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Vancouver, BC – TheNewswire – July 13, 2023- Recharge Resources Ltd. (“Recharge” or the “Company”) (CSE:RR) (OTC:RECF) (Frankfurt:SL50) announces the company will deploy a ground prospecting and exploration team on its 100% owned Georgia Lake Lithium Project (“Georgia Lake”) located in the Thunder Bay Mining Division of Ontario. The exploration team will be following up on high priority targets, identified with data from the previously announced heliborne high-resolution magnetic survey completed in Q4 2022 by Prospectair Geosurveys Inc. (“Prospectair”) of Gatineau, Quebec.
Figure 1. Imagery from heliborne magnetic survey
The exploration and sampling program will be carried out over 7-10 days and will include ground truthing, sampling, and prospecting of several areas that were selected from the high-resolution magnetic survey data, as well as a till sampling program to further evaluate the property for their lithium potential. The program is expected to cost CAD $56,000.00 and anticipated to commence in August 2023 and include a report with an overview of the program and its results.
The 752-hectare property is immediately contiguous to Rock Tech Lithium Inc’s (RCK – TSX.V) (“Rock Tech”) Georgia Lake Lithium Property and located approximately 160 km northeast of Thunder Bay, Ontario, within the Thunder Bay Mining Division.
CEO, David Greenway, stated, “We were significantly encouraged by the results of airborne geophysical data at our Georgia Lake Lithium project and are now excited to be sending a ground team in for a follow up exploration program, along with upcoming drilling at the Pocitos 1 Lithium brine project in Argentina to expand our lithium resource, 2023 is shaping up to be a very exciting year for our global portfolio of lithium assets.”
On October 20th, 2022, Mercedes-Benz (MBGn.DE) signed a supply agreement with Canadian-German Rock Tech to receive on average 10,000 tonnes of battery-grade lithium hydroxide per year. The deal, which comes shortly after the two groups said they would explore a strategic partnership, has a value over five years of 1.5 billion euros (US$1.47 billion) and will provide enough lithium hydroxide for 150,000 cars a year, the companies said.
Further, Canada’s Federal government and the Province of Ontario announced on July 6th, 2023, that they would together provide up to $15 Billion in performance incentives for Stellantis N.V. and LG Energy Solution (“LGES”) development of an electric-vehicle battery plant being built in Windsor.
Qualified Person
Joerg Kleinboeck, P.Geo., of JMK Exploration Consulting, independent of the Company, and a Qualified Person as defined by National Instrument 43-101, has reviewed the technical information that forms the basis for portions of this news release, and has approved the disclosure herein.
Georgia Lake North & West – Lithium Properties – Ontario
The Georgia Lake North and West Properties are located approximately 160 km northeast of Thunder Bay, Ontario, within the Thunder Bay Mining Division. Recharge’s property is contiguous to the North and West boundaries of Rock Tech Lithium’s Georgia Lake Lithium Property and consists of two claim blocks totaling 320 hectares and 432 hectares.
Click Image To View Full Size
Figure 2. Area map showing Georgia Lake properties and surrounding companies.
The Rock Tech Lithium Georgia Lake Project is host to several spodumene-bearing pegmatite dykes. Lithium mineralization was discovered in 1955 and subsequently explored by several historic owners. Rock Tech’s property hosts an NI 43-101 Mineral Resource, as reported in Rock Tech’s Preliminary Economic Assessment filed on Rock Tech’s SEDAR profile, with an effective date of March 15, 2021. The Mineral Resource is summarized in the following table:
|
Rock Tech’s Preliminary Economic Assessment |
Tonnage (MT) |
Grade (Li20%) |
|
Measured Resources |
2.31 |
1.04 |
|
Indicated Resources |
4.31 |
0.99 |
|
Measured and Indicated |
6.62 |
1.01 |
|
Inferred Resources |
6.68 |
1.16 |
Management cautions that past results or discoveries on adjacent properties (i.e., Rock Tech Lithium Georgia Lake Project) may not necessarily be indicative to the presence of mineralization on the Company’s properties (i.e., Georgia Lake).
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: [email protected]
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.
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