Surge Battery Enters into Option Agreement to Acquire an 80% Interest Nickel Properties from Nickel Rock Resources Inc.
Vancouver, BC – TheNewswire - July 8, 2021 – Surge Battery Metals Inc. (the "Company" or “Surge”) (TSXV:NILI), (OTC:NILIF) announces that it has entered into an option agreement with Nickel Rock Resources Inc. (“Nickel Rock”) dated July 7, 2021 (the “Agreement”), whereby the Company may earn an undivided 80% interest in the Hard Nickel and Nickel 100 group of claims, located in Northern British Columbia (the “Transaction”). The Transaction is deemed to be a Fundamental Acquisition and is subject to TSX Venture Exchange (Exchange) acceptance.
Terms of the Option:
Purchase Price – The Company will issue 5,000,000 common shares in the capital of Surge at a deemed value of $0.255 per share, upon Exchange Approval. In addition, Surge shall incur an aggregate of $200,000 in Exploration Expenditures on the Property on or before two years from the date of the Agreement.
Joint Venture – Upon the Company having exercised the Option, Surge will have earned an undivided 80% interest in the Property, and the parties will enter into a Commercially Reasonable and Definitive Joint Venture Agreement.
Finder’s fees in the amount of 500,000 shares will be paid to Elaine Miller on behalf of the transaction in accordance with Exchange policies. All finder’s fees paid are subject to Exchange acceptance.
All securities issued in connection with the Transaction will be subject to a four‐month and a day hold period in accordance with applicable Canadian Securities Laws.
About the Northern British Columbia, Nickel Projects
The Mount Sidney Williams Group consists of seven claim blocks in four groups with a total area of 6,900.82 hectares in the area surrounding Mount Sidney Williams, both adjoining and near the Decar project of FPX Nickel Corp., located 100 kilometres northwest of Fort St. James, B.C., in the Omineca mining division. Metallic mineralization includes nickel, cobalt, and chromium. At least some of the nickel mineralization occurs as awaruite. The Mitchell Range Group area claim consist of five claim blocks covering 8,659.88 hectares with demonstrated metallic mineralization including nickel, cobalt, and chromium. Nickel and cobalt mineralization have not been well explored, but the presence of awaruite has been documented.
Jacques Houle, P.Eng., a qualified person as defined by NI 43 – 101, is responsible for the technical information contained in this release. Readers are cautioned that the information in this press release regarding the property of FPX Nickel Corp is not necessarily indicative of the mineralization on the property of interest.
About Surge Battery Metals Inc. surgebatterymetals.com
The Company has acquired 83 mineral claims located in Nevada. The Northern Nevada Lithium Project is located in the Granite Range about 34 line- km southeast of Jackpot, Nevada, about 73 line-km north-northeast of Wells, Nevada. The target is a Thacker Pass or Clayton Valley type lithium clay deposit in volcanic tuff and tuffaceous sediments of the Jarbidge Rhyolite package. The project area was first identified in public domain stream sediment geochemical data with follow up sediment sampling and geologic reconnaissance. The Acquisition is subject to Exchange approval.
Caledonia Project, Vancouver Island, BC
Surge Battery Metals Inc. has entered into a Property Option Agreement to acquire a 100% interest in seven (7) mineral claims known as the Caledonia, Cascade and Bluebell, subject to a NSR between 1-2%. Located in the Nanaimo Mining District of northern Vancouver Island, the claims are adjacent to the joint venture partnership between Freeport-McMoRan and Northisle Copper and Gold Inc. Under the terms of this joint venture partnership agreement, Freeport-McMoRan can earn up to a 65% with C$24 million in exploration expenditures over seven years. Freeport-McMoRan is currently one of the world’s largest copper producers.
On Behalf of the Board of Directors
Greg Reimer, 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 guaranteeing 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.