Vancouver, B.C. Canada: August 3rd, 2021 – Recharge Resources (RR: TSX-V) (“Recharge” or the “Company”) announces it has entered into a share purchase agreement dated July 28, 2021 (the “Agreement”), with the shareholders of Battmetals Resources Corp. (“Battmetals”), under which Recharge shall purchase all of Battmetals issued and outstanding shares, representing a 100% interest. As consideration for Recharge’s purchase of the Battmetals shares, Recharge shall issue an aggregate of 5.7 million shares to the vendors.
Battmetals has 100 per cent interest in the Murray Ridge and Pinchi Lake Nickel projects. The properties are located approximately 15 to 30 km northwest of Fort St. James and 120 km northwest of Prince George in Central British Columbia. The project was previously explored by Nanton Nickel Corp. The project consists of three separate claim blocks totalling 3354.64 hectares that were carefully selected to cover the best sampling results (greater than 0.20% nickel in rocks) reported by Nanton Nickel company in 2013 shortly after the discovery of the Decar Nickel property owned FPX NICKEL CORP. (FPX.TSX-V). Awerite was confirmed to be a constituent of the nickel values.
The Decar Nickel Project geology which lies 60km South West is analogous suite of ultramafic intrusions are hosts to widely disseminated coarse grained awaruite mineralization. Compositionally, awaruite (Ni2Fe-Ni3Fe) is comprised of approximately 75% nickel, 25% iron and 0% sulfur, and therefore it is considered “natural steel”. Absence of sulfur allows a concentrate to be shipped directly to steel mills without incurring smelting and refining costs, and minimal environmental problems.
Battmetals additionally holds the Georgia Lake North & West Lithium Properties next to RockTech Lithium’s (RCK:CSE) Georgia Lake Property consisting of two projects totalling 320 hectares and 432 hectares. The RockTech project is located 160 km northeast of Thunder Bay within the Thunder Bay Mining Division and is host to a number of spodumene-bearing pegmatites. Lithium mineralization was discovered in 1955 and subsequently explored by several historic owners. RockTech acquired the licenses since 2009 and carried out several drill campaigns until 2017. Based on a total of 351 drill holes with a combined length of 47,384 m an NI43-101 compliant resource estimate of 6.58 million tonnes in the measured and indicated category and 6.72 million tonnes in the inferred category was published in August 2018.
Recharge CEO and Director, Yari Nieken, states: “Recharge’s objective is to develop a diversified portfolio of battery metals projects in highly prospective and mining friendly regions of North America. We look forward to the continued exploration of these World Class Camps focusing on Nickel and Lithium.”
5,100,000 shares issued under the Agreement are subject to a 4-month voluntary hold period from the date of issue with the balance of 600,000 shares issued under the Agreement being subject to a 6-month voluntary hold period from the date of issue. The Agreement remains subject to the approval of the TSX Venture Exchange.
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,
Yari Nieken, CEO
For further information, please contact: Recharge Resources.
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.