VANCOUVER, British Columbia,
Nov. 28, 2018 /CNW/ -- Surge
Exploration Inc. ("the Company" or "Surge") (TSXV: SUR) (OTC:
SURJF) (FRA: DJ5C) announces that it has entered into Purchase and
Sale Agreement with Venture Capital IQ Inc. dated November 27, 2018 (the "Agreement") whereby Surge
has acquired 100% interest in 9 mineral claims comprising 19,665
hectares (197 sq km) located in North Central British Columbia. The
region is host to numerous operating mines, good infrastructure
including experienced exploration and supporting services.
The transaction is subject to TSX Venture Exchange ("Exchange")
approval.
"We're excited at Surge Exploration to acquire approximately 200
sq. km's (85 sq. mi) of tenures in such a propitious area of BC,"
commented the Honourable Bill Bennett, Surge director and
three-time former BC Energy & Mines Minister. "This area of the
Province has already generated several promising projects, and our
land package is strategically situated to exploit the high
copper-gold values of the region. BC is a mining-friendly
jurisdiction with reasonable processes, good infrastructure and
potential First Nation partners – extending Surge's land holdings
from Chile and Ontario to this region of BC makes our company
stronger."
About the Property
The Omineca Group of 9 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 Daewoo
TSXV: 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.
Terms of the Agreement
The Company will pay Venture Capital IQ Inc. $40,000 upon signing the Agreement and issue
1,000,000 fully paid and non-assessable common shares in the
capital of Surge upon Exchange approval.
All shares issued are subject to a four month and a day hold
period in accordance with applicable securities laws.
Qualified Person
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.
Incahuasi Lithium Project (Lithium Brine):
The property is located on the northernmost section of the
Incahuasi salar, 75 km southeast from both the town of Tilomonte,
Chile and the Salar de Atacama,
where mining is the largest economic activity, and the mining
industry is one of the region's major employers. The
Incahuasi salar is located on the national border between
Chile and Argentina at an elevation of 3,260 m. The Incahuasi Lithium Project
consists of 10 mineral exploration concessions totalling 2,300
hectares. Bordering this property, in Argentina, is a 9,843 hectare lithium
exploration property held by Advantage Lithium (TSXV: AAL OTCQB:
AVLIF). The option on this project is subject to TSXV
approval.
Atacama Cobalto Project (Cobalt Copper):
The Atacama Cobalto Project is located in the Atacama Province
in northern Chile, 15 km northwest
of the town of Copiapó, where mining is the largest economic
activity, and the mining industry is one of the region's major
employers. The Atacama Cobalto Project consists of 1,059 hectares
and is located only 3 km East of the Cerro Iman Mine. To
date, CAP Minería has drilled over 20,250
m on the Atacama Cobalto Project.
The area of interest hosts several other mining companies and is
situated near the mylonitic corridor that is part of the Atacama
Fault System that hosts many of the IOCG deposits in northern
Chile. The Atacama Cobalto Project
corresponds to a "cobalt anomalous IOCG" associated with the
geographic area. The Atacama Cobalto Project benefits from access
to excellent infrastructure, including port access, energy supply,
and access through the Pan American Highway. The option on this
project is subject to TSXV approval.
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.
Contact:
info@surgeexploration.com
+1-778-945-2656
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SOURCE Surge Exploration Inc.