VANCOUVER, British Columbia, July 14, 2022 (GLOBE NEWSWIRE) —
Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC)
(SL5: Frankfurt)
is pleased to announce it has formerly engaged Phil Thomas CEO and principal geologist of Panopus Pte Ltd. as Qualified Person for the oversight and reporting of the company’s upcoming drill program at its Pocitos 1 Lithium Brine Project in Salta Argentina as well as to prepare a National Instrument 43-101 Mineral Resource Report upon completion of the program.
Mr. Thomas, BSc Geol MBusM FAusIMM MAIG MAIMVA (CMV) has been working in Argentina and Chile since 2004 developing lithium projects. A geologist with substantial brine exploration experience he has applied himself to developing projects (Rincon Lithium in 2007) from inception and recently completed drill programs in Incahuasi, Pocitos, Salinas Grandes and Guayatayoc. Mr. Thomas is a Certified Mineral Valuer and Qualified Person (QP) as defined by National Instrument 43-101 having more than 10 years experience in the lithium brine style of mineralization.
With Phillip’s consultation the company was recently granted a road construction permit in order to commence drilling as well as the Pocitos community has been extremely helpful and signed a memorandum confirming our drilling program. The gravel permit Recharge required in order to mobilize a drilling rig was the last step to commence drilling the advanced stage Pocitos 1 project. Recharge is working closely with it’s in-country advisors on the single 450-meter depth production diameter well which will be positioned to confirm the continuity of lithium brines delineated during previous drill campaigns for the establishment of a NI 43-101 compliant resource.
Video of Pocitos drilling with estimated 50,000 litres per min flow rate (2018):
CEO and director, David Greenway states, ”
We are moving forward quickly with our planned drilling at the Pocitos 1 lithium salar and having Mr. Thomas continue as our QP with his background in lithium specifically with his standing and relationships in Salta and throughout the world has and will continue to be extremely valuable to Recharge and its stakeholders. As you can observe from the video link above, and available on YouTube, the impressive flow rates were estimated upwards of 50,000 litres per minute of lithium brine (investors note this measurement was not NI 43-101 compliant). With two existing dill holes in place, this new drilling will assist in establishing an NI 43-101 mineral resource. We have benefitted greatly from Panopus’ geological team which has empowered us to truly hit the ground running, engage with the community and receive the appropriate permits to move the project forward.”
Media Snippets are available by clicking the images or links below:
Figure 1 – Pocitos 1 Lithium Brine Map
Orange triangle denotes the approximate drilling location
Figure 2 – Blue line shows the proposed drill hole. The red area denotes where the aquifers are.
The grey lines are approximate location of previous two drill holes.
About Pocitos 1 Lithium Brine Project
The Pocitos Project is located approximately 10km from the township of Pocitos where there is 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 400m holes that had outstanding 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 estimated to exceed 50,000 Litres per minute (investors note this estimate is not NI 43-101 compliant) and observed to continue for more than 5 hours. Both drill holes had exceptional brine flow rates. Recharge’s plan is to drill a third hole between them and drill a further two holes to work towards a NI 43-101 resource calculation.
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. The current price of lithium carbonate CIF China on 10 June 2022 was 455,000 Yuan or approximately $67,607 per tonne (Fastmarkets Report).
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:
[email protected]
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.
