(MENAFN- GlobeNewsWire - Nasdaq)
Vancouver, BC, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (“Recharge” or the“Company”) (RR: CSE ) ( RECHF : OTC) (SL5: Frankfurt) is pleased to announce that road construction and preparations are underway for the Company's imminent drilling campaign at its“Pocitos 1” Lithium Brine Project in Salta, Argentina. The Pocitos community has been extremely helpful and signed a memorandum confirming the Company's drilling program.
The Company announced on September 20th that its project manager had entered into a drill contract for the Company's imminent drilling campaign for its“Pocitos 1” Lithium Brine Project in Salta, Argentina with an additional USD $141,880 to the fully-funded production diameter well drill program.
Recharge is working closely with it's in-country advisors on the fully funded single 400-meter production diameter well located between the two previously drilled exploration HQ diamond drill holes which will be positioned to confirm the continuity of aquifer containing the lithium brines delineated during previous drill campaigns for the establishment of a NI 43-101 compliant resource.
The Company expects drilling to commence on or around October 7th. Additional updates will be provided as they become available.
Figure 1. Drill on site from 2018 drilling campaign
Video of Pocitos drilling with exceptional flow rate (2018 Drilling):
The high flow rate was encountered in both holes drilled in 2018 at the Pocitos 1 Lithium Project. This high flow rate is expected to result in reduced operational costs with the reduction of pumps required, as well as ensuring the columns have sufficient brine with the Ekosolve™ extraction methodology contemplated at the Pocitos 1 Project.
CEO and director, David Greenway states, 'Road construction and preparations are underway for the Pocitos 1 production ready well drilling campaign expected to commence on or around October 7th. Recharge's plans of drilling of a production diameter well at the Pocitos 1 Lithium Salar is moving forward quickly. With two existing drill holes in place, this new drilling will contribute to establishing a 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 goals of establishing a NI 43-101 compliant mineral resource, a scoping study of the project, identifying offtake or supply opportunities for lithium products and strategic partners for the Pocitos 1 Project.”
Figure 2 . Pocitos 1 Lithium Brine Project Map
Figure 2. Orange triangle denotes approximate drill hole location
About Pocitos 1 Lithium Brine Project
The Pocitos 1 Project is located approximately 10km from the township of Pocitos where there is gas, electricity, and telephone internet services. Pocitos I is approximately 800 hectares and is accessible by road. Previous exploration and development 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 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 during the project's first drill campaign in May 2018. AIS used a double packer in HQ Diamond drill holes drilled to a depth of 409 metres and the flow rate of the hole was substantial and 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 resource calculation.
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.
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.
Mr. Joel Warawa
Phone: 778-588-5473
E-Mail:
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.
Tags mining
MENAFN22092022004107003653ID1104908768
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.