Surge Closes Wilkins Family and Y3-II Agreements
Surge Closes Wilkins Family and Y3-II
Agreements
West Vancouver, British Columbia--(Newsfile Corp. - December 7, 2023) - Surge Battery Metals Inc.
(TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "
Company
" or "
Surge
") announces that on October 3,
2023, the Company entered into two mineral property purchase agreements to purchase a total twenty-
five (25%) of the mineral rights (the "Mineral Rights") to private lands comprising approximately 880
acres (the "Private Lands") which Private Lands are located within the general boundaries of the
Company's NNLP Project.
The Company's news release dated October 3, 2023 contained additional
details, including a map, of the Private Lands and their location.
The first agreement, dated effective September 14, 2023 and later amended (the "Wilkins Family
Agreement") called for the Company to acquire a twenty-one point two five (21.25%) percent interest in
the Mineral Rights underlying the Private Lands (the "Wilkins Interest").
Details of the Wilkins Family
Agreement can be found in the Company's news release dated October 3, 2023.
The closing of the acquisition of the Wilkins Interest has now occurred with payment to the Wilkins Family
of USD$50,000 and issuance of a total of 1,250,000 shares (the "Wilkins Shares") of the Company's
common stock.
The Wilkins Shares are subject to an Exchange hold period and cannot be traded before
April 1, 2024.
The second agreement, dated effective September 15, 2023 (the "Y3-II Agreement") is also described
in the October 3, 2023 news release.
The Y3-II Agreement provided for the purchase of an additional
three point seven five (3.75%) percent interest in the Mineral Rights and has now also closed with the
issuance of a total of 300,000 shares (the "Y3-II Shares") of the Company's common stock.
The Y3-II
Shares are subject to an Exchange hold period and cannot be traded before April 6, 2024.
With the closing of the Wilkins Family Agreement and the Y3-II Agreement, the Company now has
acquired control of a total twenty-five (25%) percent interest in the Private Lands inside the NNLP.
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 in Canada and the OTCQX Market in the
US.
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 the Nevada North Lithium Project located in the Granite Range southeast of
Jackpot, Nevada about 73 km north-northeast of Wells, Elko County, Nevada. The first round of drilling,
completed in October 2022, identified a strongly mineralized zone of lithium bearing clays occupying a
strike length of almost 1,620 meters. Widths of the mineralized horizons are at least 400 meters,
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 average lithium content
within all near surface clay zones intersected in 2022 drilling, applying a 1000 ppm cut-off, was 3254
ppm.
The 2023 drill program is designed to expand the known lithium-rich clay from the current 1,620 meters
strike length to more than 3,500 meters and the known width of the mineralization to 950 meters from the
previously drill-indicated 400 meters. The program is now completed, and we are awaiting assay results.
Initial assay results from the first hole of the 2023 season had a high of 8070 ppm lithium with an average
of 4,067 ppm lithium at a 1,000 ppm cut-off (See news release September 12, 2023).
On behalf of the Board of Directors
"Greg Reimer"
Greg Reimer,
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/190198