07:35 AM EST, 12/13/2024 (MT Newswires) -- Surge Copper ( SRGXF ) said Friday that it secured an option to acquire the MacLean East property located near the Berg project in British Columbia.

Surge will allocate $300,000 in assessment work credits to MacLean East Property and other contiguous mineral claims owned by the vendors within 30 days. Surge will also pay about $1.7 million to Raye Resources over five years.

The vendors will receive an aggregate 3.5% net smelter royalty on mineral production from MacLean East, with an option to buy back 50% of the royalty for $6 million.

"With this acquisition, our contiguous land package expands from 126,758 hectares to 133,081.3 hectares, solidifying our position in the region," CEO Leif Nilsson said.

Surge's share price dropped 5.3% on Thursday to $0.09 on the TSXV.