(TheNewswire)
Vancouver, BC - TheNewswire - March 31, 2023 - Recharge Resources Ltd. ("Recharge" or the"Company") (RR:CSE) (RECHF:OTC) (SL5:Frankfurt) is pleased to provide thefollowing corporate update on its portfolio of advanced lithiumprojects located in Salta, Argentina, and continued progress on itslithium, copper-gold and nickel projects located Ontario and BritishColumbia, Canada.
As previously announced in the news release dated March21, 2023, the Company announced all of the warrants from the June21st, 2022, private placement were exercised funding the Company withan additional $1,716,750. This was a significant milestone as itindicates shareholder support for the Company and its portfolio ofprojects.
Brussels Creek – BC, Canada
Recharge’s winter drill program is under way at its100-per-cent-owned Brussels Creek gold-copper-palladium project(“Brussels Creek”) in Kamloops, B.C., Canada,
The first hole has been drilled to target depth andcompleted with 52 samples, cut by hand, labeled with metal dynolabels, and have been delivered to ISO-17025 accredited ALSLaboratories ( “ALS” ) in NorthVancouver, BC for analysis. All cores are stored in a locked area atthe exploration camp until delivered to ALS. The drill rig will now bemoved to the second drill hole location. There are no known drilling,sampling, recovery, or other factors that could materially affect theaccuracy or reliability of the drilling data at Brussels Creek.
The aim of the 900-meter NQ drill program is to testthe potential for copper-gold mineralization similar to that presentat the at the adjacent New Afton mine owned by New Gold Inc. NGD.V($1.0 Billion Market Cap). The New Afton Mine occupies the site ofthe historic Afton Open Pit mine, which operated from 1977 to 1997.The present mine and concentrator facility commenced production inJuly 2012. The mine is a block caving operation. In 2021, the mineproduced 52,542 oz Au and 61,700,000 lbs Cu.
|
|
Qualified Person
Johan T Shearer, P. Geo., Consulting Geologist, is thequalified person as defined by NI 43-101 responsible for the technicalaspects of the Brussels Creek Project.
QA/QC
To ensure reliable sample results, the Company has arigorous QA/QC program that monitors the chain-of-custody of samplesand includes the insertion of blanks and certified reference standardsat statistically derived intervals within each batch ofsamples.
Pocitos 1 Lithium brine Project –Salta, Argentina
Recharge is currently awaiting drill permits aftersuccessfully drilling the Pocitos 1 Lithium brine project( “Pocitos 1” ) in December 2022, confirming lithium bearing brines firstdiscovered in 2018 with assays up to 169 PPM lithium and 161 PPMlithium being sampled over a two-week period. The Company has fullypaid in both cash and shares totally USD $1.85 million in order toexercise its option to earn a 80% interest in the project which willbe transferred to the Company’s wholly owned subsidiary RechargeArgentina SA. The Company has a 5-year option ending March21 st , 2027 in order to acquire the balance of 20% of the projectfor USD $6.0 million
The Company has entered into a licencing agreement withEkosolve™ to build up to a 20,000-tonne DLE lithium extraction plantat Pocitos 1 project in order to supply Richlink Capital Pty Ltd( “Richlink” ) up to 20,000 tonnes of lithium chloride/carbonate per year,as previously announced under a letter of intent on October3 rd ,2022 (the “LOI” ).
As previously announced, the basis for the NI 43-101report is well underway after Phillip.Thomas set up the drill programin Argentina when he was there in November 2022 and again in January2023 to measure review core, flow rates and assays to create theanticipated NI43-101 compliant report. Thomas, BSc Geol, FAusIMM MAIG,has spent the past 22 years exploring for lithium brines, includingbuilding and operating a pilot plant for production at Rincon Salar(sold to Rio Tinto for US$825 Million) as well as he and his teamdeveloped the Pozuelos salar, producing an indicated and inferredresource, from four exploration wells. (recently sold to Ganfeng forUS$962 million). Thomas is independent of the Company and is NOT ashareholder of Recharge Resources.
Qualified Person
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA,(CMV), is a q ualified p erson as defined under NI43-101regulations, has reviewed the technical information that forms thebasis for portions of this news release as it pertains to the Pocitos1 & Pocitos 2 lithium brine project.
Pocitos 2 Lithium Brine Project –Salta, Argentina
The Company has entered into an option agreementwhereby the Company may acquire up to a 100% undivided interest in thePocitos 2 Project ( “Pocitos2” ), a 532-hectare lithium brine projectlocated just outside of Salta, Argentina and contiguous to theCompany’s ongoing operations on the Pocitos 1 salar.
Previous surface sampling, trenching and VTEMGeophysics carried out in 2018 suggest the continuity of the targetedlithium brine aquifers continuing from the Pocitos 1 block through thePocitos 2 block with Pit 10 from trenching on the Pocitos 2 blockhaving the highest trench sample at 181 PPM lithium, the highestlithium value found on the Pocitos salar to date.
Figure 8. Pocitos 1 and Pocitos 2 blocks |
Figure 9. Pocitos 2 Geophysics |
Figure 9. Pocitos 2 Geophysics – red lowestresistivity | |
Under the terms of the Agreement, Recharge may exercise the Option and earn a 100% undivided interest inthe Property, subject only to the Underlying Royalty, by paying to theOptionor cash totaling USD $744,800 and issuing share paymentstotaling CAD$500,000 based on the table below: The Company has madethe initial share payment.
DATE FOR COMPLETION | CASH PAYMENT | SHARE PAYMENT |
Issued within 7 days of the execution of theagreement. | $500,000 (1) | |
On or before June 30, 2023 | $744,800 | |
TOTAL | US$744,800 | CAD $500,000 (1) |
Qualified Person
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA,(CMV), is a q ualified p erson as defined under NI43-101regulations, has reviewed the technical information that forms thebasis for portions of this news release as it pertains to the Pocitos1 & Pocitos 2 lithium brine project.
Georgia Lake Lithium – Ontario,Canada
The Company has recently approved an initialreconnaissance prospecting program at its 100% owned Georgia LakeLithium project ( “GeorgiaLake” ) located in the Thunder Bay MiningDivision, Ontario, as a follow up to the previously announcedheliborne magnetic survey completed in Q4 2022.
Figure 10. Imagery from heliborne magneticsurvey
The reconnaissance program willstart in spring once weather permits. The program will be carriedout over 7-10 days and will include ground truthing and prospecting ofseveral areas that were selected from reviewing the recently acquiredairborne magnetic data, as well as a till sampling program to furtherevaluate the properties for their lithium potential.
The 800-hectare property is immediately contiguous toRock Tech Lithium Inc’s (RCK–V) ( “Rock Tech” )Georgia Lake Lithium Property and located approximately 160 kmnortheast of Thunder Bay, Ontario, within the Thunder Bay MiningDivision.
QualifiedPerson
Joerg Kleinboeck, P.Geo (JMK Exploration Consulting)has reviewed the technical information that forms the basis forportions of this news release, and has approved the disclosureherein. Mr. Kleinboeck is independent of the Company and is aqualified person as defined under National Instrument 43-101.
Pinchi Lake Nickel – BC,Canada
The 100% owned Pinchi Lake Nickel project( “Pinchi” ) is located approximately 15 to 30 km northwest of Fort St.James and 120 km northwest of Prince George in central BritishColumbia. The Pinchi was previously explored by Nanton Nickel Corp.,and the project consists of three separate claim blocks totaling3354.64 hectares that were carefully selected to cover the bestsampling results (greater than 0.20% nickel in rocks) reported byNanton Nickel company in 2013 shortly after the discovery of the DecarNickel property owned FPX NICKEL CORP. (FPX.TSX-V). Awerite wasconfirmed to be a constituent of the nickel values.
Nickel values up to 2,552 Ni and Magnesium levels, up to a high of 27.16% have been discoveredon the project.
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.
CEO, David Greenway stated, "The Company ispushing forward with drilling ongoing at Brussels Creek, drillingpending at Poctios 1 & 2 and Spring recon approved at Georgia LakeLithium. The Company owns a 100% interest in the Brussels Creekproject, Pinchi Lake Project and the Georgia Lake Projects. TheCompany has exercised its option to acquire an 80% interest in Pocitos1 with an option to acquire up to a 100% percent interest in bothPocitos 1 & 2 lithium brine projects. The Company has recentlyreceived $1.7 million through warrant exercises and is funded for theupcoming exploration season to aggressively continue pursuing itsexciting portfolio of assets.”
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.
###
Copyright (c) 2023 TheNewswire - All rights reserved.