Revised: Recharge Resources Continues Toward Drilling as its Lithium Salar Receives $427,500 from Warrant Exercises and Announces the Expiry of 59,147,500 $0.075 Warrants
Vancouver, April 21st, 2022 - Recharge Resources Ltd. ("Recharge" or the "Company") (CSE:RR) (CNSX:RR.CN) (OTC:SLLTF) (Frankfurt:SL5) is pleased to announce the company is continuing working towards identifying the most immediately available drill team for its lithium Salar project in Salta, Argentina and budgeting for the 2022 exploration and development season. The company further announced that it had received total proceeds of $427,500 from the exercise of 5,700,000 warrants issued pursuant to a private placement announced April 23rd, 2021. Accordingly, the Company issued 5,700,000 shares of common stock ("Shares") in exchange for the exercised warrants. The warrants were exercisable at a price of $0.075 per share until April 22nd, 2022. The company further announces that as of end of business on April 22nd, 2022 at 5:00 PM PST 59,147,500 warrants issued pursuant to the same private placement will expire.
CEO and director, Yari Nieken, states, "We look forward to securing a drill team for our lithium salar project in Salta, Argentina as well as continuing to explore and develop our portfolio of battery metal projects to the benefit of all stakeholders."
Figure 1 - Pocitos 1 Lithium Brine Map
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About Pocitos 1 Lithium Brine Project
The Pocitos Project is located approximately 10km from the township of Pocitos where there is gas, electricity, and telephone internet services. Pocitos I exploration licence is approximately 800 hectares and is accessible by road. Previous exploration and development 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 results. Locations for immediate follow up drilling have already been determined and preparations are being made for upcoming drill program.
Lithium values of up to 125ppm from Laboratory analysis conducted by Alex Stewart were recorded by A.I.S. Resources Ltd during the projects first drill campaign in May 2018 using a double packer in HQ Diamond drill holes to a depth of 409 metres and the flow rate of the hole exceeded 75,000 Litres per minute and brine continued to flow for more than 5 hours. Both drill holes had exceptional brine flow rates. Recharge's plan is to sample the current drill holes and drill a further two holes to work towards a NI 43-101 resource calculation.
Qualified Person
Phillip Thomas, BSc (geology), MBusM, FAusIMM, MAIG, MAIMVA (CMV), a qualified person as defined under NI 43-101 regulations, has reviewed the technical information that forms the basis for portions of this news release, and has approved the disclosure herein.
Market Awareness Program
As part of Recharge's ongoing strategy to raise the profile of Recharge's projects to investors, the Company has further engaged TD Media LLC dba Life Water Media LLC, of Houston, Texas ("TD Media") whereby TD Media will provide digital marketing services including content creation, distribution, and market awareness campaigns in consideration of USD $100,000 as part of a supplementary digital awareness package extending the current contract by 30 days.
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.
On Behalf of the Board of Directors,
"Yari Nieken"
Yari Nieken, 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.