Vancouver, BC, Dec. 29, 2022 (GLOBE NEWSWIRE) — Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) is pleased to announce that Prospectair Geosurveys has finalized processing the high-resolution heliborne magnetic survey data collected from the company’s 100% owned Georgia Lake North and West Lithium Properties in Ontario, Canada (the “Property”).
The Property is immediately contiguous to Rock Tech Lithium Inc’s (RCK–V) (“Rock Tech”) Georgia Lake Lithium Property and located approximately 160 km northeast of Thunder Bay, Ontario, within the Thunder Bay Mining Division.
Recharge will be reviewing the data over the next month to implement a spring field program consisting of geological mapping and prospecting over target areas once conditions are favourable.
CEO, David Greenway, stated, “We are making progress on all fronts across our portfolio of projects. We are thrilled with the efficiency of Prospectair Geosurveys’ turn around time of the geophysical data and look forward to interpreting the results to direct an aggressive spring 2023 field program at our 100% owned Georgia Lake Lithium Project.”
“The point of this airborne survey was to identify the potential for structural continuity from neighbouring Rock Tech’s active development at its Georgia Lake Project. Rock Tech signed a major lithium supply agreement with Mercedes-Benz AG and Recharge is committed to advancing and monetizing its portfolio of assets to the benefit of all stakeholders,” Greenway continued.
On October 20
, 2022, Mercedes-Benz
signed a supply agreement with Canadian-German Rock Tech to receive on average 10,000 tonnes of battery-grade lithium hydroxide per year. The deal, which comes shortly after the two groups said they would explore a strategic partnership, has a value over five years of 1.5 billion euros (US$1.47 billion) and will provide enough lithium hydroxide for 150,000 cars a year, the companies said.
Lithium is selling in the spot market at 554,500 Yuan per tonne or the equivalent of US$79,446 per tonne according to TradingEconomics.com. (December 19
The 548 line-km airborne survey included covering neighbouring known lithium-bearing pegmatite structures, mobilization and demobilization, room and board, supply and delivery of fuel, data gathering and processing. All final results will be presented to section 4.4 with a final report signed by QP and NI 43-101 compliant.
Joerg Kleinboeck, P.Geo (JMK Exploration Consulting) has reviewed the technical information that forms the basis for portions of this news release, and has approved the disclosure herein. Mr Kleinboeck is independent of the Company and is a qualified person as defined under National Instrument 43-101.
The Company previously announced on December 8
, 2022 it had engaged LFG Equities Corp. for digital media services through social media channels and online media placements for a 6-month term. The Company has granted to LFG Equities 335,000 stock options at a price of $0.35 per share and valid for a one-year term. The options are governed by the Company’s incentive stock option plan.
Georgia Lake North & West – Lithium Properties – Ontario
The Georgia Lake North and West Properties are located approximately 160 km northeast of Thunder Bay, Ontario, within the Thunder Bay Mining Division. Recharge’s property is contiguous to the North and West boundaries of Rock Tech Lithium’s Georgia Lake Lithium Property and consists of two claim blocks totaling 320 hectares and 432 hectares.
The Rock Tech Lithium Georgia Lake Project is host to several spodumene-bearing pegmatites. Lithium mineralization was discovered in 1955 and subsequently explored by several historic owners. Rock Tech’s property hosts an NI 43-101 Mineral Resource, as reported in Rock Tech’s Preliminary Economic Assessment filed on Rock Tech’s SEDAR profile, with an effective date of March 15, 2021. The Mineral Resource is summarized in the following table:
Recharge’s management cautions that past results or discoveries on properties in proximity to Recharge may not necessarily be indicative of the presence of mineralization on the Company’s properties.
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.