The purchase agreement replaces the December 2020 option agreement that allowed Surge to earn a 70% interest in the Berg project by spending C$8 million over five years and issuing C$5 million worth of common shares to TCM.
“We are very pleased to be consolidating a 100% interest in the Berg property, which firmly establishes our ownership position in the broader Berg-Huckleberry-Ootsa district, results in a more simplified ownership structure for all parties, and provides Surge with significantly more flexibility in future financing choices to advance its assets,” Surge CEO Leif Nilsson stated in a news release.
The Berg property comprises nearly 350 sq. km. of land and is adjacent to Surge’s remaining mineral claims in BC. Hosted within the property is the Berg porphyry deposit, for which Surge has published an NI 43-101-compliant preliminary economic assessment (PEA) and an accompanying mineral resource estimate.
The PEA…
