Vancouver, BC, Dec. 08, 2022 (GLOBE NEWSWIRE) — Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) is pleased to announce the Company’s geological, consulting and legal teams have commenced the environmental permitting process at the “Pocitos 1” Lithium Brine Project in Salta, Argentina.
This is another planned milestone in Recharge’s endeavour 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 chloride per year as previously announced under a letter of intent and framework agreement.
Lithium is selling in the spot market at 572,500 Yuan per tonne or the equivalent of US$82,096 per tonne according to TradingEconomics.com. (December 7th, 2022)
The study and permitting process is summarised as follows:
ENVIRONMENTAL PERMIT PLANNING AND STUDY
Quotes were finalized for the Company’s three environmental permits:
- production from wells and piping to the plant site
- plant operation at the proposed production site to produce lithium chloride
- disposal of lithium deficient brine.
The permits require data from two studies, one commencing in January and the other seven months later. The base data will be collected, and the reports compiled covering:
- climate, hydrology, geohydrology, air quality, soil, water, noise
- mapping major and minor features, cultural and archaeological features
- impact on fauna, flora, ecosystems, conservation status, limnology in ground waters, register
- impact on the service infrastructure, social environment, work opportunities, facilities
- waste materials (if any), road traffic, gas usage
- scientific analysis – laboratory and other related analysis
- the production study will be specific to the EkoSolve™ process.
All these aspects are consistent with the Annex to Resolution 343/15 of the Ministry of Mining
These studies will be presented to the Mining Directorate as soon as they are completed.
CEO and director, David Greenway states, “Getting the environmental permitting process underway is the next practical step at Pocitos 1. With two existing discovery drill holes in place, the new drilling will contribute to establishing an NI 43-101 mineral resource estimate. We have benefitted greatly from an Argentinian geological team (thank you Anabel, David and Hernan) which has empowered us continue to make progress towards our next goal of establishing a NI 43-101 compliant mineral resource, a scoping study of the project and formalising our offtake agreement for lithium chloride.”
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 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 5 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.
Market Awareness Program
The Company has engaged LFG Equities Corp. for digital media services through social media channels and online media placements for a 6-month term. As part of the engagement, the Toronto-based company will be paid up to $300,000 CAD.
Furthermore, the Company has issued 285,000 stock options at a price of $0.355 valid for a one-year term.
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.
On Behalf of the Board of Directors,
David Greenway, CEO
For further information, please contact:
Recharge Resources Ltd.
Mr. Joel Warawa
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.