Surge Battery Metals Announces 100% Increase IN Land Position at Nevada North Lithium Project
Surge Battery Metals Inc.
300-1455 Bellevue Avenue
West Vancouver, BC, Canada
V7T 1C3
778-945-2656
www.surgebatterymetals.com
SURGE BATTERY METALS ANNOUNCES 100% INCREASE IN LAND
POSITION AT NEVADA NORTH LITHIUM PROJECT
July 26, 2023: West Vancouver, BC; Surge Battery Metals Inc. (the “ Company” or “ Surge”) (TSXV:
NILI, OTC: NILIF, FRA: DJ5C) is pleased to announce a significant expansion of its land holdings at the
Nevada North Lithium Project (“NNLP”) through additional claim staking by the Company (100%
interest without any royalties) and by way of an Agreement with M3 Metals Corp (“M3M”).
With the additional staked lands and including the interest in the M3 Lands, the Company will have
increased its land position in the area to approximately 12,800 acres or 5,180 hectares up from a
previous area of 6,270 acres or 2,537 hectares.
Surge Battery Metals Property Map as of 2023-07-24
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Mr. Greg Reimer, Chief Executive Officer and Director commented “I am very pleased to announce
the M3M Agreement as a strategic acquisition by the Company t hat ensures it controls potential
extensions of our existing high tenor, lithium clay deposit. In addition, over the last several months,
Surge has completed additional staking which significantly adds to the strategic land package. These
acquisitions support where our geological staff see strong indications for additional lithium bearing
clay horizons. The Company will incorporate this package in its exploration activities over the coming
months.”
M3 Metals Corp Option and JV Agreement. The Company has entered into a mineral property
option and joint venture agreement (the "M3M Agreement") with M3 Metals Corp. ("M3M"), a TSX
Venture Exchange listed company.
The M3M Agreement grants the Company the option (the "Option") to earn up to an eig hty (80%)
percent interest in and to the M3M Lands (as shown above as M3 Metals Claim Block) by making the
following option payments:
(i) to earn a fifty (50%) percent interest upon Closing in the M3M Lands, the Company must
make a cash payment to M3M of $500,000 and issue to M3M a total of 2,000,000 of the
Company's common shares.
(ii) to earn an additional twenty (20%) percent interest in the M3M Lands, the Company must
make a cash payment to M3M of $250,000, issue to M3M a total of 2,000,000 of the Company's
shares and make $250,000 in exploration expenditures; and
(iii) to earn an additional ten (10%) percent interest in the M3M Lands, the Company must make
a cash payment to M3M of $500,000 and issue to M3M a total of 1,000,000 of the Company's
shares.
Upon earning a fifty (50%) percent interest in the M3M Lands, the Company may either continue to
earn the additional twenty (20%) percent interest and ten (10%) percent interest in the M3M Lands
or may require M3M to enter into a joint venture agreement with it for further exploration and
development of the M3M Lands. Upon payment of the Full Option Exercise Price, M3M and the
Company must enter into a joint venture agreement with industry customary terms including that
the party with the greater interest in the M3M Lands will act as the Operator of the M3M Lands unless
otherwise agreed between them.
Closing of the M3M Agreement is expected to occur within ten (10) days of TSX Venture Exchange
approval of the M3M Agreement. The M3M Agreement, and the Option, have a term of five (5) years
and require, upon their termination, that the parties enter into a joint venture provided that Surge
has earned at least a fifty (50%) percent interest in the M3M Lands.
No finder's fees are payable in connection with the M3M Agreement and M3M and the Company are
not related parties for the purposes of MI 61-101 or otherwise subject to it.
The M3M Agreement, and the performance of the Company's obligations thereunder, are conditional
upon the approval of the TSX Venture Exchange.
About Surge Battery Metals Inc.
The Company is a Canadian-based mineral exploration company active in the exploration for lithium
in Nevada whose primary listing is on the TSX Venture Exchange. The Company's maintains a focus
on exploration for high value battery metals required for the electric vehicle (EV) market.
About the Nevada North Lithium Project
The Company owns or controls 12,800 acres in the Nevada North Lithium Project, consisting of
733 mineral claims, located in the Granite Range southeast of Jackpot, about 73 km north-northeast
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of Wells, Elko County, Nevada. The first round of drilling, completed in October 2 022, identified a
strongly mineralized zone of lithium bearing clays occupying a strike length of almost 1,620 meters
from drillhole NN2205 in the north to drill hole NN2208 in the south. Widths of the mineralized
horizons are not well determined since t he holes are mostly on a north -south alignment, however,
widths are at least 400 metres, supported by highly anomalous soil values indicating potential for the
clay horizons to be much greater in extent . The potential for a significant lithium deposit can be
illustrated by the results of drillhole NN2207 which intersected the thickest intervals of lithium-rich
claystone encountered to date; a total of 120.4 metres (395 feet) averaging 3,943 ppm lithium in four
zones. Additionally, drillhole NN2208 had the s trongest downhole individual sample of 5,950 ppm
lithium between 45 and 50 feet (13.72 and 15.24 metres). The average lithium content within all near
surface clay zones intersected in 2022 drilling, applying a 1000 ppm cut-off, was 3254 ppm.
Qualified Person as Defined Under National Instrument 43-101
Alan J. Morris, MSc, CPG of Spring Creek, Nevada, a Qualified Person as defined under Nation al
Instrument 43-101 has reviewed and approved the technical aspects of this news release.
On behalf of the Board of Directors
“Greg Reimer”
Greg Reimer,
President & CEO
Contact Information
Email : [email protected]
Phone : 778-945-2656
Website: surgebatterymetals.com
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 o r
funding of its Nevada properties . Such statements represent the Company’s current views with respect to future
events and are necessarily based upon a number of 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.