(TheNewswire)
Vancouver, BC – TheNewswire- July 4 th , 2023 - Recharge Resources Ltd.("Recharge" or the "Company") (CSE: RR ) ( OTC: RECHF) (Frankfurt:SL5) isple ased toannounce that SouthernRock Geophysics S.A. ( “SouthernRock” )has provided the company with its final report from the Magnetotellurics Survey ( “MT Survey” )conducted at the company’s Pocitos lithium brine project in Salta,Argentina.
Figure 1 . Map showing the traversesacross Pocitos 1 and 2 and location near Arizaro, Incahuasi, Rinconand Pozuelos salars. The north south line is the border betweenPocitos 1 and Pocitos 2 concessions.
Jeremy Barrett, General Manager of SouthernRock stated,“ The inversion models for the Magneto-Telluric data describea very conductive settingthroughout , although in detail it is generally comprised of anupper sub-1?m layer overlying a slightly less conductive layer ofabout 1 ?m of variable thickness that in turn overlies an extensiveconductive interval of about 0.5 ?m extending indeterminately toperhaps 1km depth. Marginally higherresistivities of up to 2 or 3 ?m in the eastern part of the northernmost survey line mayrepresent a contrast in composition of the basin material or fluidsalinity, in an otherwise fairly homogenous conductive setting.”
The data will now be incorporated into the company’s NI 43-101report. As previously announced, the basis for the NI 43-101 report iswell underway after Recharge’s Qualified Person, Phillip Thomas setup the drill program in Argentina when he was there in November 2022and again in January 2023 and most recently in May of 2023 to measureand review core, flow rates and assays to complement the work WSP willdo complete a mineral resource estimate within the NI43-101 compliantreport. WSP hydrologist’s have also visited the project andinspected the site and core.
CEO, David Greenway, summarised, "Recharge ispushing forward on all fronts with an inaugural NI 43-101, a pendingdrilling program, and a subsequent NI 43-101 resource estimate. The MT survey shows us exactly where thelithology has been concentrating conductive brines containing lithium.These developments should make for an exciting next period forRecharge and its stakeholders at the Pocitos lithium brineproject.”
Figure 2 . The 1D inversion (showingvertical lines of resistivity) inverted into a 2d model shows lowresistivity near where three wells have been drilled, but another deeplow resistivity area to the west that extends north – south acrossthe whole concession.
Figure 3 . 2D Inversion shows thelow resistivity to the west with a different lithological unit (darkblue) appearing at the border of Pocitos 1 and 2.
As previously announced SouthernRock had surveyed amajor zone with a resistivity of just 0.3 Ohm-m implying a highlyconductive ellipsoidal shaped unit with a thickness of 750 metres and a length of 2.5 kilometres to a high value of 0.5ohm-mas shown in figure 3 2D inversion above.
Pocitos 2 Option
As a result of the MT signaling identifying a muchlarger potential at Pocitos 1 project over the undrilled Pocitos 2block the board of Recharge has elected to rescind its option toacquire the Pocitos 2 block as announced on February 27 th , 2023. Waivingthe option to the Pocitos 2 smaller untested block saves Recharge frommaking a cash payment of USD $744,800 as well as $1.5 Million in sharepayments. Furthermore, the company has requested the return of$500,000 (925,926 shares at a deemed price of $0.54) in Recharge’sshares paid to Spey Resources as a refundable deposit upon executionof the option back in February 2023. The company will now focus itsexpenditure on further development and drilling to confirm the muchlarger potential at the Pocitos 1 block in preparation for thecontemplated development of an up to 20,000 tonne per year Ekosolve™lithium plant at the Pocitos 1 project.
Recharge has also paid a fee to enter an auction for aproperty nearby Pocitos 1 on the Pocitos salar.
About Pocitos Lithium BrineProject
The Pocitos Project is located approximately 10 km fromthe township of Pocitos where there is gas, electricity, and internetservices. Pocitos 1 is approximately 800hectares and is accessible byroad. Collective exploration totals over USD $2.0 million developingthe project, including surface sampling, trenching, TEM and MTgeophysics and drilling three holes that had outstanding brine flowresults. Locations for immediate follow up drilling have already beendesigned and identified for upcoming exploration.
Lithium values of 169 ppm from drill hole 3 packer testassayed from laboratory analysis conducted by Alex Stewart wererecorded 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.
Figure 4. Pocitos Lithium Claim Map
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 is independent of the Company and is NOT ashareholder of Recharge Resources. Thomas visited the property to viewthe core between January 15th-22 nd , 2023 and 8May 2023 to determine if additional flow tests could bearranged.
About SouthernRock GeophysicsS.A.
SouthernRock Geophysics S.A. is dedicated to providinggeophysical services for the mineral exploration sector with furtherexpertise in ground water, geothermal and other monitoring programs.The company formerly operated in the region as Zonge Ingenieria yGeofisica (Chile) S.A., with the new identity prompted by itsindependence from Zonge International (USA) several years ago.SouthernRock Geophysics boasts over 20 years of experience in theAndean region with a field base in Antofagasta, a technical office inSantiago and a sister company Ridgeback Geofisica Argentina S.A. basedin Mendoza, all of which form a resource network that deliversinnovative earth imaging solutions to a broad base of local andmultinational clients.
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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