VANCOUVER, British Columbia, July 27, 2022 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL5: Frankfurt) is pleased to announce the company has through its consultant Panopus Pte Ltd. is now structured for IVA tax settlement on its upcoming drill program at Pocitos 1 Lithium Salar in Salta, Argentina. Recharge is working closely with its in-country advisors on the single 400+ meter production diameter well which will be positioned to confirm the continuity of lithium brines delineated during previous drill campaigns for the establishment of a NI 43-101 compliant resource. The Company is preparing to lodge its own tax registration and mining company status applications.
CEO and director, David Greenway states, "Tax structuring is a crucial when hiring contractors, renting equipment, exploring and developing in the country of Argentina. We are moving forward quickly with our planned drilling at the Pocitos 1 lithium salar. As you can see from the video link above, and available on our website, the impressive flow rates were estimated upwards of 50,000 litres per min of lithium brine. With two existing drill holes in place, this new drilling will assist in establishing an NI 43-101 resource. We have benefitted greatly from an embedded geological and logistics team which has empowered us to truly hit the ground running."
Fig 1 Orange triangle denotes the approximate drilling location
About Pocitos 1 Lithium Brine Project
The Pocitos 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 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 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 estimated to exceed 50,000 Litres per minute and observed to continue for more than 5 hours (Investors should note that these estimates were not NI43-101 compliant). Both drill holes had exceptional brine flow rates. Recharge's plan is to sample or twin the current drill holes and drill a further two holes to work towards a NI 43-101 resource calculation
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.
On Behalf of the Board of Directors,
Yari Nieken, CEO
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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.