TSX-V-listed Surge Copper has initiated prefeasibility study (PFS) work on its Berg property, in British Columbia, having completed a C$5-million funding package.
The biggest component of the funding package is the recently completed C$3.9-million strategic placement with JSE-listed African Rainbow Minerals (ARM), now a new cornerstone strategic investor.
ARM subscribed for about 41.37-million shares in Surge at C$0.095 each, representing a 15%interest.
“We are delighted to welcome ARM as a new strategic investor in Surge and look forward to drawing on their project and operational expertise,” said Surge CEO Leif Nilsson.
The company will run a six-week metallurgical testwork programme at Berg, designed to advance flow sheet design parameters and confirm metallurgical recoveries
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