RESPEC Engaged to Upgrade Nevada North Lithium Mineral Resource Estimate High-resolution 3D geological model handed over - process underway to convert resource to Measured and Indicated categories to support ongoing Pre-Feasibility Study.
RESPEC Engaged to Upgrade Nevada North
Lithium Mineral Resource Estimate
High-resolution 3D geological model handed over - process
underway to convert resource to Measured and Indicated
categories to support ongoing Pre-Feasibility Study.
West Vancouver, British Columbia--(Newsfile Corp. - March 24, 2026) - Surge Battery Metals
Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "
Company
" or "
Surge
") is pleased to announce that
Nevada North Lithium LLC ("NNL"), the joint venture formed by Surge and Evolution Mining Limited
("Evolution"), has engaged RESPEC to complete an updated Mineral Resource Estimate (MRE) for the
Nevada North Lithium Project (NNLP) located in Elko County, Nevada.
Following a highly successful 2025 drill program, all geological data has been processed, and a
comprehensive, 3D geological model has been successfully handed over to the RESPEC team.
RESPEC is expected to deliver the updated MRE by late April 2026.
A primary objective of this updated MRE is the conversion of a significant portion of the current Inferred
resource into the higher-confidence Measured and Indicated categories. This upgraded resource will
serve as the foundational geological baseline for the ongoing Pre-Feasibility Study (PFS), which is
currently being advanced by Fluor Corporation.
Founded in 1969, RESPEC is a global leader in geoscience, engineering, data, and integrated
technology solutions. The firm specializes in supporting the mining industry from exploration to
reclamation, offering deep expertise in mineral resource estimations, subsurface geology interpretation,
and mining engineering.
Mr. Greg Reimer, President & Chief Executive Officer and Director of Surge, commented,
"This
upcoming MRE update is a significant milestone for the NNLP. The 2025 drill program was successful in
confirming the continuity, true thickness, and premium grade of the Nevada North deposit. By upgrading
this resource to the Measured and Indicated categories, we continue to derisk the asset and provide our
world-class engineering partners at Fluor with the high-confidence data they need to finalize our Pre-
Feasibility flowsheet."
Qualified Person:
Alan J. Morris, MSc, CPG of Spring Creek, Nevada, Geological Advisor to the Company, and 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 Inc., 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 development of high-grade lithium energy metals in Nevada, USA, a crucial element
for powering battery electric storage and electric vehicles. With a primary listing on the TSX Venture
Exchange in Canada and a listing on the OTCQX Market in the USA, Surge Battery Metals Inc. is
strategically positioned as a key player in advancing lithium exploration.
About Evolution Mining Limited
Evolution Mining is a leading, globally relevant gold miner. Evolution operates six mines, comprising five
wholly-owned mines – Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland,
Mungari in Western Australia, and Red Lake in Ontario, Canada, and an 80% share in Northparkes in
New South Wales.
About Nevada North Lithium LLC
Nevada North Lithium LLC, jointly owned by Surge Battery Metals Inc (72.5%) and Evolution Mining
Limited (27.5%), owns the Nevada North Lithium Project southeast of Jackpot, Nevada about 73 km
north-northeast of Wells, Elko County. The first three rounds of drilling at the project identified a strongly
mineralized zone of lithium bearing clays occupying a strike length of more than 4,300 meters and a
known width of greater than 1,500 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 11.24 Mt of Lithium Carbonate
Equivalent (LCE) grading 3010 ppm Li at a 1,250-ppm cutoff. The recently completed PEA for the
project reported an after-tax NPV
8
% US $9.17 Billion and after-tax IRR of 22.8% at $24,000/t LCE and
an OPEX of US $5,243/t LCE.
On behalf of the Board of Directors
"Greg Reimer"
Greg Reimer,
Director, President & CEO
Contact Information
Email:
Phone: 604-662-8184
Website:
surgebatterymetals.com
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This document may contain certain "Forward-Looking Statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When
used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan" or
"planned", "possible", "potential", "forecast", "intend", "may", "schedule" and similar words or
expressions identify forward-looking statements or information. These forward-looking statements or
information may relate to future prices of commodities including lithium and nickel, the accuracy of
mineral or resource exploration activity, reserves or resources, regulatory or government requirements or
approvals including approvals of title and mining rights or licenses and environmental, local community or
indigenous community approvals, the reliability of third party information, continued access to mineral
properties or infrastructure or water, changes in laws, rules and regulations including in the United
States, Nevada or California or any other jurisdiction which may impact upon the Company or its
properties or the commercial exploitation of those properties, currency risks including the exchange rate
of USD$ 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.
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