RECHARGE RESOURCES ISSUES A NI 43-101 TECHNICAL REPORT ON POCITOS 1 LITHIUM CONCESSION
Vancouver, BC – July 20, 2023 – Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) is pleased to announce that the Company has filed on SEDAR an independent technical report (the “Report”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) supporting the results of its preliminary exploration at its Pocitos 1 project located near Pocitos township in Salta Province, Argentina.
The results of the exploration were previously reported in the Company’s news releases dated November 17, 2022, January 5, 2023, and there are no material differences in the Report from those results. The effective date of the Report is June 30, 2023.
The highlights are:
Highest Lithium value tested using packer system was 169ppm Lithium at a depth 363m.
The MT geophysics survey has discovered a large area to the west with a resistivity of 0.4Ω.m and a depth of more than 1km.
Ekosolve DLE technology pilot plant test work at University of Melbourne achieved 94.9% extraction efficiency with brines at an average lithium concentration of 86 ppm lithium.
Lithium recovery using the Ekosolve™ system 85.08 ppm Li in brine was 80.76 ppm lithium.
Significant brine flow was recorded in 2018 wells PO1 and PO2 and brine and gas in PO3 drilled in November 2022.
The company will start a new drill/production well program when the permits are issued by the Salta Mines Department.
The full 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 and on SEDAR under the Company’s issuer profile at www.sedar.com.
This is another milestone in the Company’s ongoing 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 clients’ up to 20,000 tonnes of lithium chloride/carbonate per year, as previously announced under a letter of intent of offtake.
David Greenway, President, and CEO commented, “I am delighted with the NI 43-101 report that our QP Phil Thomas has produced and the detail he has been able to research. The WSP Global project engineers are currently examining the porosity results from the 2018 campaign and conducting additional core testing with the view to including them in our NI 43-101 update resource estimate. I am excited to see things continue to develop positively for the Pocitos Project. We are pushing forward on all fronts with our inaugural NI 43-101, a completed MT geophysics survey, a pending drill program, and a planned upcoming NI 43-101 resource estimate. The recently completed MT survey shows us exactly where the conductive brines containing lithium have been concentrating. These developments should make for an exciting next period for Recharge and its stakeholders at the Pocitos Project.”
About the Report Author Phillip Thomas, has spent the past 22 years exploring for lithium brines, including building, and operating a pilot plant for production at Rincon Salar (sold to Rio Tinto for US$825 Million) as well as he and his team explored the Pozuelos salar, producing an indicated and inferred resource, from four exploration wells (recently sold to Ganfeng for US$962 million).
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 800 hectares and is accessible by road. Collective exploration totaling over USD $2.0 million developing the project, including surface sampling, trenching, TEM and MT geophysics and three DDH holes that resulted in outstanding brine flow results. Locations for immediate follow up drilling have already been designed and permits are in place pending submission of final details.
Lithium values of up to 169 ppm from laboratory analysis conducted by Alex Stewart in 2023 were recorded during the project’s drill campaigns as recently as December 2022. A packer sampling system in HQ3 then NQ Diamond drill holes were drilled to a depth of 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. Panopus Pte Ltd owns 50% of Ekosolve Limited and Phillip Thomas owns 100% of Panopus Pte Ltd.
Mr. Thomas is independent of the Company and is NOT a shareholder of Recharge Resources. Thomas visited the property to view the core and drilling between January 15th-22nd, 2023 and 8-10 May 2023 to determine if additional flow tests could be arranged.
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.
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.