Vancouver, BC , Oct. 24, 2022 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (“Recharge”) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) has engaged Joerg Kleinboeck, P.Geo (JMK Exploration Consulting) for data compilation and the organization of an airborne magnetic survey for the company’s Phase 1 Exploration Program at its 100% owned Georgia Lake North and West Lithium Properties which are contiguous to Rock Tech Lithium Inc’s (“Rock Tech”) Georgia Lake Lithium Properties, approximately 160 km northeast of Thunder Bay, Ontario, within the Thunder Bay Mining Division.
On October 20th, 2022, Rock Tech and Mercedes-Benz AG finalized a supply agreement to supply 10,000 tonnes of lithium. The deal, which comes shortly after the two groups said they would explore a strategic partnership, has a volume of 1.5 billion euros ($1.47 billion) and will cover enough lithium hydroxide for 150,000 cars a year, the companies said.
Lithium is selling in the spot market at 542,500 Yuan per tonne or the equivalent of US$74,891 per tonne according to Trading Economics (October 21st, 2022).
CEO David Greenway states, "While we continue to advance our two fully-funded drill programs at Brussels Creek and with Pocitos 1 Lithium drilling underway, we are progressing now with JMK Exploration Consulting to explore our Georgia Lake Project. Recharge Resources will plan an air mag survey of the Georgia Lake projects with a goal of identifying the potential for continuity of structure from Rock Tech’s active development at Georgia Lake Project.”
About JMK Exploration
Joerg Kleinboeck P.Geo., owner of JMK Exploration Consulting, is a professional geoscientist with over 20 years of experience in mineral exploration where he has managed early through to advanced staged projects in Canada and the United States. Kleinboeck holds a Bachelor of Science in Geology from Laurentian University and is a member of the Professional Geoscientists Ontario (PGO). He has held senior positions for several junior mining companies, and since 2014, he has been the project manager for Canadian Continental Exploration Corp. until its successful acquisition by Conquest where he currently serves as Vice President, Exploration. Kleinboeck has been active in the Temagami Mining Camp since 2000 where he has helped to advance projects such as New Age Metal Corp’s nearby River Valley PGM Project and discovered the Lismer’s Ridge Extension Deposit through prospecting followed by diamond drilling (14 mT PGE-Cu-Ni).
Georgia Lake North & West - Lithium Properties – Ontario
The Georgia Lake North and West properties are located approximately 160 km northeast of Thunder Bay, Ontario, within the Thunder Bay Mining Division. Recharge’s property is contiguous to the North and West boundaries of Rock Tech Lithium’s Georgia Lake Lithium Property and consists of two claim blocks totaling 320 hectares and 432 hectares.
The Rock Tech Lithium Georgia Lake project is host to several spodumene-bearing pegmatites. Lithium mineralization was discovered in 1955 and subsequently explored by several historic owners. Rock Tech’s property hosts an NI 43-101 Mineral Resource, as reported in Rock Tech’s Preliminary Economic Assessment filed on Rock Tech’s SEDAR profile, with an effective date of March 15, 2021. The Mineral Resource is summarized in the following table:
Recharge’s management cautions that past results or discoveries on properties in proximity to Recharge may not necessarily be indicative of the presence of mineralization on the company's properties.
About Recharge Resources
Recharge Resources is a Canadian mineral exploration company focused on exploring and developing the production of high-value battery metals to create green, renewable energy to meet the demands of the advancing electric vehicle and fuel cell vehicle market.
All stakeholders can follow the company on its social media profiles on LinkedIn, Twitter, Facebook and Instagram.
On Behalf of the Board of Directors,
“David Greenway”
David Greenway, CEO
For further information, please contact:
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 its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding Recharge’s intention to continue to identify potential transactions and make certain corporate changes and applications. Forward looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Recharge will obtain from them. These forward-looking statements reflect managements’ current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including Recharge’s results of exploration or review of properties that Recharge does acquire. These forward-looking statements are made as of the date of this news release and Recharge assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.
