Vancouver, BC – October 17, 2022 – Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) is pleased to announce it has commenced drilling this past Saturday after the Company received final approvals from Argentina’s Department of Mines, mining court for the Company’s drilling for exploration and production diameter well at its “Pocitos 1” Salar Lithium Brine Project in Salta, Argentina.
Drilling will be ongoing for approximately 10 days. Upon completion of drilling, the HQ diameter well a rotary production rig will reem out the HQ to 20cm diameter well. Samples will be sent to two laboratories for QA/QC and 200L to Ekosolve to extract the lithium from the brine. During that time, flow testing will take place for 1-5 days and then over a 30 day period.
Recharge team members were on site at Pocitos 1 Project to see drill rigs arrive for the funded 400-meter exploration and then production diameter well to confirm flow rates, lithium content and continuity of lithium brines flow delineated during previous drill campaigns toward the establishment of a NI 43-101 compliant resource and scoping studies for the development of up to 20,000 tonne per year Ekosolve™ production facility. Lithium is selling in the spot market at 522,500 Yuan per tonne or the equivalent of US$72,865 per tonne according to Trading Economics. (October 14th, 2022)
Video of Pocitos drilling with exceptional flow rate (2018 Drilling):
The high flow rate was encountered in both holes drilled in 2018. This high flow rate is expected to result in reduced operational costs in a reduction of pumps required, as well as ensuring the columns have sufficient brine with the Ekosolve™ extraction methodology contemplated for the Pocitos 1 project.
Phil Thomas, QP and consulting geologist to Recharge, commented: “I am thrilled to be back at the Pocitos Project again. Being on this project for the discovery wells in 2018, which saw exceptional flow rates, and now acting as QP to Recharge as they embark on this production ready well program is the follow through on what I envisioned for Pocitos 1, working towards a NI 43-101 mineral resource. This is truly a pivotal time for Recharge and the Pocitos 1 Project.”
CEO and director, David Greenway states, “With final approvals in place and drilling underway, we couldn’t be more excited for this monumental moment in time for the company at the Pocitos 1 Lithium Brine Project. With two existing discovery drill holes in place from 2018, this new drilling campaign will contribute to establishing a NI 43-101 mineral resource estimate. We continue to thank all those that have assisted us in bringing this project to this stage and look forward to continuing the path forward to the benefit of all stakeholders including the community of Pocitos, stakeholders of Recharge Resources and our growing team in Australia, Argentina, the USA and Canada.”
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 1 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.
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 is independent of the company and neither he or associated companies hold any shares or interest in Recharge Resources Limited.
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.