VANCOUVER, BRITISH COLUMBIA - January 23, 2025 (NEWMEDIAWIRE) - Recharge Resources Ltd. ("Recharge" or the "Company") (CSE: RR | OTC: RECHF | Frankfurt: SL5) is pleased to provide a comprehensive update on the status of its mineral exploration and development projects, a summary of its equity positions in several publicly traded issuers, and guidance on its strategic plans for the upcoming year.
The Company holds equity positions in the following issuers, summarized in the table below:
Table 1: Equity Position Trading Issuers
Company Name
Stock Price (CAD)
Number of Shares
American Salars Lithium Inc.
$0.07
5000000
Stamper Oil & Gas Corp.
$0.02
4000000
Ranchero Gold Corp.
$0.04
835000
The Company wishes to further provide an update on the status of its four mineral exploration and development projects: the Pocitos I Lithium Brine Project in Salta, Argentina; the Georgia Lake North & West Project; the Murray Ridge (Pinchee Lake) Project; and the Brussels Creek Project.
"We are pleased to share this update, highlighting the progress Recharge Resources has made in advancing our mineral exploration and development projects," said David Greenway, President & CEO of Recharge Resources. "As we continue to expand our portfolio and strategically position the company for growth, our equity holdings and exploration projects represent a strong foundation for future success. We remain committed to delivering value to our shareholders and look forward to exploring additional projects and opportunities in 2025."
Pocitos 1 Lithium Brine Project
Pocitos I composes an 800-hectare lithium brine project located in the Salar de Pocitos, in the lithium-rich Puna region of northwestern Argentina. The basins in this region produce over 52% of the lithium brine resources in the world. After a successful drill campaign at Pocitos I, Recharge Resources signed an option agreement with Spey Resources Corp. for the opportunity to acquire up to 100% undivided interest in the Pocitos II project.
A 2024 WSP NI 43-101 Mineral Resources Estimate was prepared on Pocitos 1 consisting of 760,000 tonnes Lithium Carbonate Equivalent ("LCE") in combination with the Pocitos 2 block which Recharge does not own. It is notable that all of the drilling that is used in the MRE occurred on Recharge's Pocitos 1 block.
Recharge entered into an agreement with American Salars Lithium Inc. ("American") on June 17, 2024. Under the terms of the agreement, Recharge sold the project to American in exchange for 5,000,000 common shares of American, 2,500,000 milestone bonus warrants, and the assumption of specific project-related debts.
Georgia Lake North & West Project Lithium Properties Ontario
The Georgia Lake North & West lithium properties are located approximately 160 km northeast of Thunder Bay within the Thunder Bay Mining Division and is host to a number of spodumene-bearing pegmatites. Based on a total of 351 drill holes with a combined length of 47,384 m an NI43-101 compliant resource estimate of 6.58 million tonnes in the measured and indicated category and 6.72 million tonnes in the inferred category was published in August 2018. The 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.
Figure 1: 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:
Table 2: Mineral Resource Rock Tech
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).
The Murray Ridge and Pinchi Lake nickel projects are located approximately 15 to 30 kilometers northwest of Fort St. James and 120 kilometers northwest of Prince George in central British Columbia. Pinchi Lake was previously explored by Nanton Nickel Corp., consisting of three separate claim blocks totaling 3,922.64 hectares. These claims were selected to cover areas with the best sampling results (greater than 0.20% nickel in rocks) reported by Nanton Nickel in 2013, shortly after the discovery of FPX Nickel Corp.'s Decar nickel property.
Awaruite, a naturally occurring nickel-iron alloy, was confirmed to contribute to the nickel values. Geological mapping, prospecting, and geochemical soil sampling have identified favorable geology and structures on the property, including localized serpentinization associated with ultramafic rocks. The geology of the Decar nickel project, located 60 kilometers to the southwest, is analogous, featuring a suite of ultramafic intrusions that host widely disseminated, coarse-grained awaruite mineralization.
Awaruite (NiFeNiFe) is composed of approximately 75% nickel, 25% iron, and 0% sulfur, making it a form of natural steel. The absence of sulfur enables the concentrate to be shipped directly to steel mills, eliminating the need for smelting and refining processes and minimizing environmental impacts. The project was announced under option to Ranchero Resources on November 21st, 2023.
The Brussels Creek Project is an early-stage exploration initiative focused on gold, copper, and palladium.
Situated in the Kamloops Mining District of British Columbia, Canada, this property lies approximately 24 kilometers west of the city of Kamloops. Notably, it is located directly adjacent to New Gold's New Afton mine, enhancing its strategic significance. The project has 17 claims (66 cells) covering 1,350.43 hectares. The geological setting of the Brussels Creek Project is very similar to New Afton, a silica-saturated copper-gold alkalic porphyry-style deposit, as well as the Highland Valley, Mount Polly, Kemess and Galore Creek deposits. Recent field observations noted the presence of a substantial mineralized quartz-feldspar porphyry body intruding the overlying Nicola group volcanics. Historic sampling and mapping on the Brussels Creek Project, in 1983 and 1984, located a broad anomalous zone (200 metres by 400 metres) with gold values up to 3.5 grams per tonne. Grab samples taken from the Brussels Creek Project in 2019 include values of 10.1 g/t Au (with 0.7 g/t palladium) and 11.5 g/t Au.
The interval that ran 7.44 g gold came back in the quartered core as 16.35 g Au between 28.75m and 29.25m. Over the 3.5 meters from 25.75m and 29.25m the quartered core averaged 5.08 grams per tonne. Gold mineralization starts at the overburden-bedrock contact.
Recharge Resources Ltd. has entered into an agreement with Stamper Oil & Gas Corp., whereby Recharge may earn up to a 50-per-cent interest in the Redonda project, located within the Vancouver mining division of British Columbia.
Recharge on December 4th, 2024, announced the following exploration update at the project:
Recharge Resources Ltd. has provided an exploration update from its 2,746.46-hectare Redonda copper-molybdenum project, located within the Vancouver mining division of British Columbia.
Recent drilling at the project returned up to 142.6 metres (467.8 feet) of 0.279 per cent copper and 0.0281 per cent molybdenum.
The company has received excellent metallurgical test results by Process Mineralogical Consulting Ltd. (PMC Labs) from the Redonda copper, molybdenum and rhenium drill program.
The main copper-bearing and molybdenum-bearing phases in the master composite are chalcopyrite and molybdenite, respectively. This material reports 0.33 weight per cent copper, 5.74 weight per cent iron and 0.33 weight per cent molybdenum, accompanied by 2.3 parts per million silver.
Flotation test work suggests that the initial samples and exploratory testwork are successful in producing copper recoveries ranging from 94.7 per cent to 96.9 per cent and molybdenum recoveries ranging from 92.2 per cent to 95.6 per cent after five stages of rougher flotation tests.
The metallurgical program was coupled with detailed mineralogical invest
Recharge has entered into a binding earn-in option agreement (the "Agreement") with Stamper Oil & Gas Corp. ("Stamper" or the "Optionor") whereby Recharge may earn up to a 50% interest in the Redonda Project (the "Redonda"), located within the Vancouver Mining Division of British Columbia.
The project, previously explored by Teck Resources Ltd. (previously Teck Corp.), has had a total of 14 holes drilled, all showing consistent values with widespread mineralization near surface. Teck drilled a total of nine NQ core holes for a total of 1,681 metres (5,515 feet) at the project in 1979, with recent follow-up drilling completed in 2023 for a total of five holes and 799.81 m (2,624 feet).
The project encompasses nine claims covering a total of 2,726 hectares (6,736 acres) and is situated 40 kilometres northeast of Campbell River, B.C. The Redonda project benefits from year-round access via regularly scheduled barge service from Campbell River through Marine Link Transportation, a marine freight solutions provider. From Redonda Bay, access to the project is facilitated by five kilometres of recently upgraded logging road. Active logging operations ensure a well-maintained network of forest service roads throughout the claims area. Work in 2021 proceeded under a letter of support from the Klahoose First Nation, acknowledging its traditional territory, along with a free-use permit, drill permit and induced polarization (IP) exemption from British Columbia's Ministry of Energy, Mines and Low Carbon Innovation (EMLI).
Table of 2023 Exploration Program - Combined with Historic 1979 Intercepts
Hole #
From/To
Core Length
Cu%
Mo%
Re (ppm)
Hole Red-23-04 Mineralization starts from surface
3.1-18.2m
15.2m
0.452
0.0265
0.1053
Hole Red-23-04
25.5-97.5m
72m
0.235
0.0228
0.1106
Hole Red-23-04 Hole bottoms in good grade
147.8-163.1m
30.3m
0.212
0.0154
0.0514
Hole Red-23-03 Mineralization starts from surface
3.1-48m
45.0m
0.329
0.0265
0.1111
Hole Red-23-03
68.8-141.0m
77.3m
0.323
0.0197
0.0791
Hole Red-23-03 Hole bottoms in good grade
199.5-210.0m
10.5m
0.174
0.0117
0.0563
Hole Red-23-05 Mineralization starts from surface
2.7-33m
30.3m
0.213
0.0192
0.0749
Hole Red-23-05 Hole bottoms in good grade
39.3-182.0m
142.6m
0.279
0.0281
0.0927
Hole Red 23-02 Mineralization starts from surface
3.1-111.0m
108m
0.251
0.025
0.1025
Hole Red-23-02 Hole bottoms in good grade
158.5-169.2m
10.7m
0.375
0.1377
0.5871
Hole Red-23-01 confirmation hole collared outside Potassic Zone
60-67m
7m
0.136
0.0023
0.0167
Historic Hole #
From/To
Core Length
Cu%
MoS2%
Re (ppm)
DOH R79-2
110.0-200.0m
90.0m
0.21
0.019
DOH R79-3 Mineralization starts from surface
3.4-27.5m
24.1m
0.42
0.075
35.0-60.0m
25.0m
0.19
0.024
67.5-97.5m
30.0m
0.17
0.12
140.0-152.5m
12.5m
0.3
0.015
DOH R79-5 Mineralization starts from surface
2.7-55.8m
53.1m
0.33
0.025
92.5-135.0m
42.5m
0.2
0.038
155.0-172.5m
17.5m
0.37
0.01
182.5-210.0m
27.5m
0.22
0.021
DOH R79-6 Mineralization starts from surface
2.5-30.0m
27.5m
0.23
0.058
142.5-155.5m
10.0m
0.1
0.045
DOH R79-7
30.0-37.5m
7.5m
0.2
0.004
DOH R79-8
125.0-135.0m
10.0m
0.06
0.034
DOH R79-9 Mineralization starts from surface
5.0-15.0m
10.0m
0.16
0.014
97.5-110.0m
12.5m
0.19
0.011
175.0-210.0m
35.0m
0.09
0.27
Table 3:Trenching Values
Trench No.
Sample Length
%Cu
%MoS2
66-4
45m
0.18
0.013
66.6
52m
0.19
.0.02
66.7
49m
0.22
0.02
66.8
88m
0.24
0.01
66.9
64m
0.33
0.03
66.1
24m
0.2
0.02
Further trenching sampling returned consistent values, with the drilling returning up to 45 metres of 0.18 per cent copper and 0.13 per cent molybdenum at surface, as outlined in an attached table.
The regional setting of the Redonda property is part of the Coast suture zone between the Wrangellia terrane and the Coast plutonic complex. In the claim area, early Cretaceous dioritic intrusive rocks of the Coast plutonic complex has been intruded by at least three later intrusive units, including a quartz plug, a previously interpreted wide hornblende dike that is locally brecciated over its 600-metre exposed length, and several smaller feldspar dikes that cut dioritic rocks near the southwest margin of the previously interpreted hornblende-rich body. Higher concentrations of copper-molybdenum mineralization are closely associated with the hornblende dike, particularly in areas where it has been brecciated. The geological setting of the mineralization on the Redonda mineral claims shares a number of features similar to those observed at the Okover copper-molybdenum porphyry deposit located 34 kilometres to the southeast, north of Powell River and the Gambier copper deposit in Howe Sound.
Restructuring
The restructuring announced on January 9th announcing a 3:1 Consolidation is now revised to a consolidation on a 2:1 basis. The company now intends to consolidate the common shares in the capital of the company on the basis of two pre consolidation common shares for every one post consolidation common share.
The company currently has 50,857,441 common shares issued and outstanding, and following the consolidation, the company will have approximately 25,428,720 common shares issued and outstanding, prior to rounding for fractional shares.
The consolidation remains subject to the approval of the board of directors of the company and remains subject to the approval of the Canadian Securities Exchange. The company will issue a further news release announcing the effective date of the consolidation upon receiving exchange approval. The company will not be changing its name in conjunction with the consolidation.
Non-Brokered Private Placement
The Company is pleased to announce a non-brokered private placement of up to 11,000,000 units for gross proceeds of up to $770,000 at a price of $0.07 per unit on a post 2:1 consolidated basis. Each unit will consist of one share and one warrant. The warrants will be exercisable at a price of $0.10 for 36 months from the date of issuance, subject to accelerated expiry if the Company's common shares trade at or above $0.25 for 5 consecutive trading days.
The Company intends to use the proceeds of the financing for exploration activities and general working capital
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Lawrence Segerstrom, a consulting geologist who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").
About Recharge Resources
Recharge Resources is a Canadian mineral exploration company focused on exploring and developing the production of high-value battery metals and uranium 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
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.
