West Vancouver, British Columbia--(Newsfile Corp. - June 20, 2024) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or "Surge") is pleased to announce that it has completed the four holes located on private surface land holdings as part of the 2024 drilling program on the Nevada North Lithium Project (NNLP). Visual inspection and site testing confirms the presence of the mineralized clay horizons discovered in the 2022 and 2023 drill programs. A further 4 holes are underway and yet to be completed.
The 2024 drill program was designed to step out and test soil geochemical anomalies and the geophysical footprint associated with lithium mineralization in the 2022 and 2023 programs. The eight hole Reverse Circulation drill program has thus far extended the mineralized clay 1km both to the east and west and up to 1.2km along strike to the south of the existing resource area. This is likely to expand the existing inferred resource of 4.67 million tonnes of lithium carbonate equivalent grading 2,839 parts per million lithium at a 1,250 ppm Li cut-off (see Figure 1).
Of the remaining 4 sites to be drilled in the 2024 program, two holes located on Surge property will test mineralized clay detected by soils geochemistry to the south of the private parcels (NNL-027 & 028). The remaining two sites are located on property held with M3 Metals Corp. (NNL-025 & 026) and explore for down-dip lithium mineralization to the West.
Drilling operations are proceeding smoothly and logging by Surge geologists indicates that drilling has encountered lithium-bearing clay mineralization consistent with nearby holes drilled in 2022 and 2023. Drill samples from the first four holes have been delivered to ALS Global for assay.
NNL-021 was drilled to 280 feet (85 meters) and intersected 165 feet (50 meters) of mineralized clay. Geologic interpretations predicted thinner clays would be intercepted at this site. However, field testing indicates that these clays are thicker and more favorable than expected. Collared 1100 m east of NN22-08 and NN23-09, the site succeeded in its goal of testing continuity of mineralization between existing holes to the west and a surface expression of mineralized clays to the east.
NNL-022 was drilled to 400 feet (122 meters), penetrating 265 feet (80 meters) of mineralized clay. Similar to hole NNL-021, the mineralized clay zones have greater thickness than previously modeled. Another successful step-out hole, it was collared 1100 meters southeast of the nearest previous holes and 1000 meters to the southwest of NNL-021.
NNL-023 was drilled to 500 feet (152 meters) and intersected 25 feet (7.5 meters) of mineralized clay. This hole stepped out from the known mineralization to the west, testing expected deeper mineralization. Poor drilling conditions and sample recovery led Surge geologists to interpret that the drilling intersected a fault.
NNL-024 was drilled to 400 feet (122 meters) and intersected 240 feet (73 meters) of mineralized clay. Mineralized clay is present at the surface of the drill pad and similar to NNL-022, this hole demonstrated unexpected thickening of the clay zones at this 1100 m step-out hole.
Figure 1: Plan view showing the location of 2022 and 2023 drilling, plus the 2024 program, which is half complete.
Mr. Greg Reimer, Chief Executive Officer, and Director commented "I am pleased to report that the clay units intersected in 2022 and 2023 drilling appear to extend to the west and thicken to the south and to the east at sites explored during this program. Initial field observations indicate that even the lower clays intersected in this program appear to share characteristics with the high-grade upper clays observed previously. These observations indicate a potential for high-grade mineralization in units previously observed to be of moderate mineralization. We look forward to receiving and reporting assay results and incorporating them into our geologic model."
Qualified Person as Defined Under National Instrument 43-101
Alan J. Morris, MSc, CPG of Spring Creek, Nevada, a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical aspects of this news release.
About Surge Battery Metals Inc.
Surge Battery Metals, a Canadian-based mineral exploration company, is at the forefront of securing the supply of domestic lithium through its active engagement in the Nevada North Lithium Project. The project focuses on exploring clean, high-grade lithium energy metals in Nevada, USA. Lithium is a crucial element for powering the electric vehicles of tomorrow. With a primary listing on the TSX Venture Exchange in Canada and the OTCQX Market in the US, Surge Battery Metals Inc. is strategically positioned as a key player in advancing lithium exploration, contributing significantly to the sustainable future of the electric vehicle industry.
About the Nevada North Lithium Project
The Company's Nevada North Lithium Project, located in the Granite Range southeast of Jackpot, Nevada 73 km north-northeast of Wells, Elko County, Nevada. The first two rounds of drilling, completed in 2022 and 2023, identified a strongly mineralized zone of lithium bearing clays occupying a strike length of more than 3,500 meters and a known width of up to 950 meters. Highly anomalous soil values and geophysical surveys suggest there is potential for the clay horizons to be much greater in extent. The Nevada North Lithium Project has a pit-constrained Inferred Resource containing an estimated 4.67Mt of Lithium Carbonate Equivalent (LCE) grading 2,839 ppm Li at a 1,250 ppm cutoff.
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This document may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities 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 identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities including lithium and nickel, the accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental, local community or indigenous community 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 upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for CDN$ or other currencies, fluctuations in the market for lithium related products, changes in exploration costs and government royalties, export policies or taxes in the United States or any other jurisdiction and other factors or information. The Company's current plans, expectations, and intentions with respect to development of its business and of its Nevada properties may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions (including US government subsidies or incentives) on its ability to secure further financing or funding of its Nevada properties. Such statements represent the Company's current views with respect to future events and are necessarily based upon several assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental (including endangered species, habitat preservation and water related risks) and social risks, contingencies, and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
