Surge Continues to Intercept Significant Lithium Results with Second 2023 Hole up to 5820 ppm Lithium

Surge Battery Metals Inc. (TSXV: NILI) (OTCQB: NILIF) (FSE: DJ5C) (the "Company" or "Surge") is pleased to announce that the second certified assay results from the summer drilling program at the Nevada North Lithium Project returned values ranging from 1,000 ppm to 5820ppm lithium. 

Samples from sonic drill hole NN2302 (Drill site location M) returned positive results ranging between the 1,000 ppm cutoff to 5820 ppm Li. This includes the highest grade zone which begins at 67.5ft (20.57m) below surface and extends 180 ft (54.86m) with an overall composite grade of 3,985 ppm Li. (See Appendix 1 for interval values). NN2302 has a composite thickness of intersected clay horizons of 41.2m (135ft), for an overall average grade of 3712 ppm Li. Significantly, the composite grade of clay horizons encountered in NN2302, is 15% higher than the average composite grade of clay horizons intersected in the reverse circulation drillholes completed in 2022. 

The 2023 drill site locations were designed to confirm the presence of high tenor lithium clay formations, interpreted from geophysical surveys, extending well outside the bounds of the 2022 program. NN2302 is an approximate 250m (820 ft) step out to the northwest from NN2205 from the 2022 program which produced an overall program average grade of 3,254 ppm with a 1,000 ppm cut off. 

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

From ft (m) To ft (m) Thickness ft (m) Grade (ppm Li)
67.5 (20.57) 180 (54.86) 112.5 (34.29) 3985
237.5 (72.39) 260 (79.24) 22.5 (6.85) 2346
Average   135.0 (41.2) 3712

All samples from the sonic drilling were collected in plastic bags for every 2.5-foot (76.2 cm) interval. 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. The sample bags were opened at the warehouse, a sub-sample 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. 

Surge receives Regulatory Approval for Drill Site "W"

Our news release of August 29, 2023, indicated that recently completed drilling successfully intersected the known lithium clay horizons, extending the strike length of the deposit from 1,620 meters to 3,000 meters. We did not drill site "U" but applied to the BLM to replace it with drill site " W", 500 meters further north, extending the strike length of the deposit to 3,500 meters.

The BLM has approved drill site location W and it will be drilled in the coming week to conclude our 2023 summer drill program.

Mr. Greg Reimer, Chief Executive Officer, and Director commented: "Not only has NN2302 returned a significant average grade greater than our 2022 program, but it is also noteworthy in that it is an approximate 250m (820 ft) step out to the northwest of drillhole NN2205 from the 2022 program. We are eagerly awaiting assay results from holes P and V, located 300m and 1300m further north, respectively, where similar clay units were encountered during 2023 drilling and logging."

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.

Surge Battery Metals I