Canadian mining company Surge Exploration has acquired a 100% stake in an additional 6,790ha of copper-gold mineral claims, adjacent to its copper porphyry mineral claim, from Venture Capital IQ in the Omineca Mining District of British Columbia.
With this acquisition, Surge now owns copper-gold mineral claims totalling 26,455ha (265km²) in the area.
Under the terms and conditions of the purchase and sale agreement, Surge has agreed to make a cash payment of $16,000 to the vendor upon signing the agreement and issue 2,000,000 fully paid and non-assessable common shares of the company upon TSX Venture Exchange approval of the transaction.
The shares to be issued will be subject to a four-month plus one-day hold period in accordance with securities laws.
Surge CEO Tim Fernback said: “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.”
Surge will prepare a plan and budget for an exploration programme to be taken up in 2019.
The Omineca Group of 12 claim blocks is located in the Omineca Mining Division of British Columbia, and not subject to royalty terms, back-in rights, payments or any other agreements and encumbrances.
Early discoveries in the Omineca region include Lustdust/Stardust property by Sun Metals Corp; Kwanika property by Serengeti Resources/POSCO Daewoo; and Lorraine property by Lorraine Copper Corp.
All tenures are located between the Kemess North project being developed by Centerra Gold’s subsidiary Aurico Metals and Centerra Gold’s Mt Milligan mine.
The company also has an option to earn an undivided 60% interest in the Glencore Bucke Property and the Teledyne Property, located in Cobalt, Ontario, as well as mineral tenures covering 2,418ha, located 80km north-east of Quesnel, British Columbia, and 20km north of the towns of Wells and Barkerville.