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Be the first with the news that moves the market- Surge Battery Metals (TSXV:NILI) has begun the second drilling program at its Nevada North Lithium Project
- The team has completed the first two holes and a third hole is a significant step out of more than 1,000 metres from previous drill holes
- The stratigraphic package and general intercepts of the favourable claystone that have been encountered in the first two holes remain consistent with the 2022 drilling results
- Surge Battery Metals Inc. opened trading $0.57 at per share
Surge Battery Metals (TSXV:NILI) has begun the second drilling program at its Nevada North Lithium Project.
The team has also completed the first two holes (“R” and “M”) at the project and hole “V” is underway. That third hole is a significant step out of more than 1,000 metres from previous drill holes. The stratigraphic package and general intercepts of the favourable claystone, which have been encountered in the first two holes, remain consistent with the 2022 drilling results.
With the additional staked lands and including the interest in the claims staked by the company and by way of an agreement with M3 Metals Corp. (TSXV:MT), the company has increased its land position in the area to 51.8 square kilometres, up from a previous area of 25.3 square km.
The company signed a mineral property option and joint venture agreement with M3 Metals, a company engaged in the acquisition, exploration, and development of interests in mineral properties in North America.
The agreement grants Surge the option to earn up to an 80 per cent interest in the M3 Metals claim block by making option payments of as much as C$1 million.
The company’s CEO, Greg Reimer, said in a news release that with the completion of holes “R” and “M,” drill hole location “V,” the most northerly location, is underway.
“We are encouraged that the first two holes show similar geological characteristics to the 2022 program and expect to see an increase in the overall area of clay-bearing horizons that, to date, have contained significant lithium values,” Reimer said in a statement.
The Nevada North Lithium Project
The company’s flagship Nevada North Lithium Project in Elko County consists of 303 mineral claims in the Granite Range, 73 kilometres north-northeast of Wells, Nevada. 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 metres.
Surge Battery Metals Inc. is a mineral exploration company focused on nickel-iron alloy in British Columbia and lithium in Nevada to supply the electric vehicle market.
Surge Battery Metals Inc. opened trading $0.57 at per share.
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