VANCOUVER, British Columbia, September 25, 2018 /PRNewswire/ --
Surge Exploration Inc. ("the Company" or "Surge") (TSXV: SUR) (OTC: SURJF) (FRA: DJ5C) is pleased to announce the proposed 2018 and 2019 Exploration Programs for its Teledyne Cobalt & Glencore Bucke Properties located in Ontario Canada situated in Bucke & Lorraine Townships, 6 km east-northeast of Cobalt, Ontario. After recent discussions with its geological team and US Corporate Advisor, Wellington Shields & Co., it was determined that an additional 5,500 m of drilling was needed to work towards the completion of a NI 43-101 resource estimate on the properties. This work will commence starting October 1st, 2018.
Alongside the proposed drilling program, a proposed exploration program will also involve surface exploration work which includes geological mapping and prospecting that is recommended to further evaluate the geological potential of each cobalt property. Management believes that potential remains on the Glencore Bucke Property for the discovery of parallel mineralized zones to that of the Northwest and Main zones, and west of the Teledyne Main Zone on the Teledyne Cobalt Property.
Drilling Plan: Glencore Bucke Cobalt Property
A two-phase diamond drilling program of up to 4,000 m (13,123 ft.) has been planned by Surge to continue to test the mineralization along strike of the Northwest and Main zones, with the intent of completing a NI 43-101 resource estimate upon its completion, as well as testing any other targets that may be generated from the surface mapping and prospecting programs.
Drilling Plan: Teledyne Cobalt Property
A two-phase drilling program of up to 1,500 m (4,921 ft.) has been planned to extend the known mineralization on the Main Zone and follow up on targets generated from the Phase 2 surface exploration program.
The proposed multi-phase diamond drilling programs follow up the successful completion of the Teledyne & Glencore Bucke Phase 1 diamond drilling programs during the fall of 2017. Here, a combined 32 diamond drill holes totaling over 4,100 m (13,451 ft.) of drilling was completed.
Historical Work Completed
Glencore Bucke Property
In 1981, Teledyne Canada Ltd., completed 36 diamond drill holes totaling 10,903 ft (3323.3 m) on the Property, and delineated two mineralized zones, named the Main Zone and Northwest Zone, measuring 500 ft (152.4 m) and 200 ft (70.0 m) in length respectively (Bresee, 1982). Based on the surface drill program completed by Teledyne, historical reserves of 60,000 tons in the geologically inferred category, and 15,000 tons in the probable category, at an average grade of 0.45% Co, 3.0 oz/t Ag was estimated (Linn, 1983).
From 1979 through to 1980, Teledyne Canada Ltd., completed 6 surface diamond drill holes and 22 underground diamond drills for an aggregate of 3,160.8 m (10,370 ft.) on the Teledyne Cobalt Property. Based on the surface and underground diamond drill programs, historical reserves of 60,000 tons in the geologically inferred category, and 40,000 tons in the probable category, at an average grade of 0.45% Co, 0.6 oz/t Ag was estimated (Linn, 1983).
It should be noted that the reserve estimates above are historical estimates as defined by National Instrument 43-101. The historical reserve estimates contain categories that are not consistent with current CIM definitions. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. No attempt was made to reconcile the historical reserve calculations as reported by Teledyne Canada Ltd.. Surge is not treating the historical reserve estimate as a current mineral resource or mineral reserve.
Mr. Tim Fernback, President & CEO of Surge comments "Following up on a successful Phase 1 exploration program at both Glencore Bucke and Teledyne, Surge and its partners, have prepared additional drilling exploration programs on both properties with the intent to complete a NI 43-101 resource estimation on both properties. We are very excited about commencing our multi-phase phase diamond drilling on both the Teledyne and Glencore Bucke properties on October 1st this year."
The technical content of this news release has been reviewed and approved Joerg Kleinboeck, P.Geo., an independent consulting geologist and a qualified person as defined in NI 43-101.
About Wellington Shields & Co.
Wellington Shields is a registered full-service broker dealer and long standing member of the New York Stock Exchange ("NYSE"). The origins of Wellington Shields & Co. LLC date back to 1925. We are a full-service financial firm providing comprehensive financial advice and superior service to the individual and institutional investor. Wellington Shields & Co. LLC, headquartered in New York, serves clients through a network of professionals in offices throughout the East Coast of the United States. We are members of the NYSE, National Association of Securities Dealers ("NASD"), Financial Industry Regulatory Authority ("FINRA"), and the Securities Investor Protection Corporation ("SIPC").
Wellington Shields has a corporate focus on wealth preservation, minimizing taxes, and providing superior service and their core services include investment advisory, investment banking, brokerage, mutual funds, research, and insurance.
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.
Cobalt Ontario Properties
The Company has an option to earn an undivided 60% interest in the Glencore Bucke Property and the Teledyne Property, located in Cobalt Ontario.
Atacama Cobalto Project:
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 Coblato Project. The option on this project is subject to TSXV approval.
Hedge Hog Property, 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
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.
SOURCE Surge Exploration Inc.