(TheNewswire)
Vancouver, BC – TheNewswire - J une 17, 2024 - Recharge Resources Ltd.("Recharge" or the "Company") (RR: CSE) (RECHF:OTC) (SL5: Frankfurt) announces the Company has entered into an agreement withAmerican Salars Lithium Inc. (“American Salars”) (CSE:USLI) tosell its 100% interest in the Pocitos 1 Lithium Brine Project(“Pocitos 1”) in Salta, Argentina. The terms of the transactionare outlined below (“the Transaction”).
The Company will refocus its attention on its North American assetsincluding its Brussels Creek Gold project in BC, adjacent to NewGold’s (TSX:NGD) ($2.15 Billion Market Cap) New Afton Mine, thePinchi Lake Project (currently under option to Ranchero ResourcesLtd.), and its Georgia Lake Lithium Project in Ontario as well as lookto identify projects across North American with a focus on the energymetals and precious metals markets including Copper, Gold andUranium.
About Brussels Creek Project (the“ Brussels Creek Project ”)
The BC property is an early-stage exploration property,located approximately 24 kilometres west of Kamloops, and isimmediately adjacent to New Gold’s New Afton mine. The BrusselsCreek Project has 17 claims (66 cells) covering 1,350.43 hectares. The geological setting of the Brussels Creek Project is very similarto New Afton, a silica-saturated copper-gold alkalic porphyry-styledeposit, as well as the Highland Valley, Mount Polly, Kemess andGalore Creek deposits. Recent field observations noted the presence ofa substantial mineralized quartz-feldspar porphyry body intruding theoverlying Nicola group volcanics. Historic sampling and mapping on theBrussels Creek Project, in 1983 and 1984, located a broad anomalouszone (200 metres by 400 metres) with gold values up to 3.5 grams pertonne. Grab samples taken from the Brussels Creek Project in 2019include values of 10.1 g/t Au (with 0.7 g/t palladium) and 11.5 g/tAu.
The interval that ran 7.44 g gold came back in thequartered core as 16.35 g Au between 28.75m and 29.25m.
Over the 3.5 meters from 25.75m and 29.25m thequartered core averaged 5.08 grams per tonne. Gold mineralizationstarts at the overburden-bedrock contact.
This gold zone is hosted by quartz-feldspar porphyryintrusive likely associated with the Iron Mask plutonic suite. Themineralized zone is characterized by pervasive quartz sericitealteration with overprinting by clay-carbonate stockworks containingpyrite and sphalerite along with traces of chalcopyrite andgalena.
The Brussels Creek Project is largely underlain by anorthwest trending, moderately southwest dipping sequence of andesiticvolcaniclastic rocks and siltstones of the Upper Triassic NicolaGroup. Some massive, well-indurated andesitic flows, flow brecciasand agglomerates (Nicola Group) also occur. The Nicola rocks are cutby later porphyritic rhyolitic dikes, sills and plugs that arepossibly related to the Iron Mask Plutonic Suite or youngerrocks.
The area drilled focussed on the southeast eTh/Kanomaly coincident with strong IP response. Future work will zero inon the eTh/K anomaly A to the northwest of the 2023 drilling oncearchaeological studies are completed. Comparison of the gamma-rayspectrometry included in the two public domain surveys indicatesnotable eTh/K anomalies spatially correlating to identified zones ofmagnetic disruption and complex structure. The low eTh/K “areas ofinterest” may be delineating enhanced alteration. The ADUF mineralshowing in particular is adjacent to Anomaly A, proving encouragementfor further investigation.
In these areas of anomalous gold, the rhyolitic rocksare quartz-sericite altered and country rocks are strongly altered toan assemblage of carbonate (ankerite and calcite), quartz, withsericite near the dike contacts and grading to chlorite furtheraway. Outside of this zone, calcite, chlorite and locally epidoteare predominant as a propylitic halo. As much as 5 per centdisseminated pyrite occurs in the altered rhyolite dike rock andadjacent carbonate altered andesitic volcaniclastic. Limonite afterpyrite occurs as films on some fractures and as seams and blebsassociated with quartz-calcite veins, and opaline silica veins.
As reported in the 1985 Assessment Report (#13877),anomalous gold values (85 to 3500 ppb) are localized in and about someof the smaller north-northwesterly trending porphyry rhyolite dikesthat cut the andesitic volcaniclastics and related siltstones. Thiszone is oriented NNW-SSE and is about 400m long and up to 200m wide.In these areas of anomalous gold, the rhyolitic rocks arequartz-sericite altered and country rocks are strongly altered to anassemblage of carbonate (ankerite and calcite), quartz, with sericitenear the dike contacts and grading to chlorite further away.
Outside of this zone, calcite, chlorite and locallyepidote are predominant as a propylitic halo. As much as 5 per centdisseminated pyrite occurs in the altered rhyolite dike rock andadjacent carbonate altered andesitic volcaniclastic. Limonite afterpyrite occurs as films on some fractures and as seams and blebsassociated with quartz-calcite veins, and opaline silica veins.
XRF assays throughout the 3 drill holes show highpotassic alteration. Complex faulting and shearing was evidenttowards the bottom of holes 2 and 3. Highly siliceous and shearedfeldspar-quartz porphyry was observed near the end of hole 2.
Brussels Creek WebPage: https://recharge-resources.com/projects/brussels-creek/
About Murray Ridge (Pinchi Lake)Nickel Project (the “Pinchi Lake 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. ThePinchi Lake Project was previously explored by Nanton Nickel Corp.It consists of three separate claim blocks totalling 3,922.64 hectaresthat were carefully selected to cover the best sampling results(greater than 0.20 per cent nickel in rocks) reported by Nanton NickelCompany in 2013 shortly after the discovery of the Decar nickelproperty owned FPX Nickel Corp. Awerite was confirmed to be aconstituent of the nickel values.
The Decar nickel project geology which lies 60 kmsouthwest is analogous suite of ultramafic intrusions are hosts towidely 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.
The project was announced under option to RancheroResources on November 21 st , 2023.
About Georgia Lake Project
Georgia Lake North & West –Lithium Properties – Ontario
The Georgia Lake North and West Properties are locatedapproximately 160 km northeast of Thunder Bay, Ontario, within theThunder Bay Mining Division. Recharge’s property is contiguous tothe North and West boundaries of Rock Tech Lithium’s Georgia LakeLithium Property and consists of two claim blocks totaling 320hectares and 432 hectares.
Figure 2. Area map showing GeorgiaLake properties and surrounding companies.
The Rock Tech Lithium Georgia Lake Project is host toseveral spodumene-bearing pegmatite dykes. Lithium mineralization wasdiscovered in 1955 and subsequently explored by several historicowners. Rock Tech’s property hosts an NI 43-101 Mineral Resource, asreported in Rock Tech’s Preliminary Economic Assessment filed onRock Tech’s SEDAR profile, with an effective date of March 15, 2021.The Mineral Resource is summarized in the following table:
Rock Tech’s Preliminary EconomicAssessment | Tonnage (MT) | Grade (Li20%) |
Measured Resources | 2.31 | 1.04 |
Indicated Resources | 4.31 | 0.99 |
Measured and Indicated | 6.62 | 1.01 |
Inferred Resources | 6.68 | 1.16 |
Management cautions that past results or discoveries onadjacent properties (i.e., Rock Tech Lithium Georgia Lake Project) maynot necessarily be indicative to the presence of mineralization on theCompany’s properties (i.e., Georgia Lake).
The Transaction
Recharge has entered into an agreement with AmericanSalars (the “Purchaser”) whereby American Salars is acquiring a100% interest in the Pocitos 1 Lithium Brine Project by issuing toRecharge (the “Vendor”) 5,000,000 common shares and assuming acertain tax liability owed by Recharge estimated to not be more thenUSD $250,000 and an outstanding invoice due to WSP Australia of AUD$80,000.00.
Recharge has agreed to a 24-month escrow with quarterlyreleases every six months. Recharge has agreed to a further voluntaryescrow whereby they have agreed not to sell more then 10,000 sharesper day in any given trading day and cumulatively no more than 50,000shares in a normal business week. The Company has further agreed toproxy all votes to management of American Salars.
At closing of the Transaction, the Purchaser shallissue to the Vendor 2,500,000 warrants (the “Bonus Warrants”),with each Bonus Warrant entitling the Vendor to acquire one commonshare of the Purchaser at an exercise price of $0.75 for a period offive years, which Bonus Warrants will be exercisable by the Vendorupon the Pocitos 1 Property having a Measured, Indicated and Inferredcombined (“M+I+I”) resource of 1,000,000 tonnes LCE, subject tothe receipt of a “technical report” (as that term is defined insection 1.1 of NI 43-101) confirming that the Property has therequired M+I+I resources (as such terms are defined in section 1.2 ofNI 43-101).
Subject to a 2.5% of net smelter royalty of theMinerals produced on a FOB basis from the Property, the royalty streamcan be purchased for $1,500,000 for 1.5% (60%) of the Royalty.
Furthermore, Recharge will no longer pursue theacquisition of Pocitos 2 as announced on December 19 th , 2023.
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 appli cable securities laws.
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