Vancouver, BC, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) is pleased to announce the Company’s production diameter well drill program at its “Pocitos 1” Salar Lithium Brine Project in Salta, Argentina is ongoing to depth.
This past weekend as planned a steel pipe was cemented down to 50 meters to provide a casing and secure the hole for the HQ diameter drill head. The cementing process took two days to cure with drilling this week passing 100 metres continuing down to Recharge’s target production depth of 400 meters. The sedimentary clays encountered thus far has been consistent with the 2018 drilling with the Company anticipating being in the target aquifer zones next week.
and Investors at Drill Pad awaiting drill arrival | |
and rail to Antofagasta, Chile Port | Lithium Brine Project – QP on site |
Upon completion of drilling the HQ diameter well, a rotary production rig will reem out the HQ to 20-25cm diameter well. Samples will be sent to two laboratories for QA/QC and 200L to Ekosolve to process and extract the lithium from the brine. During that time, flow testing will take place for 1-5 days and then over a 30 day period.
Recharge team members were on site at the Pocitos 1 Project to see drill rigs arrive for the funded 400-meter exploration and then production diameter well campaign to confirm flow rates, lithium content and continuity of lithium brines flow delineated during previous drill campaigns toward the establishment of a NI 43-101 compliant resource and scoping studies for the development of up to 20,000 tonne per year Ekosolve™ production facility. Progress has been made on the base line environmental study and importantly the hydrological study to responsibly discharge the lithium deficient brine from EkoSolve™ process which is a major issue environmentally and the preparation puts Recharge Resources in excellent standing.
Lithium is selling in the spot market at 552,500 Yuan per tonne or the equivalent of US$75,627 per tonne according to Trading Economics. (October 25th, 2022)
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
The high flow rate was encountered in both holes drilled in 2018. This high flow rate is expected to result in reduced operational costs in a reduction of pumps required, as well as ensuring the columns have sufficient brine with the Ekosolve™ extraction methodology contemplated for the Pocitos 1 project.
CEO and director, David Greenway states, "With drilling continuing down to the target production zone, we couldn’t be more excited for this monumental moment in time for the company at the Pocitos 1 Lithium Brine Project. With two existing discovery drill holes in place from 2018, this new drilling campaign will contribute to establishing a NI 43-101 mineral resource estimate. We continue to be thankful all those that have assisted us in bringing this project to this stage and look forward to continuing the path forward to the benefit of all stakeholders including the community of Pocitos, stakeholders of Recharge Resources and our growing team in Australia, Argentina, the USA and Canada.”
About Pocitos 1 Lithium Brine Project
The Pocitos Project is located approximately 10km from the township of Pocitos where there is gas, electricity, mobile telephone, and internet services. Pocitos 1 is approximately 800 hectares and is accessible by road. Previous exploration teams have spent over USD $1.5 million exploring the project, including surface sampling, trenching, TEM geophysics and drilling two 400m 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 (“AIS”) during the project’s first drill campaign in May 2018. AIS used a double packer sampling system in HQ Diamond drill holes drilled to a depth of 409 metres. The flow of brine was observed to continue for more than 5 hours. Both drill holes had exceptional brine flow rates. Recharge's plan is to drill a third production ready drill hole to work towards a NI 43-101 mineral resource calculation.
Figure 5. Pocitos 1 Lithium Brine Map (Orange triangle denotes approximate drilling location)
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. Mr Thomas is independent of the company and neither he or his associated companies hold any shares or interest in Recharge Resources Limited.
Market Awareness Program
The Company has entered into a 6-month marketing and consulting contract with Toronto based marketing firm, North Equities Corp. North Equities Corp. specializes in various social media platforms and will be able to facilitate greater awareness and widespread dissemination of the Company's news. In connection with the Contract, the Company will pay North Equities up to $300,000 CAD. North Equities currently owns 0 shares of the Company.
Furthermore, the company has issued 515,000 stock options at a price of .38.
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, please contact:
Recharge Resources Ltd.
Mr. 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.
