Gold Reach Completes Name Change To Surge Copper Corp.
February 22, 2018, Vancouver, British Columbia – Surge Copper Corp. (the “Company” or “Surge Copper”) (TSX-V:SURG), formerly Gold Reach Resources, announces the successful completion of its name and symbol change.
Surge Copper Corp., stock symbol “SURG”, is now trading on the TSX Venture Exchange. There is no change in the share capital of the Company and no action is required to be taken by the Company’s shareholders with respect to this corporate name change. While the Company’s advanced stage Ootsa Project in British Columbia contains copper, gold, molybdenum, and silver, the main commodity by value is copper, and the new name is a better reflection of the main asset.
Dr. Shane Ebert President of the Company stated, “Our advanced stage Ootsa copper-gold project offers investors a unique opportunity in the mineral exploration sector. We have defined a large Measured and Indicated category resource base within an established mining district, directly adjacent to a mine and mill complex which has limited published reserves. Preliminary Economic studies indicate that at US$3/pound copper the Ootsa project has potential for excellent economic returns if processed at the adjacent mill complex on a toll milling basis. Our proximity to infrastructure gives Surge Copper excellent leverage to increases in copper price moving forward.”
Priorities for 2018
The Ootsa Project contains mineralized zones that are open for expansion and has a number of exploration targets surrounding the established deposits that have not yet been drill tested. The Company’s main priorities for 2018 will be to drill test the main targets adjacent to and surrounding existing deposits, advance several early stage exploration targets, and continue to advance the main deposits.
About Surge Copper Corp.
The Company owns a 100% 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 NI 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 1 million ounces of gold as summarized in the table below.
Ootsa Project Pit Constrained Mineral Resource Estimate at $8.50/t NSR Cut-off Value
On February 9, 2016, the Company announced a positive Preliminary Economic Assessment (PEA) for the Ootsa Property with potential for low capital cost, low risk and rapid pay back utilizing existing infrastructure in the district with a contract mining and toll milling scenario. The study recommends the Company continue to advance the Ootsa Project with extended and advanced technical studies with the intention of moving the project toward a production decision.
The current technical report supporting the resource statement and PEA is available on SEDAR or the Company’s website at www.surgecopper.com and has an effective date of January 2016. The resource estimate uses $8.50 per tonne NSR cut-off value. Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. A ‘Measured Mineral Resource’ is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. Copper Equivalent (CuEq) calculations are based on base case metal price (US$3/lb Cu, US$1260/oz Au, US$10.30/lb Mo, and US$17/oz Ag) and process recovery assumptions, and take into account smelter payable rates and refining costs. M&I = measured and indicated. The resource update and Preliminary Economic Assessment was completed by P&E Mining Consultants Inc. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Dr. Shane Ebert P.Geo., is the Qualified Person for the Ootsa project as defined by National Instrument 43-101 and has approved the technical disclosure contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
President and Chief Executive Officer
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 contains forward-looking statements, which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "will", "may", "should", "expects", "plans", or "anticipates" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Such uncertainties and risks may include, among others, actual results of the Company's exploration activities being different than those expected by management, delays in obtaining or failure to obtain required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdown and bad weather. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company's current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual results.