Vancouver, BC , Dec. 12, 2022 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (“Recharge”) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) announces that the Pocitos 1 drill rig has intercepted the target aquifer that surged from 363 metres depth in its NQ diameter exploration well for 24 hours at the “Pocitos 1” Salar Lithium Brine Project in Salta, Argentina. Brine samples were taken at this level for analysis. Investigation of the gas is being undertaken at present.
The samples taken – one for analysis at two different labs and two as duplicates to test with the lithium standard. AIS Resources encountered significant brine flow from multiple aquifers from 350m down to 410 meters in their hole 400m away in 2018 and the highest surge was at 407 metres which our drillers will test with the next hole. This brine flow confirms the continuity of the aquifers from the 2018 drilling. The Company will also take a 200 liter brine sample to be processed using the EkoSolve DLE process and convert the lithium chloride to battery grade lithium carbonate.
Recharge QP and Project Geologist, Phillip Thomas, stated: "I am thrilled to see the continuity of the first reservoir discovered back in 2018. With this second lithium brine surge (previous at 350m) we have entered the target zone with sampling now underway. This will be the fourth resource estimation project I have been involved with to delineate a lithium deposit mineral resource and I am very keen to see this project through to the vision I had for it back in 2018."
As previously announced, Mr. Thomas has now begun preparing the basis for the NI 43-101 report after setting up the drill program in Argentina when he was there in November 2022 in preparation to measure flow rates and assays to create the anticipated NI 43-101 compliant report. Mr. Thomas, BSc Geol, FAusIMM MAIG, has spent the past 22 years exploring for lithium brines, including building and operating a pilot plant for production at Rincon Salar (sold to Rio Tinto for US$825 Million) as well as he and his team developed the Pozuelos salar, producing an indicated and inferred resource, from four exploration wells. (recently sold to Ganfeng for US$962 million).
CEO, David Greenway stated, "With two existing drill holes in place, this new drilling will contribute to establishing an NI 43-101 mineral resource estimate. We have benefitted greatly from an Argentinian geological team which has empowered us to continue to make progress towards our next goal of establishing an NI 43-101 compliant mineral resource, a scoping study of the project and formalising our offtake agreement for lithium chloride.”
Recharge is aiming to establish a NI 43-101 compliant resource and build up to a 20,000 tonne per year EkoSolve™ lithium extraction plant at Pocitos 1 in order to supply Richlink Capital Pty Ltd clients up to 20,000 tonnes of lithium per year as previously announced under a letter of intent and framework agreement.
Lithium is selling in the spot market at 577,500 Yuan per tonne or the equivalent of US$82,209 per tonne according to TradingEconomics.com. (December 9th, 2022). Indications from various sources suggest the long term contract price is increasing towards the spot price quoted above (“Fixed-price contracts fall out of favor as producers and consumers embrace recent market volatility” WSJ. By Rhiannon Hoyle. Adelaide, Australia, 8 Dec 2022.).
Fig 1. 2022 Drilling at Pocitos 1
Fig 2. 2018 Drilling at Pocitos 1
Fig 3. 2018 Drilling at Pocitos 1
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 I 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 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 mineral resource calculation.
Qualified Person
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA, (CMV), a Qualified Person as defined under NI43-101 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.
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.
