Jan. 30, 2023
Recharge Resources Ltd. (CSE: RR)(OTC: RECHF) — currently trading around C$0.35 per share — has intercepted the targeted brine aquifers at its flagship Pocitos-1 lithium project, Argentina, via drill hole DDH1.
The borehole sampled 169 ppm lithium with brines flowing for 10 days. The measured lithium content from this recently-completed 2022 drilling exceeded that of the measured lithium content of the 2018 discovery wells.
Recharge Resources CEO David Greenway commented via press release:
“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.”
The company is progressing toward building a 20,000 tonne per year lithium extraction plant at Pocitos-1 with which to supply Richlink Capital up to 20,000 tonnes of lithium chloride/carbonate per annum as previously announced under LOI.
Lithium carbonate is currently fetching a very robust ~US$70K per tonne in the spot market.
Next steps include drilling a third production-ready borehole to work towards the aforementioned NI 43-101 mineral resource calculation.
And far from a one-trick pony, Recharge is also advancing the Georgia Lake North & West lithium project in Ontario, Canada, and the Brussels Creek copper-gold-palladium project in British Columbia, Canada.
All three projects are 100%-owned by Recharge Resources.
At Georgia Lake, the company recently completed a high-resolution heliborne magnetic survey. Data compilation from the survey is anticipated later this quarter wherein the company plans to deploy an aggressive spring 2023 field program.
At Brussels Creek, Recharge has announced a fully-funded Q1 2023 drill program slated for 900 meters across 3 drill holes to test the potential for copper-gold mineralization similar to what’s present at the adjacent New Afton mine owned by New Gold Inc. (NYSE-Amer: NGD)(TSX: NGD).
So plenty of irons-in-the-fire for Recharge Resources and shareholders in 2023 as the company puts its boots on the ground at multiple projects across multiple high-demand, clean-energy commodities.
We’ve got you covered here. And you can also learn more about Recharge Resources by calling the company’s IR department at 778-588-5473 or via email at firstname.lastname@example.org.
Editor, Resource Stock Digest