm cesium (mean 72 ppm) and 35 to 377 ppm rubidium (mean 180 ppm). Results from two seven-foot-deep auger holes show lithium, cesium, and rubidium concentrations in the range of 143.5 to 773 ppm Li, 56.8 to 102.5 ppm Cs and 155 to 272 Rb.

Finally, the Company owns a 100% interest in 663 ha (1,640 acre) property in the Teels Marsh Project located in Mineral County, Nevada. The property is in an active region for both lithium exploration and production.

Nickel Projects, Northern BC

The Company has a Property Option Agreement to earn an undivided 80% interest in certain mineral claims from Nickel Rock Resources Inc. The Project (The Surge Nickel Project) consists of two non-contiguous mineral claims groups consisting of 6 mineral claim blocks located in northern British Columbia. One claim in the Mount Sidney Williams area (claim HN4), covers 1863 hectares immediately south of and adjacent to the Decar Project, currently being advanced by FPX Resources, and 5 claims in the Mitchell Range area, northeast of Decar, (N100 Group) covering 8659 hectares. Three of the claims are subject to 2% NSR, including the (HN4 claim and the two southernmost claims of the N100 claim group). Both projects target the nickel-iron alloy mineral "Awaruite", hosted by serpentinized intrusive rocks of the Trembleur Ultramafic Unit.

On Behalf of the Board of Directors

"Greg Reimer"
Greg Reimer, President & CEO

Contact Information

Email: info@surgebatterymetals.com
Phone: 778-945-2656

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 guaranteeing 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 Battery Metals Inc.

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FAQ

What are the recent findings from Surge Battery Metals' drill holes NN2207 and NN2208?

Drill holes NN2207 and NN2208 intercepted significant claystone, with NN2207 recording 114.3 meters and NN2208 73.15 meters.

What is the significance of the lithium values reported by Surge Battery Metals?

Previous soil samples showed lithium values up to 4,940 ppm, indicating potential for a high-quality lithium deposit.

What is the status of assay results for drill holes NN2207 and NN2208?

Surge Battery Metals is awaiting final assay results to confirm the lithium concentrations from the drill holes.

Where is the Nevada North Lithium Project located?

The Nevada North Lithium Project is situated in Elko County, Nevada, owned entirely by Surge Battery Metals.

What is the potential impact of these drilling results on NILIF stock?

Positive drilling results may enhance investor confidence and potentially increase NILIF stock value.