Previous surface sampling, trenching and VTEM Geophysics carried out in 2018 suggest the continuity of the targeted lithium brine aquifer continuing from the Pocitos 1 block through the Pocitos 2 block with Pit 10 from trenching on the Pocitos 2 block having the highest trench sample at 181 PPM lithium, the highest lithium value found on the Pocitos salar to date.
Drilling from the Company’s 2022 drill campaign at Pocitos 1 assayed 169 PPM and over a two-week period averaging 161 PPM Lithium. The 2022 well exceeded Recharge’s technical team’s expectations and that of the measured lithium content of the 2018 discovery wells. Pocitos 2 is permitted to drill two additional wells immediately at Recharge’s go ahead.
Figure 1. Pocitos 1 and Pocitos 2 blocks Please click to view image | Figure 2. Pocitos 2 Geophysics Please click to view image |
Figure 3. Pocitos 2 Geophysics Please click to view image |
This is another milestone in the company's endeavour to build up to a 20,000-tonne Ekosolve™ lithium extraction plant at the Pocitos project in order to supply Richlink Capital Pty. Ltd. up to 20,000 tonnes of lithium chloride/carbonate per year, as previously announced under a letter of intent and with the potential increased size of the resource should improve both the economics and the mine life.
Lithium is selling in the spot market at
Fig 4. Trench locations and drill hole locations from 2018 Please click to view image | Fig 5. Pit 10 Lithium |
As previously announced, the basis for the NI 43-101 report is well underway after
Please click to view image
The acquisition of this additional 532 Ha, with some additional exploratory work, has the potential to increase the size of the resource at Recharge’s Pocitos project by over 65 percent.
CEO and Director,
Transaction
Under the terms of the Agreement, Recharge may exercise the Option and earn a 100% undivided interest in the Property, subject only to the Underlying Royalty, by paying to the Optionor cash totaling USD
DATE FOR COMPLETION | CASH PAYMENT | SHARE PAYMENT | |
Issued within 7 days of the execution of the agreement. | |||
On or before | |||
TOTAL | CAD |
Recharge further agreed with that in the event the Recharge exercises the Option, that it shall, and shall be obligated to, pay an additional
A royalty of 7.5% of the FOB price of lithium carbonate or other lithium compounds sold on the Project shall remain payable pursuant to an underlying agreement.
All common shares issued under the Agreement will be subject to a 4 month hold period under applicable Canadian securities laws.
About Pocitos 1
Lithium values of up to 169 ppm from Laboratory analysis conducted by
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
All Stakeholders are encouraged to follow the company on its social media profiles on LinkedIn,
On Behalf of the Board of Directors,
“David Greenway”
For further information, please contact:
Mr.
Phone: 778-588-5473
E-Mail: info@recharge-resources.com
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.
1 Issued at the Market Price of the common shares on the date of issuance (such term as defined in the policies of the Canadian Securities Exchange).
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