Vancouver, BC – August 17th, 2023 – Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) is pleased to announce the Company has been able to source drilling core from the three drill holes drilled in Pocitos 1 Lithium Brine Project in Salta, Argentina. The core has now arrived at Core Laboratories, Perth Australia to enable the core to be tested for porosity and transmissivity which will be input into the resource estimate calculations currently being prepared by WSP as announced on July 24th, 2023.
Core Laboratories Australia has been retained to do the work. Core Laboratories is a leading global provider of proprietary and patented reservoir description and production enhancement services. Core Laboratories provides the technology needed to enhance production. They continue to develop and acquire technologies that complement existing products and services, and they disseminate these technologies throughout their global network.
The depth of the core samples being tested are:
Po2_Core1: 360.85 – 361.00m
Po1_Core2: 328.30 – 328.44m
Po1_Core3: 346.30 – 346.47m
Po2_Core4: 400.78 – 401.95m
PCT-22-01 Core5: 347.25 – 347.40m
PCT-22-01 Core6: 358.73 – 358.86m
PCT-22-01 Core7: 362.00 – 362.16m
Drill Hole No 3 (PCT-22-01) surged significantly due to the gas that was intercepted. Therefore, core porosity rather than brine release calculations will be used to establish the resource estimate.
The company’s maiden resource estimate is another step 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 client’s up to 20,000 tonnes of lithium chloride/carbonate per year, as previously announced under a non-binding letter of intent of offtake.
CEO, David Greenway, summarised, “Recharge is pushing forward to determine the reservoir size and resource estimate of lithium metal or LCE at Pocitos 1. We are delighted to be working with leaders in the field – WSP Global and Core Laboratories to assist in development of the project towards the goal of production. These developments will contribute to our milestones of a resource estimate, scoping study, feasibility study and production at the Pocitos lithium brine project.”
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. A NI 43-101 report has been released on the Pocitos 1 project.
Recharge is awaiting the completion of the process engineering work to be completed by Ekosolve Ltd to produce and assay the lithium chloride being produced, where extraction was above 94% of the contained lithium in the brine.
WSP Australia is waiting on the results of Core Laboratories Australia porosity work to be completed before it delivers the Company’s maiden resource estimate at Pocitos 1 that will result in an update of the NI 43-101 report completed by QP Phillip Thomas in June 2023.
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 between January 15th-22nd, 2023 and 8 May 2023 to select core to be sampled for resource estimate calculations.
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
For further information, please contact:
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.