TradingCharts
2 years ago
SPEY RESOURCES CORP. ANNOUNCES OPTION AGREEMENT WITH
RECHARGE RESOURCES CORP. FOR POCITOS 2
PROJECT GlobeNewswire February 27, 2023
Vancouver, British
Columbia, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Spey Resources
Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) ("Spey" or the
"Company") is pleased to announce that it has entered into
an option agreement ("Agreement") with Recharge Resources
Corp. ("Recharge Resources") pursuant to which Recharge
Resources may acquire a 100% interest in the Company's
Pocitos 2 Project, a 532 hectare lithium brine project
located just outside of Salta, Argentina (the
"Option").
Under the terms of the
Agreement, Recharge Resources may exercise the Option by:
(1) paying the Company US$744,800 on or before June 30, 2023
and (2) issuing to the Company $500,000 worth of common
shares in the capital of Recharge Resources within seven (7)
business days following February 21, 2023 (the "Effective
Date").
In addition, Recharge Resources, in
the event the Option is exercised, is obligated to pay to
the Company an additional $500,000, in cash or common shares
in the capital of Recharge Resources, within
â??â??eighteen (18) months following the Effective
Date.
Upon the satisfaction of all payments
and expenditures, and the exercise of the Option in full, a
royalty of 7.5% of the FOB price of lithium carbonate or
other lithium compounds sold on the Pocitos 2 Project shall
remain payable pursuant to an underlying agreement.
All the common shares issued under the
Agreement will be subject to a four month hold period under
applicable Canadian securities laws.
About
Spey Resources Corp.
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00044983
rdw1954
2 years ago
News….. 3:01a ET 1/27/2023 - Globe Newswire
PARADIGM DRILLERS ARRIVE AT BRUSSELS CREEK FOR DRILL PROGRAM WITH DATA ANALYSIS ONGOING AT POCITOS 1 LITHIUM AND GEORGIA LAKE LITHIUM PROJECTS
GlobeNewswireJanuary 27, 2023
Vancouver, BC, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. ("Recharge") (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) announced that Paradigm drillers arrived on site today for the Company's fully-funded winter drill program at Recharge's 100% owned Brussels Creek Gold-Copper-Palladium Project in Kamloops, BC, Canada.
Paradigm Drilling delivered the skid mount, Boyles 25 model drill rig to the staging area near the Brussels Creek Property with drilling about to commence to complete 900 meters of NQ size core drilling in 3 holes. Of these 900 meters, hole collar angles will be between -50 and -90 degrees, and borehole depths will not exceed 350 meters.
The aim of the 900-meter NQ drill program is to test the potential for copper-gold mineralization similar to that present at the adjacent New Afton Mine owned by New Gold Inc. NGD.V ($1.11 billion market capitalization). The New Afton Mine occupies the site of the historic Afton Open Pit Mine, which operated from 1977 to 1997. The present mine and concentrator facility commenced production in July 2012. The mine is a block caving operation. In 2021, the mine produced 52,542 oz Au and 61,700,000 lbs Cu.
The Company is currently awaiting weather conditions to improve for access purposes in order to commence drilling.
Figure 1. Proposed Drill Locations at Brussels Creek
Click here to view Figure 1. Figure 2 Cut.png
Figure 2. Porphyry-style Alteration Interpretation from Hyperspectral Study
Click here to view Figure 2
Figure 3. Drills on site at Brussels Creek
Click here to view Figure 3.
Figure 4. Drills on site at Brussels Creek
Click here to view Figure 4
CEO, David Greenway, summarized, "While data compilation is underway at Georgia Lake Lithium and the Company awaits additional data from Pocitos 1, we are pushing forward on all fronts with drills now on site at the Brussels Creek Copper-Palladium-Gold Project. We thank Mr. Shearer and all those involved in the consultation and drill planning process. Recharge is committed to sustainable exploration and mining practices. This is a pivotal time for the Brussels Creek Project in BC, and we look forward to the upcoming drill program."
Brussels Creek Project
The BC property is an early-stage exploration property, located approximately 24 kilometres west of Kamloops, and is immediately adjacent to New Gold's New Afton Mine. The property has 17 claims (66 cells) covering 1,350.43 hectares. The geological setting of the property 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 property, 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 property in 2019 include values of 10.1 g/t Au (with 0.7 g/t palladium) and 11.5 g/t Au.
Brussels Creek Web Page:https://recharge-resources.com/projects/brussels-creek/
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.
Qualified Person
Johan T Shearer, P. Geo., Consulting Geologist, is the qualified person as defined by NI 43-101 responsible for the technical content of this release, and consents to its release.
Marketing Agreement
Further, the Company has engaged TD Media LLC dba Life Water Media LLC, of Houston, Texas ("TD Media"). The services to be provided by TD Media include digital media, marketing strategies, advertising, and awareness campaigns. The engagement of TD Media will extend for a period of six months, commencing on January 23, 2023, for a fee of US$350,000. Neither TD Media nor any of its principals currently own any interest, directly or indirectly, in the Company.
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: info@recharge-resources.com
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.
Primary Logo
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COMTEX_423394277/2010/2023-01-27T03:01:00
rdw1954
2 years ago
VANCOUVER, British Columbia, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL5: Frankfurt) is pleased to announce the completion of DDH1 that intercepted the targeted brine aquifers and sampled 169 ppm lithium and flow rates similar to what was previously observed under its own pressure, constrained by a valve to preserve the well. The brines flowed for 10 days. The drill hole also intercepted gas (tested to have minor amounts of carbon dioxide) in a porous lithological unit that accelerated the brine flow.
Dec, 2022 Drilling at Pocitos 1
Fig 1. Dec, 2022 Drilling at Pocitos 1
2018 Drilling at Pocitos 1
Fig 2. 2018 Drilling at Pocitos 1
2018 Drilling at Pocitos 1
Fig 3. 2018 Drilling at Pocitos 1
The measured lithium content sampled in this recent 2022 drilling exceeded that of the measured lithium content of the 2018 discovery wells. This is another planned milestone in the Company’s endeavour to build up to a 20,000 tonne lithium extraction plant at Pocitos 1 Project in order to supply Richlink Capital Pty Ltd up to 20,000 tonnes of lithium chloride/carbonate per year as previously announced under letter of intent.
Lithium is selling in the spot market at 477,500 Yuan per tonne or the equivalent of US$70,755 per tonne according to TradingEconomics.com. (January 23rd, 2023)
Chart 1
Analysis completed by SGS del Argentina S.A. Salta Order No: SA22-00392
Collar Location: GK-POSGAR94-WGS84-Zone2
UTM E: 700608.00
UTM N: 7291471.00
Altitude: 3,665M
The brines were tested with a blank (distilled water), two duplicates and one standard at 268ppm Li. Another set of samples has been sent to Alex Stewart for testing by the QP, Phil Thomas. Packer testing for brines commenced at the 252M level, with core showing brines, but no flow was recorded. Significant brine flow was recorded at 342m and again at 363m. This is consistent with previous drilling results. The gas intrusion prohibited the drillers going below 363m as they were not able to get the water return.
DDH1 brine flow with gas being released
Fig 4. DDH1 brine flow with gas being released
Brine flowing from hole after it intersected aquifer
Fig 5. Brine flowing from hole after it intersected aquifer
As previously announced, the basis for the NI 43-101 report is well underway after Mr. Thomas set up the drill program in Argentina when he was there in November 2022 in preparation to measure flow rates and assays to create the anticipated NI43-101 compliant report. Thomas, BSc Geol, FAusIMM MAIG, has spent the past 22 years exploring for lithium brines, including building and operating a pilot plant for production at Rincon Salar (sold to Rio Tinto for US$825 Million) as well as he and his team developed the Pozuelos salar, producing an indicated and inferred resource, from four exploration wells. (recently sold to Ganfeng for US$962 million). Mr. Thomas is independent of the Company and is NOT a shareholder of Recharge Resources.
Five litres of brine were collected to be sent to University of Melbourne for testing to ascertain the recovery that has been as high as 97% using the EkoSolve™ processing system. These were especially prepared for transit.
CEO and Director, David Greenway states, "This is a great result as we have achieved a lithium concentration 40ppm higher than was previously recorded but with substantial brine flow. Our next goal of establishing a NI 43-101 compliant mineral resource, a scoping study of the project and formalizing our offtake agreement for lithium carbonate is getting closer.”
About Pocitos 1 Lithium Brine Project
The Pocitos Project is located approximately 10km from the township of Pocitos where there is gas, electricity, and internet services. Pocitos I is approximately 800 hectares and is accessible by road. Previous exploration 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 (“AIS”) during the project’s first drill campaign in May 2018. AIS used a double packer sampling system in HQ Diamond drill holes drilled to a depth of 409 metres. The flow of brine was 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 mineral resource calculation.
Qualified Person
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA, (CMV), a Qualified Person as defined under NI43-101 regulations, has reviewed the technical information that forms the basis for portions of this news release, and has approved the disclosure herein.
Market Awareness
Recharge Resources has retained MIC Market Information & Content Publishing GmbH to facilitate greater awareness of the company's business within German speaking markets for a period of 6 months. As part of the engagement, company will be paid up to €500,000.00.
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: info@recharge-resources.com
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.
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/905ddd3e-7050-4fb1-b8e5-18a9ae53f7a6
https://www.globenewswire.com/NewsRoom/AttachmentNg/68404928-e6d1-4b5f-9c35-9809bf190bd5
https://www.globenewswire.com/NewsRoom/AttachmentNg/21ce075e-1204-4c7b-a104-14a05052d324
https://www.globenewswire.com/NewsRoom/AttachmentNg/910b8da2-738a-4ee9-954e-7f86b7cafb6e
https://www.globenewswire.com/NewsRoom/AttachmentNg/1ae0cbd9-0d55-4149-9331-3cece4d3bd86
https://www.globenewswire.com/NewsRoom/AttachmentNg/53e8f584-5c73-4a2f-8aa9-be43554350ae
Recommended Reading
December 29, 2022 03:01 ET
Source:
Recharge Resources Ltd.
RECHARGE RECEIVES DATASET AND REPORTS FROM AIRBORNE MAG SURVEY AT GEORGIA LAKE LITHIUM PROJECT TO DEMONSTRATE ‘STRUCTURAL CONTINUITY’ FROM NEIGHBOUR ROCK TECH AWAITING INTERPRETATION
Vancouver, BC, Dec. 29, 2022 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) is pleased to announce that Prospectair Geosurveys has...
December 15, 2022 03:01 ET
Source:
Recharge Resources Ltd.
PARADIGM DRILLERS MOBILIZING TO SITE FOR BRUSSELS CREEK DRILLING AS RECHARGE AWAITS RESULTS AT POCITOS 1 LITHIUM AND GEORGIA LAKE LITHIUM PROJECTS
Vancouver, BC, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (“Recharge”) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) announced today the Company’s fully-funded drill program at Brussels...
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