Surge Exploration Provides Update
Vancouver, BC – September 11, 2019 – Surge Exploration Inc. (the “Company” or “Surge”) (TSXV: SUR, OTCQB:SURJF, FRA: DJ5C) wishes to make the following statements regarding recent market activity concerning its common shares traded on the OTCQB marketplace. The Company was informed by the OTC that promotional activity coincided with higher than average trading volume.
The Company became aware of certain promotional activity on August 16, 2019 based on its engagement with a marketing firm, Awareness Consulting Network LLC (“Awareness”). The promotional material presents an overview on the Company’s business which includes updates of its exploration projects located in Canada. While the material contains some speculative statements about investment potential, the Company does not believe it contains any materially false or misleading statements about the Company.
The Company engaged Awareness for the purposes of newswriting and marketing services and directly paid Awareness for the creation and distribution of the materials prepared by Awareness. The Company reviewed the content of the materials for factual inaccuracies regarding the Company business and the content of the materials were accurate statements based strictly on its previously disseminated press releases made available to the public or public information regarding its projects as posted on the Company’s website.
The Company’s recent press releases have reported on and provided disclosure of legitimate and ongoing corporate activities only and are not part of any promotional activities. Our operations are in the exploration stage. As an exploration stage enterprise, our focus must remain on developing our property interests to establish a commercially viable resource. This is where our attention and funds will remain. The Company encourages those interested in the Company to rely solely on information included in its press releases combined with its SEDAR filings, and disclosures made with OTC Markets Group. In addition, we strongly urge any prospective investors to obtain advice from a qualified investment professional prior to making any investment in our Company.
The Company made direct inquiries of its officers, directors and shareholders owning 10% or more of the Company’s securities and we can confirm that no shares were purchased or sold within the past 90 days .
Since 2018, the Company has entered into an editorial write-up and marketing campaign contracts with Stellar Media and Aktien Check.
Pursuant to private placements and shares for debt transactions completed through the facilities of the TSX Venture Exchange, the Company has issued the following shares and warrants. The shares were issued at a discount to market pursuant to private placement pricing policies of the TSX Venture Exchange and all securities issued were restricted and subject to statutory hold periods. The warrant exercise prices were at market price at the time of grant and as such were not discounted:
- December 22, 2017 – 43,750,000 post-consolidated shares at $0.04 per 43,750,000 post-consolidated warrants exercisable at $0.04 expiring on December 22, 2019. To date there are 39,156,000 warrant outstanding.
- February 14, 2018 – 4,379,176 post-consolidated shares at $0.04 and 2,413,914 post-consolidated warrants exercises able at $0.04 expiring on February 20, 2020. To date there are 2,413,914 post-consolidated warrants outstanding.
- July 22, 2018 – 5,500,000 shares at $0.10. per share and 5,500,000 warrants exercisable at $0.15 expiring on July 22, 2020.To date there are 5,500,000 warrants outstanding.
About Surge Exploration Inc.
The Company is a Canadian-based mineral exploration company which has been active in the resource sector in British Columbia and elsewhere in Canada.
Golden Triangle – Trapper Lake Property (Copper Gold), British Columbia
The Company owns 100% interest in the Golden Triangle – Trapper Lake Group of 23 mineral claims which are located in the prolific Golden Triangle Region of northwestern British Columbia approximately 90 km ENE from Juneau, Alaska. Surges’ staking program totals an area of approximately 325 sq. km within the regionally important geological and structural trend. A large portion of the new property is adjacent to the Thorn Project owned by Brixton Metal’s Corp. (“Brixton”, TSXV: BBB) with the balance covering prospective open ground containing numerous B.C. Minfile showings with Cu, Ag, Au values adjoining the boundaries of the Golden Bear Mine, a 480,000 oz Au past producer.
In Brixton’s news release dated July 15, 2019 (Brixton News Release), they reported results from drill hole THN19-150, which was drilled to 829.06 metres depth at the Oban diatreme breccia pipe within the Camp Creek copper corridor. Brixton reported a drill hole intercept of 1.97 grams per tonne gold equivalent across 554.70 meters including 135.96M of 1.35 g/t Au, 0.31 % Cu, 133.62 g/t Ag or 5.00 g/t Aueq including 6M of 3.56% Cu, 3.37 g/t Au, 257.77 g/t Ag. Structural mapping and soil-rock geochemistry at the Chivas zone and relogging of select core from the Glenfiddich zone were also conducted as part of the overall exploration program at the Thorn Project.
Mineral Mountain Properties (Copper Gold) British Columbia
The Company owns a 100% interest in the Omineca Group of 12 claim blocks which are located in the Omineca Mining Division of north-central British Columbia, approximately 150 km north of Fort St. James. The claims are not subject to any royalty terms, back-in rights, payments or any other agreements and encumbrances.
B.C. Minfile assessment report data indicates that most of the area covered by the Omineca Group claim blocks were at one time or another covered by staking during surges of exploration in B.C. dating from the 1940’s to present day. Largely the claims appear to have been minimally explored with little follow-up. However, some work was recorded on several claims with results for stream sediment sampling showing anomalous to highly anomalous results for gold in a few areas. These areas were recommended for detailed follow-up, however due to a previous commodity price downturn no further work was recorded.
Prominent among early discoveries in the Omineca region were the nearby Lustdust/Stardust property (Sun Metals Corp. TSXV: SUNM) covering a large, coherent integrated porphyry-skarn-manto, epithermal system; the Kwanika property (Serengeti Resources Inc./POSCO Daewoo TSXV: SIR) a promising advanced stage copper-gold project; the Lorraine property (Teck Resources and Sun Metals) host to a significant copper gold NI 43-101 compliant resource. The Surge tenures are located between the Kemess North project being developed by Centerra Gold’s subsidiary Aurico Metals and Centerra Gold’s operation Mt Milligan mine.
Hedge Hog Property, (Copper Gold) British Columbia
The Company has an option to earn an undivided 60% interest seven mineral tenure covering 2,418 hectares (5,972 acres) located approximately 80 km northeast of the town of Quesnel, BC and 20 km north of the historic gold mining towns of Wells and Barkerville.
Ontario Cobalt Properties (Cobalt) Ontario
The Company has an option to earn an undivided 60% interest in the Glencore Bucke Property and the Teledyne Property, located in Cobalt, Ontario Canada.
On Behalf of the Board of Directors
President & CEO
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 news release may contain forward‐looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward‐looking. Forward‐looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward‐looking statements.