RECHARGE RESOURCES INCORPORATES 100% OWNED ARGENTINA BASED “MINING COMPANY” SUBSIDIARY “RECHARGE ARGENTINA SA” FOR POCITOS MINING PERMITS, TAXES AND TENURE
This is a paid press release. Contact the press release distributor directly with any inquiries.
RECHARGE RESOURCES INCORPORATES 100% OWNED ARGENTINA BASED “MINING COMPANY” SUBSIDIARY “RECHARGE ARGENTINA SA” FOR POCITOS MINING PERMITS, TAXES AND TENURE
Vancouver, BC, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. ("Recharge" or the "Company") (RR: CSE) (RECHF: OTC)(SL50: Frankfurt) is pleased to announce the Company is in process of registering as a Mining Company in Argentina operating under the name "Recharge Resources Argentina SA", a 100% owned subsidiary of Recharge and has now received the registration certificate, a crucial next step as Recharge moves from a company focused on discovery and delineation to a company moving its focus to establishment of a mineral resource, economics, environmental, tax efficiency, development and the potential for production at the Pocitos 1 Lithium Brine Project in Salta, Argentina.
Video of Pocitos 1 Discovery WellsNaturally Flowing Lithium Brine with Spectacular Flow Rates (2018 Drilling):
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 number pumps and lines required, as well as ensuring the columns have sufficient brine with the Ekosolve™ extraction methodology contemplated for the Pocitos 1 Project.
Forming an Argentina-based Mining Company as a subsidiary is another planned milestone in the company's endeavour to build up to a 20,000 tonne lithium 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 592,500 Yuan per tonne or the equivalent of US$84,512 per tonne according to TradingEconomics.com. (November 17th, 2022)
The Company's QP and Project Geologist, Phil 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 in preparation to measure flow rates and assays to create the anticipated NI 43-101 compliant report. Phillip 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 $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).
Figure 1. Recharge Resources Team Members and Investors at Drill Pad awaiting drill arrival
Figure 2. Drilling commences at Pocitos 1
Figure 3. Pocitos Salar with gas, power and rail to Antofagasta, Chile Port
Figure 4. Drilling continues at Pocitos 1 Lithium Brine Project – Phil Thomas, QP on site
CEO and director, David Greenway states, "This is another planned step in the development of the Pocitos 1 Project.We continue to be thankful to 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, 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, 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.
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. Mr Thomas is independent of the company and neither he or his associated companies hold any shares or interest in Recharge Resources Limited.
About RechargeResources
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.
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.
RECHARGE RESOURCES INCORPORATES 100% OWNED ARGENTINA BASED “MINING COMPANY” SUBSIDIARY “RECHARGE ARGENTINA SA” FOR POCITOS MINING PERMITS, TAXES AND TENURE ·globenewswire.com
