NILI:CC - Surge Battery Metals announces drilling is set to commence at its Nevada North Lithium Project
(TheNewswire)
July 19, 2023 – TheNewswire - WestVancouver, BC - Surge Battery Metals Inc. (the “ Company ” or“ Surge ”) (TSXV:NILI ) , ( OTC:NILIF ) , ( FRA:DJ5C) is pleased to announce that drilling equipment andcrews are being mobilized to begin the second round of drilling at itsflagship Nevada North Lithium Project.
The current drilling program follows on from thediscovery program of 2022 that revealed lithium enrichment insediments along a strike length of 1,620 meters, with individualintercepts of up to 78m at a weighted average 3245 ppm Li, with valuesas high as 5950 ppm Li (13.7 – 15.3 m hole N2208), and the highestgrade hole overall (N2207) with 120m grading a weighted average 3943ppm Li. (Surge press release January 1, 2023)
The new program will test an expanded footprint togreater depth. Results of the geophysics program (Surge announcementMay 23, 2023) indicated greater thicknesses of the target sedimentaryunit to depths of 300 meters. The strike length will also beextended to 3000m (9,850 ft) from 1,620m (5,320 ft). The apparentwidth will also be extended to 920m (3,020 ft), from the previousextent of 350 m (1,150 ft). On site, Surge geologists will be using ahand-held LIBS (Laser Induced Breakdown Spectroscopy) device todetermine semi-quantitative values for lithium directly from thecores.
Greg Reimer, President, and CEO commented “The Surgeteam is very keen to follow up on the exciting results of our previousdrilling campaign to further expand and define the mineralization inreadiness to announce a resource in the fourthquarter. Incorporating the initial results of our geophysics program,we are encouraged at the prospect of further defining and extendingthe footprint, depth and thickness of the lithium-clay mineralization.With in excess of $9.5 Million in the treasury, we are well funded tocomplete our exploration and development plans.”
The Company has entered into a 6-month marketing andconsulting contract with Toronto-based marketing firm, Outside TheBo x Capital Inc.(the "Contract") to enhance its investor relations andmarketing functions. The Company will, upon TSX Venture Exchangeapproval of the Contract, pay Outside The Box Capital $100,000 CDN andgrant 400,000 options exercisable for a period of one year at $0.55.Outside The Box Capital currently owns 0 shares of the Company and hasno direct relationship with the Company other than as set out in thisrelease. The options will vest in equal quarterly tranches over aperiod of twelve (12) months.
The company is granting a total of 3 million stockoptions, exercisable for a period of five years, at an exercise priceof 55 cents a share to certain directors, officers, andconsultants.
About Surge Battery Metals Inc.
The Company is a Canadian-based mineral explorationcompany active in the exploration for lithium in Nevada whose primarylisting is on the TSX Venture Exchange. The Company's maintains afocus on exploration for high value battery metals required for theelectric vehicle (EV) market.
About the Nevada North LithiumProject
The Company owns a 100% interest, without anyroyalties, in the NevadaNorth Lithium Project, consisting of 303mineral claims, located in the Granite Range southeast of Jackpot,about 73 km north-northeast of Wells, Elko County, Nevada. The first round of drilling, completed inOctober 2022, identified a strongly mineralized zone of lithiumbearing clays occupying a strike length of almost 1,620 meters fromdrillhole NN2205 in the north to drill hole NN2208 in the south.Widths of the mineralized horizons are not well determined since theholes are mostly on a north-south alignment, however, widths are atleast 400 metres, supported by highly anomalous soil values indicatingpotential for the clay horizons to be much greater in extent. Thepotential for a significant lithium deposit can be illustrated by theresults of drillhole NN2207 which intersected the thickest intervalsof lithium-rich claystone encountered to date; a total of 120.4 metres(395 feet) averaging 3,943 ppm lithium in fourzones. Additionally, drillhole NN2208 had the strongest downholeindividual sample of 5,950 ppm lithium between 45 and 50 feet (13.72and 15.24 metres). Theaverage lithium content within all near surface clay zones intersectedin 2022 drilling, applying a 1000 ppm cut-off, was 3254 ppm.
Qualified Person as Defined UnderNational Instrument 43-101
Alan J. Morris, MSc, CPG ofSpring Creek, Nevada, a Qualified Person as defined under NationalInstrument 43-101 has reviewed and approved the technical aspects ofthis news release.
On behalf of the Board ofDirectors
“Greg Reimer”
Greg Reimer,
President & CEO
Contact Information
Email: info@surgebatterymetals.com
Phone: 778-945-2656
Website: surgebatterymetals.com
Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
This document may contain certain “Forward-LookingStatements” within the meaning of the United States PrivateSecurities Litigation Reform Act of 1995 and applicable Canadiansecurities 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 identifyforward-looking statements or information. These forward-lookingstatements or information may relate to future prices of commoditiesincluding lithium and nickel, the accuracy of mineral or resourceexploration activity, reserves or resources, regulatory or governmentrequirements or approvals including approvals of title and miningrights or licenses and environmental, local community or indigenouscommunity 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 uponthe Company or its properties or the commercial exploitation of thoseproperties, currency risks including the exchange rate of USD$ forCdn$ or other currencies, fluctuations in the market for lithiumrelated products, changes in exploration costs and governmentroyalties, export policies or taxes in the United States or any otherjurisdiction and other factors or information. The Company’s currentplans, expectations and intentions with respect to development of itsbusiness and of its Nevada properties may be impacted by economicuncertainties arising out of any pandemic or by the impact of currentfinancial and other market conditions (including US governmentsubsidies or incentives) on its ability to secure further financing orfunding of its Nevada properties. Such statements represent theCompany’s current views with respect to future events and arenecessarily based upon a number of assumptions and estimates that,while considered reasonable by the Company, are inherently subject tosignificant business, economic, competitive, political, environmental(including endangered species, habitat preservation and water relatedrisks) and social risks, contingencies and uncertainties. Manyfactors, both known and unknown, could cause results, performance orachievements to be materially different from the results, performanceor achievements that are or may be expressed or implied by suchforward-looking statements. The Company does not intend, and does notassume any obligation, to update these forward-looking statements orinformation to reflect changes in assumptions or changes incircumstances or any other events affecting such statements andinformation other than as required by applicable laws, rules andregulations.
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