Surge Battery Metals (TSXV: NILI) shares rose on Wednesday after the company announced two mineral property purchase agreements near its North Nevada Lithium project.
The company will buy 25% of the mineral rights to private lands, comprised of four parcels, totaling 3.5 sq. km.
The Nevada North Lithium project is located in the Granite Range southeast of Jackpot, about 73 km north-northeast of Wells, Elko County, Nev.
The first round of drilling, completed in October 2022, identified a strongly mineralized zone of lithium bearing clays occupying a strike length of almost 1,620 meters.
The mineralized horizons are at least 400 metres wide, supported by highly anomalous soil values indicating the potential for the clay horizons to be much greater in extent.
The 2023 drill program is underway to expand the known lithium-rich clay from the current 1,620-metre strike length to more than 3,500 metres. Initial assay results from the first hole of the 2023 season had a high of 8,070 parts per million (ppm) lithium with an average of 4,067 ppm lithium at a 1,000 ppm cut-off.
Shares of Surge Battery Metals rose 14% to $1.08 by mid-day Wednesday in Toronto, valuing the lithium developer at $160.5 million. Its shares traded in a 52-week window of 6¢ and $1.55.
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