12:08 PM EST, 12/13/2024 (MT Newswires) -- Surge Copper ( SRGXF ) said Friday it secured an option to acquire the MacLean East property adjacent to its 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 Surge given 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," chief executive Leif Nilsson said.

Surge shares were last seen up $0.005 to $0.095 on the TSX Venture Exchange.

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