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    #16
    Copper supply woes on show with No. 2 mine output to halve

    http://www.mining.com/web/copper-sup...-output-halve/

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      #17
      One thing SURG has at it's Ootsa copper project is a LOT of water and power. Been all over that area many times when I worked as a CNR signal maintainer at Houston and Ft. Fraser. AOTH just visited the project, watch for pics and video soon.

      Copper miners challenged by water supply

      Water shortage threatens BC copper-gold mine

      Rick

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        #18
        Surge Copper Corp. Intersects 0.5% Copper Equivalent Over 202 Metres at Ootsa Including 0.77% Copper Equivalent Over 52 Metres

        2018-08-09 06:30 PT - News Release

        VANCOUVER, British Columbia, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Surge Copper Corp. (the “Company”) (SURG: TSX-V) is pleased to announce that assay results for hole S18-211 have been received and are presented below. Hole S18-211 is the first hole from the Company’s 2018 Ootsa drilling program. The Ootsa Property is an advanced stage copper-gold exploration project containing the East Seel, West Seel, and Ox porphyry deposits, and is located adjacent to the Huckleberry Copper Mine in British Columbia.

        HIGHLIGHTS
        • Hole S18-211 intersected 202 metres of continuous mineralization grading 0.50% copper equivalent (Cu Eq.) from the start of bedrock at 7.8 metres to the end of the hole at 209.8 metres.
        • Included in this interval is a higher-grade section containing 0.77% Cu Eq. over 52 metres.
        • The hole demonstrates the potential to increase mineralization at East Seel around the edges of the deposit.
        Hole S18-211 was a 50 metre step out on the north side of the East Seel deposit and was drilled back toward the deposit at an azimuth of 135 degrees and a dip of -50 degrees and ended within the known deposit. The hole encountered mineralization at the start of bedrock at 7.8 metres depth and mineralization was continuous to the end of the hole at 209.8 metres depth. Assay results from the hole are summarized in the table below.

        Summary of select drill intercepts – Hole S18-211
        Drill Hole From (m) To (m) Width (m)* Cu % Au g/t Ag g/t Cu Eq.%**
        S18-211 7.8 209.8 202.0 0.26 0.31 1.32 0.50
        including 44.0 182.0 138.0 0.31 0.37 1.53 0.59
        including 124.0 176.0 52.0 0.42 0.47 1.73 0.77
        *Width refers to drill hole intercepts, true widths have not been determined.
        **Cu Eq. (copper equivalent) has been used to express the combined value of copper, molybdenum, gold and silver as a percentage of copper, and is provided for illustrative purposes only. No allowances have been made for recovery losses that may occur should mining eventually result. Calculations use metal prices of US $2.50/lb copper, $1200/oz gold, $15 silver, and $10/lb molybdenum using the formula Cu Eq.% = Cu% + (Au g/t x 0.701) + (Ag g/t x 0.0087) + (Mo% x 4.01).

        Dr. Shane Ebert President of the Company stated, “Hole S18-211 highlights the strong mineralization at East Seel and was successful in demonstrating the potential to expand near-surface mineralization along the edges of the deposit through additional definition drilling. Adding tonnage around the edges of East Seel would also improve the already low stripping ratio identified in the 2016 Preliminary Economic Assessment (PEA). A program focused on deposit expansion and optimization will be conducted at a future date, for now the Company will focus the bulk of the 2018 exploration program on testing geophysical and geochemical exploration targets surrounding the East and West Seel deposits.”

        Drill Program Update

        An exploration and drilling program is currently underway at the Ootsa Property. A map showing the location of 2018 drill holes is available in the map gallery on our website or by clicking here.

        Hole S18-211, released here, was the first hole of the program and assays were done on an expedited basis. The second hole of the program, S18-212, was located 500 metres northeast of the East Seel deposit and intersected a new zone of mineralization containing “breccia hosted” sulfides including pyrite, chalcopyrite, and sphalerite. Photographs of the mineralization in hole S18-212 are available in the photo gallery on our website at www.surgecopper.com or by clicking here. Holes S18-214 and 215 were step outs from hole 212 to better understand the “breccia hosted” mineralization. Hole S18-213 targeted a coincident magnetic-chargeability-resistivity geophysical anomaly located 650 metres east of the East Seel Deposit and the hole was abandoned in an altered fault zone at 120.7 metres depth due to difficult drilling conditions. Holes S18-216 and 217 both targeted a new area showing potential for porphyry style quartz-chalcopyrite-molybdenite mineralization located between the East Seel deposit and the historic Damascus high grade silver vein. The drill is currently set up on hole 217 but is shut down due to mechanical issues.

        All holes with the exception of the bottom portion of S18-217 have been logged, sampled, and sent for assay with results for hole S18-212 expected within 3 weeks.

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          #19
          SURG step-out finds new breccia and porphyry potential at Ootsa

          http://aheadoftheherd.com/Newsletter...l-at-Ootsa.pdf

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            #20
            URGE COPPER CORP. INTERSECTS 0.5% COPPER EQUIVALENT OVER 202 METRES AT OOTSA INCLUDING 0.77% COPPER EQUIVALENT OVER 52 METRES

            Surge Copper Corp. has received and presented assay results for hole S18-211. Hole S18-211 is the first hole from the company's 2018 Ootsa drilling program. The Ootsa property is an advanced-stage copper-gold exploration project containing the East Seel, West Seel and Ox porphyry deposits and is located adjacent to the Huckleberry copper mine in British Columbia.

            Highlights:
            • Hole S18-211 intersected 202 metres of continuous mineralization grading 0.50 per cent copper equivalent from the start of bedrock at 7.8 metres to the end of the hole at 209.8 metres.
            • Included in this interval is a higher-grade section containing 0.77 per cent copper equivalent over 52 metres.
            • The hole demonstrates the potential to increase mineralization at East Seel around the edges of the deposit.



            Hole S18-211 was a 50-metre stepout on the north side of the East Seel deposit and was drilled back toward the deposit at an azimuth of 135 degrees and a dip of minus 50 degrees and ended within the known deposit. The hole encountered mineralization at the start of bedrock at a depth of 7.8 metres and mineralization was continuous to the end of the hole at a depth of 209.8 metres. Assay results from the hole are summarized in the attached table.


            SUMMARY OF SELECT DRILL INTERCEPTS -- HOLE S18-211 Drill hole From To Width* Cu Au Ag CuEq** (m) (m) (m) (%) (g/t) (g/t) (%) S18-211 7.8 209.8 202.0 0.26 0.31 1.32 0.50 including 44.0 182.0 138.0 0.31 0.37 1.53 0.59 including 124.0 176.0 52.0 0.42 0.47 1.73 0.77 * Width refers to drill hole intercepts; true widths have not been determined. ** CuEq (copper equivalent) has been used to express the combined value of copper, molybdenum, gold and silver as a percentage of copper and is provided for illustrative purposes only. No allowances have been made for recovery losses that may occur should mining eventually result. Calculations use metal prices of $2.50 (U.S.) per pound for copper, $1,200 (U.S.) per ounce for gold, $15 (U.S.) per ounce for silver and $10 (U.S.) per pound molybdenum.


            Dr. Shane Ebert, president of the company, stated: "Hole S18-211 highlights the strong mineralization at East Seel and was successful in demonstrating the potential to expand near-surface mineralization along the edges of the deposit through additional definition drilling. Adding tonnage around the edges of East Seel would also improve the already-low stripping ratio identified in the 2016 preliminary economic assessment (PEA). A program focused on deposit expansion and optimization will be conducted at a future date; for now, the company will focus the bulk of the 2018 exploration program on testing geophysical and geochemical exploration targets surrounding the East and West Seel deposits."

            Drill program update

            An exploration and drilling program is currently under way at the Ootsa property. A map showing the location of 2018 drill holes is available in the map gallery on the company's website.

            Hole S18-211, released herein, was the first hole of the program and assays were done on an expedited basis. The second hole of the program, S18-212, was located 500 metres northeast of the East Seel deposit and intersected a new zone of mineralization containing breccia-hosted sulphides, including pyrite, chalcopyrite and sphalerite. Photographs of the mineralization in hole S18-212 are available in the photo gallery on the company's website. Holes S18-214 and S18-215 were stepouts from hole S18-212 to better understand the breccia-hosted mineralization. Hole S18-213 targeted a coincident magnetic-chargeability-resistivity geophysical anomaly located 650 metres east of the East Seel deposit, and the hole was abandoned in an altered fault zone at a depth of 120.7 metres due to difficult drilling conditions. Holes S18-216 and S18-217 both targeted a new area showing potential for porphyry-style quartz-chalcopyrite-molybdenite mineralization located between the East Seel deposit and the historical Damascus high-grade silver vein. The drill is currently set up on hole S18-217 but is shut down due to mechanical issues.

            All holes with the exception of the bottom portion of hole S18-217 have been logged, sampled and sent for assay, with results for hole S18-212 expected within three weeks.

            About Surge Copper Corp.

            The company owns a 100-per-cent interest in the Ootsa property, an advanced-stage exploration project containing the East Seel, West Seel and Ox porphyry deposits located adjacent to the open-pit Huckleberry copper mine. The property contains National Instrument 43-101-compliant resources of 224 million tonnes in the measured and indicated categories with contained metals of 1.1 billion pounds of copper and one million ounces of gold.

            Quality control

            All drill core is logged, photographed and cut in half with a diamond saw. Half of the core is bagged and sent to Activation Laboratories Ltd. in Kamloops, B.C., for analysis (which is ISO/IEC 17025 accredited), while the other half is archived and stored on site for verification and reference purposes. Gold is assayed using a 30-gram fire assay method and 37 additional elements are analyzed by induced coupled plasma (ICP) utilizing a four-acid digestion. Duplicate samples, blanks and certified standards are included with every sample batch and then checked to ensure proper quality assurance and quality control.

            Dr. Shane Ebert, PGeo, is the qualified person as defined by NI 43-101 for the Ootsa project and has approved the technical disclosure contained in this news release.

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              #21
              SURG finds more breccia icing to put on its porphyry cake

              http://aheadoftheherd.com/Newsletter...phyry-cake.pdf

              Comment


                #22
                IMPERIAL COMMENCES FINANCIAL AND BUSINESS RESTRUCTURING PROCESS

                Imperial Metals Corp. has commenced a financial and business restructuring process.

                As of the close of business on September 14th Imperial completed the following actions:

                Extension of the due date of the Company's Secured Revolving Senior Credit Facility of $200 million from October 1, 2018 to February 15, 2019. The Secured Revolving Senior Credit Facility is now supported by a guarantee from Edco Capital Corporation, a company controlled by a significant shareholder of the Company, for an annual fee of 225 basis points. The annual guarantee fee is less than the reduction in the interest rate charged on the extended Senior Credit Facility, and results in reduced interest expense to the Company. All the financial covenants that were in place on the Senior Credit Facility have been removed from the extended credit facility.

                Extension of the due date of the Company's Second Lien Credit Facility of $50 million from December 1, 2018 to February 15, 2019 and a reduction in the annual fee for the guarantee of this facility by Edco Capital Corporation, a company controlled by a significant shareholder of the Company, from 387.5 basis points to 225 basis points.

                Extension of the due date of the Company's Bridge Loan of $26 million from January 5, 2019 to February 28, 2019.

                Sale of a one half of one percent (0.5%) net smelter return royalty interest on the Red Chris project for US$17 million to a company of which a significant shareholder of the Company is a minority equity shareholder. This royalty is subject to a 100% buyback option granted to Imperial for four years at the sum of US$17 million plus simple interest thereon at 11% per annum less the aggregate amount of royalty payments paid. If bought back within four months, the sum would be US$17 million plus simple interest thereon at the rate of 6% per annum less the aggregate amount of royalty payments paid.

                Steps have been taken to both rationalize and improve operations at both of the Company's operating mines and these steps are expected to have a positive operational impact in the fourth quarter of 2018. The Board of Directors of the Company has also established a Special Committee. The Special Committee is authorized to identify, consider, negotiate and potentially implement all strategic alternatives including sales of some of the Company's assets, joint ventures, a recapitalization, and a sale or merger of the Company.

                The Company has had preliminary discussions with a potential joint venture partner. There are no assurances that the consideration of any strategic alternative will result in a transaction. Imperial does not intend to comment on or disclose developments regarding the process unless it deems further disclosure is appropriate or required.

                Said Brian Kynoch, President of the Company, "We are thankful to our major shareholders and lenders for supporting the process designed to help us emerge from a very difficult period. We are highly confident in the strength and long term value of our assets".

                About Imperial

                Imperial is a Vancouver exploration, mine development and operating company. The Company, through its subsidiaries, owns the Red Chris, Mount Polley and Huckleberry copper mines in British Columbia. Imperial also holds an interest in the Ruddock Creek lead/zinc property.

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