(TheNewswire)
Vancouver, BC – TheNewswire – January 30 , 2024 - Recharge Resources Ltd.("Recharge" or the "Company") (CSE:RR) (OTC:RECHF) (Frankfurt:SL5) an established exploration anddevelopment company in the lithium and sustainable energy sector, isproud to announce a year of significant accomplishments in 2023 andshare its strategic vision and milestones for 2024.
2023: A Year of RemarkableAchievements
In 2023 Recharge solidified its position in theexploration lithium market with key advancements in its PocitosLithium Brine Projects in Salta Province, Argentina. A major highlightwas the Inferred Mineral Resource Estimate ( “MRE” ) forPocitos I and II, showing an impressive 143,000 tonnes of in-situlithium metal, translating to 760,000 tonnes of lithium carbonate equivalent (“LCE” ). Thismilestone not only underpins the high potential of the Pocitosprojects but also sets a solid foundation for future growth.
Figure 1: Picture of Pocitos 1 and 2 with drillrig |
Figure 2: drill team in camp |
David Greenway, President, and CEOcommented, "In 2023, Recharge Resources Ltd. achieved significantmilestones, notably the substantial Inferred Mineral Resource Estimateat Pocitos Lithium Brine Project, the recovery of 94.9% of Lithiumusing Ekosolve and the production of battery grade lithium carbonate.As we step into 2024, our focus is on advancing our projects towardscommercial production, binding off-take contracts with batterymanufacturers and underscoring our commitment to sustainable development andstakeholder value creation through our ESG strategies. We're excitedabout the opportunities ahead to further position Recharge as a leaderin the lithium industry."
Adding to this, the Company successfully expanded itsfootprint by acquiring the adjacent concession, Pocitos II, increasingthe project area to 1,332 hectares. This strategic move enhancesRecharge’s resource base, expands the production field and providesadditional avenues for exploration and development.
In line with its commitment to sustainable andresponsible mining, Recharge is adopting a comprehensive EnvironmentalSocial Governance (“ESG”) Policy. This policy demonstrates theCompany’s dedication to environmental stewardship, communityengagement, provincial and federal government dialogue and transparentgovernance – core values that are increasingly important toinvestors and stakeholders.
Key executive appointments in 2023, including RichardRobins as Chief Financial Officer and Phillip Thomas as ChiefOperating Officer, have fortified Recharge’s leadership team. Theirexpertise will be instrumental in driving the Company’s strategicinitiatives on the ground and operational efficiency.
Furthermore, the Company diversified its portfolio withthe optioning of the Pinchi Lake Nickel Project to Ranchero Gold,showcasing its ability to recognize and capitalize on valuableopportunities outside its core lithium focus.
Looking ahead to 2024, Recharge is poised for a year ofdynamic growth. The Company plans to initiate additional drilling atthe Pocitos projects, aiming to further define and expand its lithiumresources. The focus will be on accelerating the path to commercialproduction, leveraging innovative technologies and sustainablepractices.
Phillip Thomas, the Chief OperatingOfficer, stated, "The year 2024 will be a landmark for Pocitos,with the focus to increase the confidence of our initial resource of760,000 tonnes LCE to a measured resource and then proven and probablereserve. We have the permits now to drill production wells on bothproperties and this will be our major milestone in 2024 along with the40T LCE Ekosolve plant. By incorporating the advanced Ekosolvetechnology, we are set to transform our lithium extraction methods,significantly improving both efficiency and environmentalsustainability in our practices."
Recharge experienced a transformative 2023,characterized by significant advancements and strategic growth, andwill also continue to evaluate and potentially expand its portfolio,exploring new opportunities that align with its vision of powering acleaner future.
Entering 2024, the Company is primed to leverage thismomentum, equipped with a clear vision and robust plans aimed atenhancing shareholder value and contributing to the global shifttowards sustainable energy.
About Pocitos Lithium BrineProject
The Pocitos Project is located approximately 10 km fromthe township of Pocitos where there is gas, electricity, andaccommodation. The Pocitos Project is approximately 1,332 hectares andis accessible by road. Collective explorationtotals over US$2.0 million developing the project, including surfacesampling, trenching, TEM, and MT geophysics and drilling three wellsthat had outstanding brine flow results. Locations for immediatefollow up drilling have already been designed and identified forupcoming exploration. Lithium values of 169 ppm from drill hole 3packer test assayed from laboratory analysis conducted by Alex Stewartwere recorded during the project’s December 2022 drill campaigns. Adouble packer sampling system in HQ Diamond drill holes were drilledto a depth of up to 409 metres. The flow of brine was observed tocontinue for more than five hours. All holes had exceptional brineflow rates.
Ekosolve Ltd produced lithium carbonate at a purity of99.89%, where extraction of the lithium from the brines was above 94%i.e. 159 ppm of lithium would have been recovered from 169 ppm.
The company has published a NI 43-101 compliantInferred Mineral Resource Estimate ( MRE ) for the PocitosLithium Brine Project which has been estimated at 143,000 tonnes ofin-situ lithium metal, and 13,000 tonnes lithium metal yield (usingporosity estimates) which equates to a lithium carbonate equivalent(“LCE”) of 760,000 tonnes and 69,000 tonnesrespectively . The LCE iscalculated from the ratio of lithium carbonate (Li 2 CO 3 ) to Li metal (5.32:1). The calculations assume no processlosses. See press release dated December 20 th ,2023 .
The full NI 43-101 Report dated December 18, 2023, andentitled “Technical Report For The Pocitos 1 and II, Salta Province,Argentina” , can be found on SEDAR+under the Company’s issuer profile at www.sedarplus.com .
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 ofDirectors
“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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