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Recharge Resources Enters into Option Agreement to Acquire 100% of Advanced Stage Lithium Salar Brine Project in Argentina
Vancouver, BC - TheNewswire - March 23rd, 2022 - Recharge Resources Ltd. (“Recharge” or the “Company”) (CNSX:RR.CN) (OTC:SLLTF) is pleased to announce that it h
About this update from Uranium One Mining Corp.
[{"type":"text","content":"Vancouver, BC - TheNewswire - March 23rd, 2022 - Recharge Resources Ltd. (“Recharge” or the “Company”) (CNSX:RR.CN) (OTC:SLLTF) is pleased to announce that it has signed an option agreement (the “Agreement”) with Spey Resources Corp. (SPEY: CSE) (“Spey”) whereby the Company may acquire up to a 100% undivided interest in the Pocitos 1 Project, an 800 hectare lithium brine project located just outside of Salta, Argentina (the “Project”). (See Figure 1 below). Figure 1 – Pocitos 1 Lithium Brine Map CEO and director, Yari Nieken, states, \"This advanced stage lithium brine project springboards Recharge’s portfolio of battery metals projects ahead significantly. We look forward to working with the geological team in Argentina to quickly advance this exciting project. We are fortunate to have boots on the ground and local expertise in place for Pocitos I and we look forward to an upcoming drilling campaign.\" The Project is located approximately 10km from the township of Pocitos where there is gas, electricity, and telephone internet services. Pocitos I 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 designed and identified for upcoming exploration. Lithium values of up to 125ppm from Laboratory analysis conducted by Alex Stewart were recorded by A.I.S. Resources Ltd during their 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 continued 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. Transaction Under the terms of the Agreement, Recharge may acquire an 80% undivided interest in the Project by paying to Spey cash and share payments totaling US$1,750,000 and incurring US$250,000 in exploration expenditures on the Property, as follows: DATE FOR COMPLETION CASH PAYMENT COMMON SHARES WORK EXPENDITURES Within 3 business days of the signing of Agreement US$350,000 US $400,000 &n...