Vancouver, BC, Canada, May 12, 2022 – Recharge Resources Ltd. (RR:CSE) (SLLTF : OTC) (SL50 : Frankfurt) (“Recharge” or the “Company”) announces that, further to the news release dated March 21, 2022, it has closed the acquisition of a 100% interest in the Brussels Creek Project gold-copper-palladium property, located in the Kamloops Mining District, British Columbia (the “Property”). Prior to this amendment, Recharge had earned in to a 60% interest in the Property.
Recharge acquired the remaining 40% right, title and interest in the Property in consideration of Recharge paying the sum of $75,000 and issuing 2,500,000 common shares in the capital of the Company. The interest earned is subject to a 2-percent net smelter royalty payable to the optionor. One percent of the royalty may be purchased for $1-million, exercisable any time on or before the expiration of one year from the commencement of commercial production on the Property. No further work commitment is required pursuant to the original agreement.
About the Brussels Creek Project
The Property is an early-stage exploration property, located approximately 24 kilometres west of Kamloops, B.C., and is immediately adjacent to New Gold’s New Afton mine. The Property comprises 17 claims (66 cells) covering 1,350.43 hectares. The geological setting of the property is very similar to New Afton, a silica-saturated copper-gold alkalic porphyry-style deposit, as well as the Highland Valley, Mount Polly, Kemess and Galore Creek deposits. Recent field observations noted the presence of a substantial mineralized quartz-feldspar porphyry body intruding the overlying Nicola group volcanics. Historic sampling and mapping on the property, in 1983 and 1984, located a broad anomalous zone (200 metres by 400 metres) with gold values up to 3.5 grams per tonne. Grab samples taken from the property in 2019 include values of 10.1 g/t Au (with 0.7 g/t palladium) and 11.5 g/t Au.
In 2020, Syber commenced exploration work on the Property and has completed an airborne magnetometer survey over the entire property, a lidar and orthophotography survey, and also one week of prospecting and mapping. Interpretation of the geophysical survey identified six areas of interest, showing potential for the structural complexities and potassic alteration that are common features of this style of porphyry copper-gold deposit. Le Mare (renamed Recharge Resources subsequently) commissioned Healex Consulting of Nanaimo, B.C., to complete a National Instrument 43-101 technical report on the property. This report is made available at SEDAR.
The shares issued pursuant to the agreement are subject to a four-month hold period upon issuance.
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 inability to identify transactions having satisfactory terms or at all and the 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.