Vancouver, October 19, 2023 - Recharge Resources Ltd. ("Recharge" or the "Company") (RR:CSE) (RECHF:OTC) (SL50:Frankfurt) has completed an initial reconnaissance prospecting program at its 100% owned Georgia Lake North Lithium Project in the Thunder Bay Mining Division, Ontario. The work was completed as a follow-up to the airborne magnetic survey completed in Q4 2022.
The reconnaissance program was conducted in late August and September. The program consisted of ground truthing and prospecting of several areas that were selected from reviewing the airborne magnetic data, as well as a till sampling program to further evaluate the Project for its lithium potential. The company is currently awaiting the results from the samples collected during the visit.
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Figure 1. Imagery from reconnaissance site visit August 2023 (Georgia Lake North Property)
The 671.5 ha Project, comprised of the Georgia Lake West and Georgia Lake North Properties, is contiguous to Rock Tech Lithium Inc.'s (RCK-V) ("Rock Tech") Georgia Lake Lithium Property and located approximately 160 km northeast of Thunder Bay, Ontario, within the Thunder Bay Mining Division.
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Figure 2. Grab sample taken from quartz vein hosted in metasediments.
On October 20th, 2022, Mercedes-Benz (MBGn.DE) signed a supply agreement with Canadian-German Rock Tech to receive an average of 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.
CEO, David Greenway, stated, "We are making progress on all fronts across our portfolio of lithium projects including drilling and a resource estimate pending at the Pocitos 1 Lithium brine project in Argentina, and pending results from our first ground reconnaissance visit to the Georgia Lake lithium project," Greenway concluded.
Joerg Kleinboeck, P.Geo (JMK Exploration Consulting) has reviewed the technical information that forms the basis for portions of this news release and has approved the disclosure herein. Mr. Kleinboeck is independent of the Company and is a qualified person as defined under National Instrument 43-101.
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. The Georgia Lake West Property consists of a single multi-cell claim that covers an area of approximately 251.9 ha, and the Georgia Lake North Property consists of a single multi-cell claim that covers an area of approximately 419.6 ha.
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Figure 3. Area Map with Project Location
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:
Recharge's management cautions that past results or discoveries on properties in proximity to Recharge may not necessarily be indicative of the presence of mineralization on the Company's properties.
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, CEO
For further information, please contact:
Recharge Resources Ltd.
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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