RECHARGE ANNOUNCES NEW DRILLING PERMIT FOR BRUSSELS CREEK PROJECT AS DRILLING CONTINUES TO TARGET PRODUCTION DEPTH AT POCITOS 1 LITHIUM BRINE PROJECT

Rhea-AI Summary

Recharge Resources Ltd. announced a fully-funded drill program at its Brussels Creek Copper-Gold-Palladium Project in Kamloops, BC, following the issuance of permits. The 1,100-meter drill program aims to explore mineralization similar to the nearby New Afton mine. The company is also advancing drilling at its Pocitos 1 Lithium Brine Project in Argentina, with significant depth achieved. CEO David Greenway expressed excitement about the drill program, emphasizing a commitment to sustainable practices. The Brussels Creek site covers 1,350.43 hectares, with historic samples showing promising gold and palladium values.

Positive

• Drill program at Brussels Creek is fully funded, indicating strong financial backing.
• Issuance of permits allows for immediate commencement of drilling operations.
• Potential for mineralization similar to the adjacent New Afton mine could yield significant returns.
• Ongoing drilling at Pocitos 1 Lithium Brine Project shows progress, reaching over 250 meters depth.

Negative

• None.

Vancouver, BC, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (‘Recharge’) (RR: CSE) (RECHF: OTC) (SL50: Frankfurt) issued an update today for its upcoming fully-funded drill program at Brussels Creek Copper-Gold-Palladium Project in Kamloops, BC, Canada.

Permits have now been issued for the proposed drill program after completing consultations and in-field Preliminary Field Reconnaissance (PFR) for five drill locations and three short sections of access road on the Brussels Creek Project area.

Recharge has ordered the go-ahead for the drill program in line with drilling contractor availability. The objective of the 1,100-meter NQ drill program will be 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 ($858 Mm Market Cap).

Johan Shearer, QP stated, "I am excited to now have permits in hand for this highly anticipated drill program. The encouraging results from the previous IP survey and the potential for continuity of structure and geological environment from neighbouring New Gold's New Afton mine could prove extremely valuable for the Brussels Creek Project and all stakeholders.”

Furthermore, drilling continues at Recharge’s production diameter well at the Pocitos 1 Lithium Brine Project in Salta, Argentina. The drill has passed 250 metres and is continuing down to Recharge’s production target zone depth of 400 meters. The sedimentary clays encountered thus far have been consistent with the 2018 discovery wells at the Pocitos 1 Project.

CEO, David Greenway stated, "While drilling continues at our Pocitos 1 Project in Argentina, we couldn’t be more excited to receive the permits for drilling at Brussels Creek. We thank Mr. Shearer and all those involved in the consultation 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 at the earliest contractor convenience,” Mr. Greenway continued.

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/

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.

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.

FAQ

What is the significance of the drill program at Brussels Creek for RECHF?

The drill program is fully funded and aims to explore copper-gold mineralization, potentially increasing shareholder value.

When will the drilling at the Brussels Creek Project begin?

Drilling will commence as soon as the drilling contractor is available, following the issuance of permits.

What are the historical findings at Brussels Creek related to gold and palladium?

Historical samples at Brussels Creek included gold values up to 3.5 grams per tonne and grab samples showing 10.1 g/t Au with palladium content.

What progress has been made at the Pocitos 1 Lithium Brine Project for RECHF?

Drilling at Pocitos 1 has reached a depth of over 250 meters as the company targets a depth of 400 meters.