Vancouver, BC –December 14, 2023 – Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) is pleased to announce the WSP Inferred Mineral Resource Estimate (MRE) report for its Pocitos One Lithium Brine Project (“Pocitos 1” or “the project”) in Salta Province Argentina called “NI 43-101 Technical Report Pocitos Project, Salta Province, Argentina” has been received and is currently being reviewed by our QP and other data providers such as Ekosolve. The report contains information and estimates on the next milestones of drilling, a production well and a 20,000 tonne Ekosolve plant.
WSP calculated the inferred MRE with a cut off grade limit and a total resource measurement of lithium metal.
WSP has provided a very detailed block model in its inaugural NI 43-101 compliant MRE and estimated the cost to achieve the next milestone of a measured and indicated resource by drilling one exploration and one production well. The report includes some of the cost estimates from Ekosolve Limited for a 20,000 tonne lithium carbonate plant using solvent extraction that is inclusive of a HCl acid plant and a lithium carbonate plant. Block grades were checked visually onscreen using Maptek Vulcan™ software and viewed in cross-sections and plans against the drill hole composites grades. Our QP has advised this comparison provided good correlation between the input data and estimated values. No obvious discrepancies were observed.
David Greenway, President, and CEO commented, “I am delighted that we will be able to release the maiden MRE shortly which will enhance the data we have on this highly prospective project. The Company is pushing forward on all fronts with our inaugural NI 43-101, with a pending drill program to continue to build on this MRE report. These developments should make for an exciting next period for Recharge and its stakeholders at the Pocitos Project.”
WSP utilized information gathered from the NI 43-101 technical report dated 30 June 2023 completed by Panopus Pte Ltd and the May 2023 MT Survey, 2018 TEM survey, drilling programs, core logs and core porosity data from Geoanalysis and Core Laboratories to prepare the Resource Estimate. This is another milestone in the Company’s endeavour to build up to a 20,000-tonne Ekosolve™ direct lithium extraction (“DLE”) plant at the Pocitos project in order to supply Richlink Capital’s clients up to 20,000 tonnes of lithium carbonate per year, as previously announced under a letter of intent of offtake.
Phil Thomas our QP, COO and Director recently made a visit to Shanghai China and met with Richlink and its clients and inspected a lithium chloride, and lithium n-butyl plant.
The full NI 43-101 Report dated June 30, 2023, and entitled “Technical Report For The Pocitos Salar Lithium Concession, Salta Province, Argentina”, can be found on the Company’s website
www.recharge-resources.com and on SEDAR+ under the Company’s issuer profile at www.sedarplus.ca .
Fig 1. Dec, 2022 Drilling at Pocitos 1
Fig 2. 2018 Drilling at Pocitos 1
Fig 3. 2018 Drilling at Pocitos 1
About Pocitos Lithium Brine Project
The Pocitos 1 Project is located approximately 10km from the township of Pocitos where there is gas, electricity, and accommodation. Pocitos 1 is approximately 800 hectares and is accessible by road. Collective exploration totals over US$2.0 million developing the project, including surface sampling, trenching, TEM and MT geophysics and drilling three wells that had outstanding brine flow results. Locations for immediate follow up drilling have already been designed and identified for upcoming exploration. Lithium values of 169 ppm from drill hole 3 packer test assayed from laboratory analysis conducted by Alex Stewart were recorded during the project’s December 2022 drill campaigns. A double packer sampling system in HQ Diamond drill holes were drilled to a depth of up to 409 metres. The flow of brine was observed to continue for more than five hours. All holes had exceptional brine flow rates.
Ekosolve Ltd. produced lithium carbonate at a purity of 99.89%, where extraction of the lithium from the brines was above 94% i.e. 159ppm of lithium would have been recovered from 169ppm.
Figure 5. Pocitos Lithium Claim Map
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA, (CMV), a Qualified Person as defined under NI 43-101 regulations, has reviewed the technical information that forms the basis for portions of this news release, and has approved the disclosure herein. Mr. Thomas has joined the Company in the capacity of COO and Director on 21 November 2023. He is a shareholder.
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.
On Behalf of the Board of Directors
David Greenway, CEO
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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.