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Surge Battery Metals Inc (TSXV:NILI) (OTCPink:NILIF) (FRA:DJ5C) Big Run after Drill Results Confirm Potential for a High Tenor Lithium Clay Deposit
Surge Battery Metals Inc (TSXV:NILI) (OTCPink:NILIF) (FRA:DJ5C) has been rocketing up the charts more than doubling over the past 2 days alone as the Company…
Surge Battery Metals Inc (TSXV:NILI) (OTCPink:NILIF) (FRA:DJ5C) has been rocketing up the charts more than doubling over the past 2 days alone as the Company announced assay results from four drill holes at their 100% owned Nevada North Lithium Project in Elko County, Nevada. Assay results returned multiple zones of strong values ranging from 1,000 ppm to 5,000 ppm lithium confirming the potential for a high tenor lithium clay deposit.
Surge also shelved its proposed private placement which would have caused significant dilution to the stock saying the Company will be looking at other funding sources in the future. Surge was planning a non-brokered private placement financing of 20 million shares for gross proceeds of up to $2 million. On Friday Surge announced that further to its news release dated December 1, 2022, the company withdraws the proposed private placement.
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Surge Battery Metals Inc (TSXV:NILI) (OTCPink:NILIF) (FRA:DJ5C) is a Canadian-based mineral exploration company active in the exploration for nickel-iron alloy and lithium in Nevada with its primary listing is on the TSX Venture Exchange. The Company’s maintains a focus on exploration for high value battery metals required for the electric vehicle (EV) market.
Nevada Lithium Projects – Surge Battery Metals owns a 100% interest in 154 mineral claims located in Elko County, Nevada. The Nevada North Lithium Project is in the Granite Range southeast of Jackpot, Nevada, about 73 km north-northeast of Wells, Nevada. The target is a 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 returning assay results for lithium ranging from 29.1 ppm to 5,120 ppm. Significant results included 89 samples outlining a highly anomalous zone containing sample points greater than 1,000 ppm lithium. Currently, the zone of highly anomalous lithium values extends about 1,700 meters east-west in two bands each about 300 to 400 meters wide. The anomalous values appear to be in soils developed on airfall or water lain rhyolitic tuff overlain by welded ash flow tuff.
In addition, Surge Battery Metals has a Property Option Agreement to earn an undivided 80% interest in 16 mineral claims, comprising 640 acres located within Nevada’s San Emidio Desert, known as the Galt Property. Recent mineral exploration on the Galt claim group includes 51 playa sediment samples collected for chemical analysis at ALS Geochemistry in Vancouver, B.C. Results of aqua regia leaching of the samples show 68 to 852 parts per million lithium (mean 365 ppm), 5.3 to 201 ppm cesium (mean 72 ppm) and 35 to 377 ppm rubidium (mean 180 ppm). Results from two seven-foot-deep auger holes show lithium, cesium, and rubidium concentrations in the range of 143.5 to 773 ppm Li, 56.8 to 102.5 ppm Cs and 155 to 272 Rb.
Finally, Surge Battery Metals owns a 100% interest in 663 ha (1,640 acre) property in the Teels Marsh Project located in Mineral County, Nevada. The property is in an active region for both lithium exploration and production.
We Announced Strong Lithium Results From Drilling at the Nevada North Lithium Project!
Assay results returned multiple zones of strong values ranging from 1,000 ppm to 5,000 ppm lithium.
Read our press release here: https://t.co/mDIBaT6gFm#Mining #Lithium #EV $NILI $NILIF pic.twitter.com/ctEE1gzLgB
— Surge Battery Metals (@SurgeBattery) December 1, 2022
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Nickel Projects, Northern BC – Surge Battery Metals has a Property Option Agreement to earn an undivided 80% interest in certain mineral claims from Nickel Rock Resources Inc. The Project (The Surge Nickel Project) consists of two non-contiguous mineral claims groups consisting of 6 mineral claim blocks located in northern British Columbia. One claim in the Mount Sidney Williams area (claim HN4), covers 1863 hectares immediately south of and adjacent to the Decar Project, currently being advanced by FPX Resources, and 5 claims in the Mitchell Range area, northeast of Decar, (N100 Group) covering 8659 hectares. Three of the claims are subject to 2% NSR, including the (HN4 claim and the two southernmost claims of the N100 claim group). Both projects target the nickel-iron alloy mineral “Awaruite”, hosted by serpentinized intrusive rocks of the Trembleur Ultramafic Unit.
On December 1 Surge Battery Metals announced assay results from four drill holes at their 100% owned Nevada North Lithium Project in Elko County, Nevada. Assay results returned multiple zones of strong values ranging from 1,000 ppm to 5,000 ppm lithium confirming the potential for a high tenor lithium clay deposit.
As previously reported, partial, representative “rush” assay samples from drill hole NN2201 returned values in the productive clay/silt unit ranging from 1460 to 4500 ppm lithium. The full results from this “discovery” hole have not been received to date and should be processed by the lab shortly. Results from drill holes NN2206, NN2207, and NN2208 are being processed and results will be released as they become available. Drill hole NN2206 tested the eastern edge of the soil anomaly and intersected about 15 meters (45 feet) of the productive clay/siltstone unit. Hole NN2207, drilled 490 meters south of NN2201, cut over 120 meters (400 feet) of the permissive claystone in four horizons. NN2208, the last hole of the 2022 program cut 72 meters (240 feet) of the productive horizons. Results of these holes are eagerly awaited.
While the property has several similarities to the Thacker Pass Deposit, the Nevada North Lithium Project is located some 290 km east of the McDermitt Caldera in what is likely a completely new lithium district.
Read more about the history and geology of the land we are drilling on for our Hard Nickel 4 Project in central British Columbia to see why we’re so excited about this project: https://t.co/HMR9pdMGT5#Nickel #Lithium #ESG $NILI $NILIF pic.twitter.com/st4FhQVo8n
— Surge Battery Metals (@SurgeBattery) November 28, 2022
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Currently trading at a $12 million market valuation Surge OS is 100,155,806 with a float of around 94 million shares. The Company has $1.9 million in cash in the treasury and little debt with just over $300k in liabilities. As we have noted, Surge just reported assay results from four drill holes at their 100% owned Nevada North Lithium Project in Elko County, Nevada returned multiple zones of strong values ranging from 1,000 ppm to 5,000 ppm lithium confirming the potential for a high tenor lithium clay deposit. The Company also shelved its proposed private placement which would have caused significant dilution to the stock. The Company is targeting the booming global lithium market essential in the manufacturing of batteries, solar panels and organic chemicals. The Lithium Industry Association (LIA) forecasts that the global demand for lithium will grow from 292 thousand metric tons in 2020 to 2.5 million metric tons by 2030. This increase in demand is due to increased usage of lithium-based batteries in electronics and vehicles. The global lithium market size was valued at $7.1 billion in 2021, and it is expected to reach $15.45 billion by 2028, at a CAGR of 11.75% over the forecast period (2022–2028). We will be updating on Surge Battery Metals when more details emerge so make sure you are subscribed to Microcapdaily.
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