Recharge Resources Ltd. NI 43-101 Mineral Resource Estimate at Pocitos 1 Lithium Brine Project Near Completion
Vancouver, December 6, 2023 - Recharge Resources Ltd. ("Recharge" or the "Company") (CSE:RR) (OTC:RECHF) (Frankfurt:SL5) is pleased to provide the following update on the Company's Pocitos One Lithium Brine Project ("Pocitos 1" or "the Project") located near Pocitos township in Salta Province, Argentina. WSP Australia Pty Ltd. ("WSP") has provided a first draft to the Company of the inaugural NI 43-101 compliant Mineral Resource Estimate ("MRE") and is currently running an additional block model to support the final report. The report includes some of the cost estimates from Ekosolve™ for a 20,000-tonne lithium carbonate plant that is inclusive of a HCl acid plant and a Lithium carbonate plant. The final report is anticipated to be filed in short order. WSP is a leading global consultancy with more than 67,000 professionals and consultants with expertise in hydrology and brine resource estimates. WSP will utilize information gathered from the NI 43-101 technical report dated June 30th, 2023, completed by Panopus Pte Ltd and the May 2023 MT Survey, 2018 TEM survey, drilling programs, core logs and core porosity data to prepare the Resource Estimate.
This is another milestone in the Company's endeavour to build up to a 20,000-tonne Ekosolve™ direct lithium extraction ("DLE") plant at the Pocitos project in order to supply Richlink Capital Pty. Ltd. ("Richlink") up to 20,000 tonnes of lithium carbonate per year, as previously announced under a letter of intent of offtake.
David Greenway, President, and CEO commented, "I am delighted the WSP project engineers are building a resource model for the NI 43-101 update resource estimate and appreciate their diligence in this report. The Company is pushing forward on all fronts with our inaugural NI 43-101, with MT geophysics survey and porosity studies completed, and a pending drill program to continue to build on this highly anticipated report. These developments should make for an exciting next period for Recharge and its stakeholders at the Pocitos Project."
2018 and 2022 Drilling
Recharge completed drilling the third hole at the Pocitos 1 lithium brine project achieving 169ppm lithium assay and is currently awaiting permits for its upcoming 3 well 2023 drill program.
As reported on January 31st, 2023, 200 litres of brine were collected to be sent to University of Melbourne for testing to ascertain the recovery that was 94.9% using the EkoSolve™ processing system and 99.89% purity of the lithium carbonate. These brines were specially prepared for transit to Australia to maintain their content integrity.
The full NI 43-101 Report dated June 30th, 2023, and entitled "Technical Report For The Pocitos Salar Lithium Concession, Salta Province, Argentina", can be found on the Company's website and on SEDAR+ under the Company's issuer profile at www.sedarplus.ca.
| Fig 1. Dec 2022 Drilling at Pocitos 1 | Fig 2. 2018 Drilling at Pocitos 1 | Fig 3. 2018 Drilling at Pocitos 1 |
About Pocitos Lithium Brine Project
The Pocitos 1 Project is located approximately 10km from the township of Pocitos where there is gas, electricity, and accommodation. Pocitos 1 is approximately 800 hectares and is accessible by road. Collective exploration totals over US$2.0 million developing the project, including surface sampling, trenching, TEM and MT geophysics and drilling three wells that had outstanding brine flow results. Locations for immediate follow up drilling have already been designed and identified for upcoming exploration.
Lithium values of 169 ppm from drill hole 3 packer test assayed from laboratory analysis conducted by Alex Stewart were recorded during the project's December 2022 drill campaigns. A double packer sampling system in HQ Diamond drill holes were drilled to a depth of up to 409 metres. The flow of brine was observed to continue for more than five hours. All holes had exceptional brine flow rates. A NI 43-101 report has been released on the Pocitos 1 project.
Recharge is awaiting the completion of the process engineering work to be completed by Ekosolve Ltd to produce and assay the lithium carbonate being produced, where extraction was above 94% of the contained lithium in the brine i.e. 158.86ppm of lithium would have been recovered from 169ppm.
WSP is waiting on the relogging of the cores to be completed before it delivers the Company's maiden resource estimate at Pocitos 1 that will result in an update of the NI 43-101 report completed by QP Phillip Thomas in June 2023.
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Figure 1. Pocitos Lithium Claim Map
Qualified Person
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA, (CMV), a Qualified Person as defined under NI 43-101 regulations, has reviewed the technical information that forms the basis for portions of this news release, and has approved the disclosure herein.
Mr. Thomas has joined the Company in the capacity of COO on 21 November 2023. He is a shareholder and Officer.
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.
All Stakeholders are encouraged to follow the Company on its social media profiles on LinkedIn, Twitter, Facebook and Instagram.
On Behalf of the Board of Directors
"David Greenway"
David Greenway, CEO
For further information, please contact:
Recharge Resources Ltd.
Joel Warawa
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.