Vancouver, BC, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL5: Frankfurt) is pleased to announce the Company has engaged with Quantec Geoscience Argentina S.A. (“Quantec”) to provide a Controlled-Source Magnetotellurics (“CSAMT”) audio-telleric geophysical survey subject to scheduling in March or April 2023 to delineate the lithology and potential aquifers on its 800 ha property down to depth of 500m at the flagship Pocitos 1 Lithium Brine Project in Salta, Argentina.
Figure 1. CSAMT Survey
The additional geophysics data will greatly assist in identifying the characteristics of the lithology, and low resistivity areas usually containing brines. Geologists and gas specialists are planning to capture the gas to determine its chemical make up and origin (whether it is hydrocarbon originated or “air pockets” which the initial investigation indicated. They will also try to stabilize the NQ drill rod and conduct a flow test using a 2-inch submersible pump. The phreatic brine level is at the surface and can be pumped in less than 50 metres.
The lithium analysis conducted when the hole was completed and two weeks later was 161 and 164 ppm respectively of lithium sufficient for the Ekosolve DLE lithium process to accept a sample for test processing.
This is another planned milestone in the company's endeavour to build up to a 20,000-tonne lithium extraction Ekosolve plant at its Pocitos 1 project in order to supply Richlink Capital Pty. Ltd.'s battery materials clients up to 20,000 tonnes of lithium chloride/carbonate per year as previously announced under letter of intent.
Lithium is selling in the spot market at 472,500 yuan per tonne, or the equivalent of $69,252 (U.S.) per tonne, according to TradingEconomics.com (February 13th, 2023).
CEO and director, David Greenway states “With three existing drill holes in place, this new drilling and this CSAMT audio-telleric geophysical survey will all contribute to establishing an NI 43-101 mineral resource estimate. We have benefitted greatly from a Argentinian geological team which has empowered us continue to make progress towards our next goal of establishing a NI 43-101 compliant mineral resource, then a scoping study of the project and, working with our Chinese offtake partners and investors for lithium chloride products for the Pocitos 1 Project."
About Pocitos 1 Lithium Brine Project
The Pocitos Project is located approximately 10km from the township of Pocitos where there is gas, electricity, mobile telephone and internet services. Pocitos I is approximately 800 hectares and is accessible by road. Previous exploration teams have spent over USD $1.5 million exploring the project, including surface sampling, trenching, TEM geophysics and drilling two 400m holes that had outstanding brine flow results. Locations for immediate follow up drilling have already been designed and identified for upcoming exploration.
Lithium values of up to 125 ppm from Laboratory analysis conducted by Alex Stewart were recorded by A.I.S. Resources Ltd (“AIS”) during the project’s first drill campaign in May 2018. AIS used a double packer sampling system in HQ Diamond drill holes drilled to a depth of 409 metres. The flow of brine was observed to continue for more than 5 hours. Both drill holes had exceptional brine flow rates. Recharge's plan is to drill a third production ready drill hole to work towards a NI 43-101 mineral resource calculation.
Qualified Person
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA, (CMV), a Qualified Person as defined under NI 43-101 regulations, a Fellow of the Australian Institute of Mining and Metallurgy, has reviewed the technical information that forms the basis for portions of this news release, and has approved the disclosure herein. Mr. Thomas does not own any shares in Recharge Resources Ltd.
Engagement of Marketing Service Provider
The Company announces it has engaged Mining Investor Resources Media Ltd., doing business as MiningIR.com(“MIR”), to provide the Company with investor marketing services through mining and resource news, lead generation services, social media services, and information company profile page beginning February 15, 2023, subject to the terms of the service agreement (the “MIR Agreement”) executed between the Company and MIR. Pursuant to the terms of the MIR Agreement, MIR will be paid an aggregate cash amount of CDN $39,000 for its services.
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 are encouraged to 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.
Mr. 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.
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