07:43 AM EDT, 07/19/2024 (MT Newswires) -- Surge Copper ( SRGXF ) said Friday that it started field operations for its 2024 work program at the Berg copper-molybdenum-precious metals project in British Columbia.

The program will cover about 2,500 meters across six holes, targeting previously untested areas. The company said it may expand the program depending on initial results.

Additionally, Surge Copper ( SRGXF ) announced that African Rainbow Minerals (ARM) fully exercised its rights under the company's recently completed private placement, subscribing for nearly 1.6 million shares of the company at $0.15 apiece for $237,353 in proceeds.

"We are excited to kick off our 2024 field program at the Berg project and appreciate the continued support from ARM," Surge CEO Leif Nilsson said. "The funds raised through our recent financing transactions fully fund this year's program and provide additional flexibility to expedite further exploration based on initial results."

Surge's share price fell 6.3% yesterday to $0.15 on the TSXV.