Vancouver, BC, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (‘Recharge’) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) announced today that its drill camp, including accommodation, is complete for the fully funded production-ready well drill program at the Pocitos 1 Lithium Brine Project in Salta, Argentina. Recharge’s CEO, QP, and consultants will be on site for the commencement of drilling.
The camp is located in the village of Pocitos approximately 10 KM from the production-ready well drilled site on the Pocitos Salar.
Recharge continues to work closely with in-country advisors and the local community on the single 400-meter production diameter well located between the two previously drilled exploration HQ diamond drill holes. They have been positioned to confirm the continuity of the aquifer containing the lithium brines delineated during previous drill campaigns for the establishment of a NI 43-101 compliant resource report.
The Salta area has experienced significant drilling for lithium in a region that is anticipated to become a top producer globally. This had resulted in accommodation shortages that would have presented a significant challenge for this season’s campaign.
Recharge’s new accommodation even includes provision for future expansion as it establishes a NI 43-101 compliant resource, carries out scoping studies, feasibility studies and moves forward towards the company’s ultimate goal of building a 20,000 tonne per year Ekosolve Lithium Extraction plant.
Figure 1. Drill on site from 2018 drilling campaign
Video of Pocitos drilling with exceptional flow rate (2018 Drilling):
https://recharge-resources.com/wp-content/uploads/2022/06/Pocitos-1-Salar-Brine-Flow.mp4
A high flow rate was encountered in both holes drilled in 2018 at the Pocitos 1 Lithium Project. This high flow rate is expected to result in reduced operational costs with the reduction of pumps required, as well as ensuring the columns have sufficient brine with the Ekosolve™ extraction methodology contemplated at the Pocitos 1 Project.
CEO David Greenway, stated, "With two exploratory discovery wells in place, Recharge is about to commence its 2022 fully-funded drill program for a production-ready well at the Pocitos 1 lithium brine project.
“We have a highly professional team on site with excellent, new accommodation and we look forward to ultimately benefiting all stakeholders, including the community of Pocitos, stakeholders of Recharge Resources and our growing teams in Australia, Argentina, the USA and Canada.”
About Pocitos 1 Lithium Brine Project
The Pocitos Project is located approximately 10 km from the township of Pocitos which has gas, electricity, and telephone internet services. Pocitos I is approximately 800 hectares and is accessible by road. Previous exploration and development teams have spent over USD $1.5 million exploring the project, including surface sampling, trenching, TEM geophysics and drilling two 400 metre 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 during the project’s first drill campaign in May, 2018. AIS used a double packer in HQ Diamond drill holes drilled to a depth of 409 metres and the flow rate of the hole was substantial and observed to continue for more than five hours. Both drill holes had exceptional brine flow rates. Recharge's plan is to to drill a third production-ready drill hole to work towards a NI 43-101 resource calculation.
Qualified Person
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.
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.
All stakeholders are encouraged to follow the company on its social media profiles on LinkedIn, Twitter, Facebook and Instagram.
On Behalf of the Board of Directors,
“David Greenway”
David Greenway, CEO.
For further information:
Recharge Resources Ltd.
Joel Warawa
Phone: 778-588-5473
E-Mail: info@recharge-resources.com
Website: recharge-resources.com
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.
