(TheNewswire)
Vancouver, BC - TheNewswire - April 11, 2023 - Recharge Resources Ltd. ("Recharge" or the"Company") (RR:CSE) (RECHF:OTC) (SL5:Frankfurt) is applying for drill permitsat its 100% owned Pinchi Lake Nickel project(‘ Pinchi’ ) located approximately 15 to 30 km northwest of Fort St.James and 120 km northwest of Prince George in central BritishColumbia.
The Pinchi claims was previously explored by NantonNickel Corp., and the project consists of three separate claim blockstotaling 3354.64 hectares that were carefully selected to cover thebest sampling results (greater than 0.20% nickel in rocks) reported by Nanton Nickelcompany in 2013 shortly after the discovery of the Decar Nickelproperty owned FPX Nickel Corp. (“FPX Nickel”). Awaruite, anaturally occurring nickel-iron alloy and a naturally occurringstainless steel was confirmed to be a constituent of the nickelmineralization found at Recharge’s project.
FPX Nickel announced on April 3 rd , 2023, theyhad entered in to global generative explorationalliance with Japan Organization for Metals and Energy Security(“JOGMEC”). The purpose of the generative alliance, which will besolely financed by JOGMEC, is to carry out worldwide mineralexploration activities for the identification and acquisition ofhigh-quality properties which are prospective for the same style ofawaruite nickel mineralization as contained at FPX Nickel’s flagshipBaptiste nickel project in central British Columbia.
FPX has demonstrated that awaruite mineralization canbe economically recovered through conventional magnetic separation andflotation unit operations to produce a clean, high-grade nickelconcentrate. Due to the high nickel grade and general lack of sulphurand deleterious elements, awaruite concentrates can either bypasssmelting for direct sale to the stainless-steel industry or utilize arelatively simple refinery flowsheet to feed the burgeoning electricvehicle battery supply chain.
Recharge’s 2021 program highlighted 33 locationswhere samples were returning greater than 1,500 ppm total Ni, with 27of those locations having better then 2,000 ppm total Ni and values up to 2,525 total Ni and m agnesium levels up to a high of 27.16%. Anomalous values ofawaruite was confirmed to be a constituent of the nickel values inprevious sampling. The 2023 exploration program will be focused onfurther sampling in order to identify drill hole locations for aproposed diamond drill hole program.
Nickel is selling in the spot market at $22,910 pertonne according to TradingEconomics.com. (April 4 th , 2023).
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CEO,David Greenway, stated, “With drilling ongoing at Brussels Creek, anapproved recon program at the Georgia Lake Lithium project and pendingdrilling at the Company's Pocitos Lithium Brine project, Recharge canno longer ignore the opportunity that the Pinchi Lake Nickel projectpresents. The project, at first glance, has some very exciting nickeland magnesium assays and warrants further development especially giventhe current incentivized environment for critical metal investments inCanada. With the launch of the Sprott Nickel Miners ETF (Nasdaq: NIKL),the l atest addition to Sprott’s ExpandingEnergy Transition ETF suite, Recharge’s board has approved a furtherexploration budget to be allocated to developing this highlyprospective 100% owned asset.”
About the Pinchi LakeNickel Project
The Murray Ridge and Pinchi Lake nickel projects arelocated approximately 15 to 30 kilometres northwest of Fort St. Jamesand 120 km northwest of Prince George in central British Columbia. Theproject was previously explored by Nanton Nickel Corp. The projectsconsist of three separate claim blocks totalling 3,917.326 hectares(9,679.92 acres) that were carefully selected to cover the bestsampling results (greater than 0.20 per cent nickel in rocks) reportedby Nanton Nickel Company in 2013 shortly after the discovery of theDecar nickel property owned FPX Nickel Corp. Anomalous awaruite wasconfirmed to be a constituent of the nickel values.
The Decar nickel project geology, which lies 60 kmsouthwest is an analogous suite of ultramafic intrusions that arehosts to widely disseminated coarse grained awaruite mineralization.Compositionally, awaruite (Ni2Fe-Ni3Fe) comprises approximately 75 percent nickel, 25 per cent iron and 0 per cent sulphur, and therefore itis considered natural steel. Absence of sulphur allows a concentrateto be shipped directly to steel mills without incurring smelting andrefining costs, and minimal environmental problems. For furtherdetails on the project refer to the Company’s website or to theCompany’s press release dated August 3 rd , 2021.
Pinchi LakeNickel : https://recharge-resources.com/projects/murray-ridge-pinchi-lake/#Summary
Recharge’s management cautions that past results ordiscoveries on properties in proximity to Recharge may not necessarilybe indicative of the presence of mineralization on the Company'sproperties.
Qualifiedperson
James M. Hutter, P.Geo is a qualified person as definedby National Instrument 43-101, is responsible for the technicalinformation contained in this release as it pertains to PinchiLake.
About Recharge Resources
Recharge Resources is a Canadian mineral explorationcompany focused on exploring and developing the production ofhigh-value battery metals to create green, renewable energy to meetthe demands of the advancing electric vehicle and fuel cell vehiclemarket.
All stakeholders are encouraged to follow the Companyon its social media profiles on , , and Instagram .
On Behalf of the Board of Directors,
“David Greenway”
David Greenway, CEO
For further information, pleasecontact:
Recharge Resources Ltd.
Joel Warawa
Phone: 778-588-5473
E-Mail: info@recharge-resources.com
Website: recharge-resources.com
Neither the Canadian Securities Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the CSE) accepts responsibility for the adequacy or accuracy ofthis release.
Disclaimer for Forward-LookingInformation
Certain statements in this releaseare forward-looking statements, which reflect the expectations ofmanagement regarding Recharge’s intention to continue to identifypotential transactions and make certain corporate changes andapplications. Forward looking statements consist of statements thatare not purely historical, including any statements regarding beliefs,plans, expectations or intentions regarding the future. Suchstatements are subject to risks and uncertainties that may causeactual results, performance or developments to differ materially fromthose contained in the statements. No assurance can be given that anyof the events anticipated by the forward-looking statements will occuror, if they do occur, what benefits Recharge will obtain from them.These forward-looking statements reflect managements’ current viewsand are based on certain expectations, estimates and assumptions whichmay prove to be incorrect. A number of risks and uncertainties couldcause actual results to differ materially from those expressed orimplied by the forward-looking statements, including Recharge’sresults of exploration or review of properties that Recharge doesacquire. These forward-looking statements are made as of the date ofthis news release and Recharge assumes no obligation to update theseforward-looking statements, or to update the reasons why actualresults differed from those projected in the forward-lookingstatements, except in accordance with applicable securitieslaws.
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