Vancouver, BC – July 24, 2023 – Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) is pleased to announce the company has engaged WSP Australia Pty Ltd (“WSP”) to prepare an estimate of the quantity of the mineral resource in accordance with the requirements of National Instrument 43-101 (“NI 43-101“) for the Pocitos 1 lithium brine project in Salta, Argentina(“Resource Estimate”).
WSP is a leading global consultancy with more than 67,000 professionals and consultants with expertise in hydrology and brine resource estimates. WSP will utilize information gathered from the NI 43-101 technical report dated 30 June 2023 completed by Panopus Pte Ltd and MT Survey, drilling programs and core porosity data to prepare the Resource Estimate.
Following data review, WSP will prepare a geological model interpreted from all suitable and available data. Data visualization, interpretation and modelling will be completed in Leapfrog Geo, using implicit modelling methods. The geological unit characteristics will be material to the Resource Estimate and confirmed following data review and discussions with Recharge.
WSP has relevant experience with lithium projects and fellow listed publicly traded lithium and critical element companies, including but not limited to:
|California, North, Carolina, Nevada
|Bathurst Resources Limited
|Critical Elements Lithium
|Galaxy Lithium (Canada) Inc.
|Merged with Orocobre to create Allkem LTD. $10.17 Billion
|Ioneer USA Corporation
|Johnson Matthey Battery Materials
|Keliber Lithium (Sibanye-Stillwater)
|$84 Million AUD
|Lithium Americas Corp.
|Litio Minera Argentina S.A. (Gangfeng Argentina Subsidiary)
|Sigma Lithium Corporation
|35 Billion Yuan ($4.8 Billion USD eq)
|SQM Sociedad Quimica y Minera de Chile SA
CEO, David Greenway, summarised, “Recharge is pushing forward on all fronts with its recently published inaugural NI 43-101 technical report, a pending drilling program, and a subsequent NI 43-101 resource estimate. The MT survey shows us exactly where the lithology has been concentrating conductive brines containing lithium. These developments should make for an exciting next period for Recharge and its stakeholders at the Pocitos lithium brine project. Furthermore, the company is deploying to its Georgia Lake Lithium project in August of this year.”
As one of the largest professional services firms in the world, WSP exists to future-proof our cities and our environment. It provides strategic advisory, engineering, and design services to clients seeking sustainable solutions in the transportation, infrastructure, environment, building, energy, water, and mining sectors. Its 67,000 trusted professionals are united by the common purpose of creating positive, long-lasting impacts on the communities it serves through a culture of innovation, integrity, and inclusion. In 2022, WSP reported $11.9 B (CAD) in revenue. The Corporation’s shares are listed on the Toronto Stock Exchange (TSX: WSP).
About Pocitos Lithium Brine Project
The Pocitos Project is located approximately 10 km from the township of Pocitos where there is gas, electricity, and internet services. Pocitos 1 is approximately 800hectares and is accessible by road. Collective exploration totals over USD $2.0 million developing the project, including surface sampling, trenching, TEM and MT geophysics and drilling three 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 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.
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 is not a shareholder of Recharge Resources. Thomas visited the property to view the core between January 15th-22nd, 2023 and 8 May 2023 to select core to be sampled for resource estimate calculations.
Loan From CEO
The company further announces that it has received a loan totalling $586,000 from its Chief Executive Officer Mr. David Charles Greenway to fund the upcoming Georgia Lake work program, engage WSP for the Pocitos 1 NI 43-101 resource estimate and for general working capital purposes.
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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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.