Surge Exploration Inc. (Surge) has recently acquired 100% interest in additional copper-gold mineral claims adjoining its copper porphyry mineral claim in north-central British Columbia.
These 2 new mineral claims (6790 ha) add to the company's current sizable land position within British Columbia's prolific Omineca Mining District. Surge now has copper-gold mineral claims totalling 26 455 ha (265 km2) in the area.
Subject to the terms and conditions of the purchase and sale Agreement dated 2 May 2019 (the agreement) for the new mineral claims, Surge agrees to making a cash payment to the vendor, Venture Capital IQ Inc., in the amount of US$16 000 upon signing the Agreement and issuing 2 million fully paid and non-assessable common shares in the capital of the company upon TSX Venture Exchange approval to the transaction.
Tim Fernback, Surge CEO stated: "We are very excited to acquire these key additional mineral claims in the Omineca Region. This area has already generated several promising projects, and is the subject of significant interest and exploration expenditure in 2019 with recent discoveries by Sun Metals, Teck Resources, Centerra Gold and Serengeti Resources. Furthermore, this region is host to numerous operating mines, good infrastructure including experienced exploration and supporting services. Our exploration team believes that this land package is strategically situated to exploit the high copper-gold values of the region."
About the property
The Omineca Group of 12 claim blocks 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 1940s to the 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.) covering a large, coherent integrated porphyry-skarn, epithermal system; the Kwanika property (Serengeti Resources Inc./POSCO Daewoo) a promising advanced stage copper-gold project; the Lorraine property (Lorraine Copper Corp.) 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 programme to be carried out once the field season starts in 2019.
All shares issued are subject to a four month and a day hold period in accordance with applicable securities laws.
Read the article online at: https://www.globalminingreview.com/mining/07052019/surge-expands-land-position-in-british-columbia/