Vancouver, BC, Sept. 01, 2022 (GLOBE NEWSWIRE) — Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL5: Frankfurt) is pleased to announce it has commenced planning for a Phase 1 Exploration Program at its 100% owned Georgia Lake North and West Lithium Properties contiguous to Rock Tech Lithium Inc.’s (RCK – CSE)(“Rock Tech”) Georgia Lake Lithium Property, approximately 160 km northeast of Thunder Bay, Ontario, within the Thunder Bay Mining Division.
On August 23rd, 2022, Rock Tech announced a strategic partnership with Mercedes-Benz. Rock Tech and Mercedes-Benz AG jointly announced that the companies are about to enter into an agreement which provides for a strategic partnership to produce high-quality lithium hydroxide for the automaker and its battery suppliers. Under the intended binding agreement, Rock Tech has agreed to deliver up to 10,000 tonnes per year (A USD $670 Million Dollar Per Year Value at today’s Lithium prices) of its planned production to the premium manufacturer and its partners starting in 2026.
Furthermore, on August 19th, 2022, neighbouring Rock Tech recently announced the closing of a $40 million private placement and intends to use the net proceeds of the offering to finance the development of the company’s proposed high-grade lithium hydroxide converter and refinery facility in Guben, Germany, and to finance the continued exploration and development of the company’s Georgia Lake Lithium Property.
CEO and Director, David Greenway, states, “While we continue to advance our two fully-funded drill programs at Brussels creek and Pocitos 1 lithium Salar in Salta, Argentina, it is hard to ignore the developments by our neighbours Rock Tech Lithium and their new strategic partnership with premium automaker Mercedes-Benz. Recharge Resources will plan a surface reconnaissance exploration program on our Georgia Lake projects with a goal of identifying the potential for continuity of mineralization from Rock Tech’s active development at Georgia Lake.”
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.
The Rock Tech Lithium Georgia Lake Project is host to several spodumene-bearing pegmatites. 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.
Mr. Joel Warawa
E-Mail: [email protected]
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.