Surge Announces Highest Grade Lithium Assays to Date with up to 8070 ppm Lithium in the First 2023 Hole at Nevada North Lithium Project

West Vancouver, British Columbia--(Newsfile Corp. - September 12, 2023) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQB: NILIF) (FSE: DJ5) (the "Company" or "Surge") is pleased to announce that the first certified analytical results for the 2023 summer drilling program at their Nevada North Lithium Project (NNLP) returned multiple zones of high values ranging from 1,000 ppm to 8070 ppm lithium, the highest grades for exploration to date on the NNLP.

Samples from sonic drill hole NN2301 (Drill site location R) returned positive results ranging between the 1,000 ppm cutoff to 8,070 ppm Li within 4 horizons. The composite thickness of intersected clay horizons was 140 ft (42.7m), for an overall average grade of 4,067ppm Li. This includes the highest grade and shallowest zone which begins at 27.5ft (8.39m) below surface and extends 80 ft (24.4m) and ranges from 3,090 ppm to 8,070 ppm Li, for an overall composite grade of 4,939 ppm Li (See Appendix I for interval values). The composite grade of the first clay horizon encountered in sonic hole NN2301 is 28% higher than the weighted average composite grade of the first clay horizon intersected in the reverse circulation drillholes completed by the Company in its 2022 drill program.

Composite lithium values for all four mineralized horizons, using a 1,000 ppm cutoff with no internal dilution, are shown in the following table.

Drilling for the first five holes of the 2023 campaign was completed using sonic drilling methods. The final three holes for the season are being drilled using wireline diamond core drilling techniques. The results from geophysical surveys (news release May 23, 2023) indicated another clay horizon at depth and the Company plans to deepen NN2301 with the diamond drill.

Samples from the sonic drilling were collected in plastic bags for each 2.5 feet (76.2 cm) interval in plastic bags. Surge workers at the rig retained a representative sample in chip trays and core boxes for each interval and sealed the bags with wire ties. Samples were transported by Surge workers to a locked warehouse in Elko, Nevada where they were stored for sub sampling. At the warehouse, the sample bags were opened and a subsample of approximately 25% of the material was bagged for assay and the original sample bags were overwrapped for storage. Samples were then submitted to the ALS facility in Elko, Nevada for analysis. ALS is independent of the Company. The samples batches included 6% insertion of QA/QC samples, including blanks, duplicates, and commercially obtained standards. Both duplicates and standards ran within 4 percent of the known and duplicated values, with the blanks reporting no greater than 20 parts per million lithium.

Mr. Greg Reimer, Chief Executive Officer, and Director commented, "With lithium values up to 8070 ppm we are excited with the results from our first drill hole of the 2023 season. These results confirm and improve on results from our initial 2022 reverse circulation drilling campaign. We plan on expanding on the NN2301 results with further diamond drilling and look forward to receiving and reporting these results and additional holes in the coming weeks as we complete this summer's drilling campaign."

Qualified Person as Defined Under National Instrument 43-101

Alan J. Morris, MSc, CPG of Spring Creek, Nevada, a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical aspects of this news release.

About Surge Battery Metals Inc.

The Company is a Canadian-based mineral exploration company active in the exploration for lithium in Nevada whose primary listing is on the TSX Venture Exchange. The Company's maintains a focus on exploration for high value battery metals required for the electric vehicle (EV) market.

About the Nevada North Lithium Project

The Company owns the Nevada North Lithium Project located in the Granite Range southeast of Jackpot, about 73 km north-northeast of Wells, Elko County, 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 meters from drillhole NN2205 in the north to drillhole NN2208 in the south. Widths of the mineralized horizons are not well determined since the holes are mostly on a north-south alignment, however, widths are at least 400 meters, supported by highly anomalous soil values indicating potential for the clay horizons to be much greater in extent. The potential for a significant lithium deposit can be illustrated by the results of drilling and surface soils sampling, which indicate an extensive area of enrichment beyond the drilling pattern to date. Drillhole NN2207 intersected the thickest intervals of lithium-rich claystone encountered to date; a total of 120.4 meters (395 feet) averaging 3,943 ppm lithium in four zones. Additionally, drillhole NN2208 had the strongest downhole individual sample of 5,950 ppm lithium between 45 and 50 feet (13.72 and 15.24 meters). The average lithium content within all near surface clay zones intersected in 2022 drilling, applying a 1000 ppm cut-off, was 3254 ppm (news release March 29, 2023).

On behalf of the Board of Directors

"Greg Reimer"

Greg Reimer,
President & CEO

Contact Information

Email : info@surgebatterymetals.com
Phone : 778-945-2656
Website: surgebatterymetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This document may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or "planned", "possible", "potential", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities including lithium and nickel, the accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental, local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure or water, changes in laws, rules and regulations including in the United States, Nevada or California or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or other currencies, fluctuations in the market for lithium related products, changes in exploration costs and government royalties, export policies or taxes in the United States or any other jurisdiction and other factors or information. The Company's current plans, expectations, and intentions with respect to development of its business and of its Nevada properties may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions (including US government subsidies or incentives) on its ability to secure further financing or funding of its Nevada properties. Such statements represent the Company's current views with respect to future events and are necessarily based upon several assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental (including endangered species, habitat preservation and water related risks) and social risks, contingencies, and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.

Appendix I

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/180258