Vancouver-based exploration company Surge Copper has entered into a definitive option agreement to acquire an interest in a deposit about 28 km north-west of its Ootsa project in British Columbia.
The company has entered into an agreement with Thompson Creek Metals Company , a subsidiary of TSX-listed Centerra Gold, whereby it will have the right to acquire a 70% interest in the Berg project through issuing C$5-million in common shares of Surge and C$8-million in spending commitments, in each case, over a period of up to five years.
Berg hosts a large porphyry copper/molybdenum/silver deposit located in the Tahtsa Ranges. The main deposit at Berg is located on a 34 798 ha tenement package which is contiguous with the Ootsa property. Berg is currently 100% owned by Centerra.
"The acquisition of Berg is highly strategic to Surge, as it solidifies the company's position in the district, and adds both significant, high quality historical resources, and a large, prospective land package. Surge is advancing a multitrack agenda of aggressive exploration and strategic copper district consolidation in British Columbia, and this transaction represents an important step in our path forward,” commented Surge CEO Shane Ebert.