Surge Copper Announces 96% Increase in Ootsa Measured & Indicated Resources to 439 Mt Grading 0.32% CuEq

VANCOUVER, BC, June 21, 2022

TSX-V Trading Symbol: SURG
OTCQX: SRGXF
Frankfurt Trading Symbol: G6D2

VANCOUVER, BC, June 21, 2022 /PRNewswire/ - Surge Copper Corp. (TSXV: SURG) (OTCQX: SRGXF) (Frankfurt: G6D2) ("Surge" or the "Company") is pleased to announce an updated mineral resource estimate ("MRE") for its Ootsa Property, comprising pit constrained resources at both the Seel and Ox deposits. This updated MRE is based on a drill hole database comprising approximately 152,000 metres of diamond drilling, including approximately 50,000 metres drilled since 2018. The MRE combines multiple mineralized zones at the Seel deposit area into a single pit constrained volume and demonstrates both the overall size of the mineral endowment at Ootsa, as well as the presence of near-surface, higher-grade subsets of the resource which could be evaluated in future studies as potential starter pits.

• Combined Total: pit-constrained resources of 439 Mt grading 0.32% copper equivalent^* ("CuEq") in the combined Measured and Indicated categories ("M+I"), representing a 96% increase in M+I resources compared to the previous 2016 estimate, plus an additional 138 Mt grading 0.28% CuEq in the Inferred category ("Inf."), comprised of:
• Seel Deposit: 380 Mt grading 0.32% CuEq M+I plus an additional 135 Mt grading 0.28% CuEq Inf.
• Ox Deposit: 59 Mt grading 0.32% CuEq M+I
• Total contained metal in the M+I categories of 1.7 Blbs Cu, 167 Mlbs Mo, 1.6 Moz Au, and 30 Moz Ag
• With the nearby Berg deposit, which hosts 610 Mt of M+I resources, this new resource at Ootsa brings Surge's total M+I inventory to over 1 billion tonnes, with total contained metal across the two projects of 5.3 Blbs Cu, 586 Mlbs Mo, 1.6 Moz Au, and 89 Moz Ag
• Actively derisking advanced resources through metallurgical testwork programs, long lead-time environmental monitoring, and internal engineering trade-off studies, while pursuing further discovery via drill testing and reconnaissance screening of over 20 regional exploration targets

To view an interactive 3D model that includes the results announced today use the following link or visit Surge's website:

https://vrify.com/decks/11738?auth=1d44f428-b9e3-468a-844b-b00cc4cbbe70

Leif Nilsson, Chief Executive Officer, commented: "Our objective with the drill campaigns in 2020-2021, and this resource estimate, were to determine the characteristics of a "super-pit" resource at Ootsa that would encompass various zones at Seel including the large mineralized zone at West Seel, the near-surface gold-rich zone at East Seel, and the high-grade Breccia Zone. This result demonstrates the significant overall size of the Seel system and the flexibility represented by the near-surface higher-grade zones, including the Breccia Zone which has seen an approximate quadrupling in size and remains open for further expansion. In a world that is starved of developable large-scale copper resources in safe jurisdictions, the Ootsa-Berg district is special due to its significant size potential and proximity to world-class mining infrastructure. With recent resource updates at both Ootsa and Berg now in place, and a 22,000 metre regional exploration program underway, we believe there is strong potential to drive value through discovery and continue to advance this premier Canadian copper district."

The Company is pleased with the significant gains achieved on the Ootsa Property over the past two years of focused exploration. This resource update has resulted in a 96% increase, compared to the previous 2016 estimate, in the M+I categories on the Ootsa Property and provides a solid foundation for advancing the project. Figure 5 below shows the resource tonnage within the M+I categories on the Ootsa Property by depth and highlights the presence of near-surface, higher-grade subsets of the resource which could be evaluated in future studies as potential starter pits. A technical report for this MRE prepared in accordance with NI43-101 will be filed within 45 days of this news release on SEDAR at www.sedar.com and the Company's website.