Surge Battery Metals doubles land holdings at Nevada project

Surge Battery Metals (TSXV: NILI) announced on Wednesday an expansion of its land package at the Nevada North Lithium Project through additional claim staking by the company and through an agreement with M3 Metals (TSXV: MT).

With the additional staked lands and including the land interest through the M3M deal with M3 , Surge will have increased its land position in the area to about 52 sq. km, up from a previous area of 25.4 sq. km.

Credit: Surge Battery Metals

“I am very pleased to announce the M3M Agreement as a strategic acquisition by the company that ensures it controls potential extensions of our existing high tenor, lithium clay deposit,” said CEO Greg Reimer. “These acquisitions support where our geological staff see strong indications for additional lithium bearing clay horizons.”

The Nevada North Lithium project is located in the northeast of the state in Elko County, where Surge holds 100% interest in 243 mineral claims.

The project’s goal is to identify a Thacker Pass or Clayton Valley type lithium clay deposit in volcanic tuff and tuffaceous sediments, according to the company website.

Initial surveying of the project area utilized public domain stream sediment geochemical data, which revealed significant lithium content ranging from 29.1 parts per million (ppm) to 5,120 ppm. Follow-up soil sampling identified multiple highly anomalous zones, of which 101 samples carried greater than 1,000 ppm lithium out of the total 1,026 samples obtained.

The current main soil lithium anomaly extends approximately 2,300 meters north-south by about 500 meters wide, with three other significant soil anomalies also outlined in this program. An eight-hole, 776-metre, scout drilling program confirmed significant lithium values continued at depth. The best hole (NN2207) cut four zones of more than 1,000 ppm lithium averaging 3,943 ppm over a total of 120 meters.

Shares of Surge Battery Metals rose 4% to 52¢ in Toronto on Wednesday morning, valuing the company at $64.1 million. Its shares traded in a 52-week window of 3¢ and 70¢.