Surge Battery Metals Contracts M3 Engineering for Preliminary Economic Assessment
West Vancouver, May 14, 2024 - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (the "Company" or "Surge") is pleased to announce that the company has contracted M3 Engineering and Technology Corporation (M3 Engineering) of Tucson, Arizona, a recognized leader in the lithium claystone space, as the lead engineering firm to produce a Preliminary Economic Assessment (PEA) and accompanying NI 43-101 technical report on its Nevada North Lithium Project (NNLP).
The results of the NNLP PEA are scheduled to be announced by the end of Q4 in 2024 and are expected to be based on an updated lithium resource estimate following the 2024 spring drill program. Dr. Bruce Davis has prepared an initial inferred resource estimate of 4.67 Mt LCE at an average grade of 2,839 ppm Li at a 1,250 ppm Li cutoff, (See news release of April 30, 2024).
Supporting M3 Engineering on the NNLP PEA will be Independent Mining Consultants Inc. (IMC) of Tucson, Arizona for the mining engineering section. The mine design by IMC is anticipated to be based on open pit truck/shovel methods that will minimize the stripping ratio while maximizing grades being mined from the pit.
Metallurgical modelling will be built on the flowsheet being developed at Kemetco that uses a well-established process to obtain optimal lithium extraction and production of high purity lithium carbonate. Initial testing demonstrated that the flowsheet produced lithium carbonate purity exceeding 99% without any refinement (See news release of April 9, 2024). Further test work is under way to optimize the process trials to date and to advance to the additional purification steps that we anticipate will yield 99.9% purity, designed to meet battery-quality specifications.
To guide Surge in the process, the Company has engaged Graham Ballachey, a professional engineer with significant Nevada lithium claystone experience, to serve as Project Owner's Engineer for the NNLP PEA.
Mr. Greg Reimer, Chief Executive Officer, and Director commented, "M3 Engineering is a world-class engineering firm with exactly the type of lithium claystone experience that Surge was looking for in a lead firm. The combination of M3 Engineering with IMC and Kemetco is a team that we believe will deliver a PEA that will not only estimate the potential economics of the NNLP but will bring with it the real-world understanding and confidence these firms and professionals provide. We look forward to commencing the work required to achieve this very important milestone and to announcing the results by the end of the year."
Qualified Person as Defined Under National Instrument 43-101
Alan J. Morris, MSc, CPG of Spring Creek, Nevada, a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical aspects of this news release.
About Surge Battery Metals Inc.
Surge Battery Metals, a Canadian-based mineral exploration company, is at the forefront of securing the supply of domestic lithium through its active engagement in the Nevada North Lithium Project. The project focuses on exploring clean, high-grade lithium energy metals in Nevada, USA. Lithium is a crucial element for powering the electric vehicles of tomorrow. With a primary listing on the TSX Venture Exchange in Canada and the OTCQX Market in the US, Surge Battery Metals Inc. is strategically positioned as a key player in advancing lithium exploration, contributing significantly to the sustainable future of the electric vehicle industry.
About the Nevada North Lithium Project
The Company's Nevada North Lithium Project, located in the Granite Range southeast of Jackpot, Nevada 73 km north-northeast of Wells, Elko County, Nevada. The first two rounds of drilling, completed in 2022 and 2023, identified a strongly mineralized zone of lithium bearing clays occupying a strike length of more than 3,500 meters and a known width of up to 950 meters. Highly anomalous soil values and geophysical surveys suggest there is potential for the clay horizons to be much greater in extent. The Nevada North Lithium Project has a pit-constrained Inferred Resource containing an estimated 4.67Mt of Lithium Carbonate Equivalent (LCE) grading 2,839 ppm Li at a 1,250 ppm cutoff.
On behalf of the Board of Directors
"Greg Reimer"
Greg Reimer,
President & CEO
Contact Information
Email: info@surgebatterymetals.com
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.
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