(TheNewswire)
Vancouver, BC – TheNewswire - May 6 th , 2024 – Recharge Resources Ltd.(“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL50:Frankfurt) a leading exploration company focusedon developing lithium assets in Canada and Argentina essential for theelectric vehicle (EV) battery industry, applauds the $15 billionCanadian investment by Honda Canada Inc. ( “Honda” ) intoelectric vehicle and battery manufacturing in Alliston, Ontario. This$15 billion initiative not only underscores the growing importance ofEVs but also highlights the critical need for lithium in the Provinceof Ontario burgeoning EV battery supply chain.
Recharge is strategically positioned to support thisexpanding market through its Georgia Lake North & West lithiumproperties. Located approximately 160 km northeast of Thunder Baywithin the Thunder Bay Mining Division, these properties are poised tocontribute to the sustainable extraction and supply of high-qualitylithium concentrate, a vital component in EV battery production withmore than 200 gigafactories 1 seeking supplies of lithium carbonate.
The announcement was made at the Alliston Honda plantby Toshihiro Mibe, Global President, CEO, and Representative Directorof Honda Motor Co., Ltd., Japan. Jean Marc Leclerc, President and CEOof Honda Canada Inc., opened the news conference. Distinguished guestsincluded Ontario’s Premier Doug Ford, Vic Fedeli, Minister ofEconomic Development, Job Creation and Trade, and Peter Bethlenfalvy,Minister of Finance. They were joined by Canada’s Prime MinisterJustin Trudeau, Chrystia Freeland, Deputy Prime Minister and FederalMinister of Finance, and François-Philippe Champagne, FederalMinister of Innovation, Science, and Industry. Also present were MayorRichard Norcross of the Town of New Tecumseth, H.E. Ambassador KanjiYamanouchi from Japan, and Ian G. McKay, Ambassador of Canada toJapan.
"We are thrilled withannouncement and the investment by Honda in EV battery supply chainthat is a testament to the rapid growth and future potential of theelectric vehicle market in Canada and globally," said DavidGreenway, President, and CEO of Recharge Resources. "Our GeorgiaLake properties hold significant promise for lithium extraction. Weare committed to advancing our projects and leveraging them to meetthe increasing demand for lithium, driven by such substantial demandfrom investments in the EV sector."
Recharge Resources is committed to advancing theseproperties through responsible exploration and development strategies.The company’s approach ensures that environmental stewardship andcommunity engagement are at the forefront of their operations, aimingto establish a sustainable supply chain that supports the burgeoningdemand for lithium in the storage energy sector.
As the EV market continues to expand, the need fordomestically sourced lithium becomes increasingly critical. RechargeResources is at the forefront of efforts to ensure that the supplychain for critical minerals is robust and can sustain the pace ofgrowth in the electric vehicle industry.
Ontario’s Premier Doug Fordcommented, ‘The investment is a game changer for the industry and atremendous win for Ontario that his government was supporting withdirect and indirect incentives worth $2.5 billion. This is the first time China has beenunseated from the top spot of the global supply chain ranking, Withthe Honda deal, Ontario has attracted more than $43 billion in autoand EV investment in the last three years, the premier added.
Honda global CEO Toshihiro Mibecommented, “The world is changing rapidly, and we must work towardthe allies in carbon neutrality to sustain the global environment.Honda is making steady progress toward our goal to make batteryelectric and electric vehicles represent 100 per cent of our vehiclesales by 2040.”
About Georgia Lake North & WestLithium Properties
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.
Adjacent to Recharge Resources Ltd.'s lithiumproperties, Rock Tech Lithium’s Georgia Lake Project also plays asignificant role in the region's lithium development landscape. Knownfor its spodumene-bearing pegmatite dykes, the Georgia Lake Projectwas first discovered in 1955 and has seen considerable explorationactivity by various owners over the decades. Currently, the propertyfeatures a detailed NI 43-101 Mineral Resource, which is outlined inRock Tech’s Preliminary Economic Assessment available on theirSEDAR+ profile as of March 15, 2021. The specifics of the MineralResource are summarized in Table 1 below:
Tonnage (MT) | Grade (Li2O %) | |
Measured Resources | 2.31 | 1.04 |
Indicated Resources | 4.31 | 0.99 |
Inferred Resources | 6.68 | 1.16 |
Table 1: Rock Tech Lithium Preliminary Mineral Resource
Cautionary Note:
Recharge management wishes to remind shareholders thathistorical results or discoveries on adjacent properties should not beassumed to reflect the mineralization on the Company's own sites.Geological and mineral deposits can vary significantly betweenneighboring areas. Therefore, while proximity can suggest potential,it does not guarantee similar findings. The company continues toundertake rigorous exploration and evaluation of its properties toestablish their unique mineral profiles.
Qualified Person
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA,(CMV), a Qualified Person as defined under NI 43-101 regulations, hasreviewed the technical information that forms the basis for portionsof this news release, and has approved the disclosure herein. Mr.Thomas has joined the Company in the capacity of COO and Director on21 November 2023. He is a shareholder.
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 market.
All Stakeholders are encouraged to follow the Companyon its social media profiles on , , and Instagram .
On Behalf of the Board ofDirectors
“ DavidGreenway ”
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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