Mr. David Greenway reports

RECHARGE MAKES NEW GOLD DISCOVERY AT BRUSSELS CREEK PROJECT WITH DRILLING PENDING AT THE POCITOS LITHIUM BRINE PROJECT

All assays have been received on Recharge Resources Ltd.'s fully financed, spring drill program at its 100-per-cent-owned Brussels Creek gold-copper-palladium project in Kamloops, B.C., Canada. A new near-surface discovery has been made of a gold zone from 25.75 metres to 29.25 metres (3.5 m) assaying 5.08 grams per tonne gold.

The aim of the 900-metre NQ drill program was to test the potential for copper-gold mineralization similar to that present at the adjacent New Afton mine owned by New Gold Inc. ($1.18-billion market cap). The New Afton mine occupies the site of the historic Afton open-pit mine, which operated from 1977 to 1997. The present mine and concentrator facility commenced production in July, 2012. The mine is a block caving operation. In 2021, the mine produced 52,542 ounces Au and 61.7 million pounds Cu.

Chief executive officer David Greenway summarized: "Recharge is pushing forward on all fronts with drilling at the Brussels Creek copper-palladium-gold project. Future work will zero in on large geophysical and geochemical anomalies near the new gold zone. Drilling is pending at the Pocitos lithium brine project and a spring recon program now approved for the Georgia Lake Lithium project.

"We thank Mr. Shearer and all those involved in the consultation and drill planning process. Recharge is committed to sustainable exploration and mining practices. This is a pivotal time for the Brussels Creek project in B.C., with the drill program successfully indicating a significant bedrock gold zone."

Brussels Creek project

The B.C. 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.

The interval that ran 7.44 g gold came back in the quartered core as 16.35 g Au between 28.75 m and 29.25 m.

Over the 3.5 metres from 25.75 m and 29.25 m the quartered core averaged 5.08 grams per tonne. Gold mineralization starts at the overburden-bedrock contact.

This gold zone is hosted by quartz-feldspar porphyry intrusive likely associated with the Iron Mask plutonic suite. The mineralized zone is characterized by pervasive quartz sericite alteration with overprinting by clay-carbonate stockworks containing pyrite and sphalerite along with traces of chalcopyrite and galena.

The property is largely underlain by a northwest trending, moderately southwest dipping sequence of andesitic volcaniclastic rocks and siltstones of the Upper Triassic Nicola group. Some massive, well-indurated andesitic flows, flow breccias and agglomerates (Nicola group) also occur. The Nicola rocks are cut by later porphyritic rhyolitic dikes, sills and plugs that are possibly related to the Iron Mask plutonic suite or younger rocks.

The area drilled focused on the southeast eTh/K anomaly coincident with strong IP (induced polarization) response. Future work will zero in on the eTh/K anomaly A to the northwest of the 2023 drilling once archeological studies are completed.

Comparison of the gamma-ray spectrometry included in the two public domain surveys indicates notable eTh/K anomalies spatially correlating to identified zones of magnetic disruption and complex structure. The low eTh/K "areas of interest" may be delineating enhanced alteration. The ADUF mineral showing in particular is adjacent to anomaly A, proving encouragement for further investigation.

In these areas of anomalous gold, the rhyolitic rocks are quartz-sericite altered and country rocks are strongly altered to an assemblage of carbonate (ankerite and calcite), quartz, with sericite near the dike contacts and grading to chlorite farther away. Outside of this zone, calcite, chlorite and locally epidote are predominant as a propylitic halo. As much as 5 per cent disseminated pyrite occurs in the altered rhyolite dike rock and adjacent carbonate altered andesitic volcaniclastic. Limonite after pyrite occurs as films on some fractures and as seams and blebs associated with quartz-calcite veins, and opaline silica veins.

As reported in the 1985 assessment report (No. 13877), anomalous gold values (85 to 3,500 parts per billion) are localized in and about some of the smaller north-northwesterly trending porphyry rhyolite dikes that cut the andesitic volcaniclastics and related siltstones. This zone is oriented north-northwest-south-southeast and is about 400 m long and up to 200 m wide. In these areas of anomalous gold, the rhyolitic rocks are quartz-sericite altered and country rocks are strongly altered to an assemblage of carbonate (ankerite and calcite), quartz, with sericite near the dike contacts and grading to chlorite farther away.

Outside of this zone, calcite, chlorite and locally epidote are predominant as a propylitic halo. As much as 5 per cent disseminated pyrite occurs in the altered rhyolite dike rock and adjacent carbonate altered andesitic volcaniclastic. Limonite after pyrite occurs as films on some fractures and as seams and blebs associated with quartz-calcite veins and opaline silica veins.

XRF assays throughout the three drill holes show high potassic alteration. Complex faulting and shearing were evident toward the bottom of holes 2 and 3. Highly siliceous and sheared feldspar-quartz porphyry was observed near the end of hole 2.

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.

The core was carefully sawn with a diamond saw and put in plastic bags under lock and key until they were delivered, in person, to ALS Labs in North Vancouver by J.T. Shearer. ALS Labs is a globally certified lab. Standards and blanks were inserted into the sample stream.

Qualified person

Johan T. Shearer, PGeo, consulting geologist, is the qualified person as defined by National Instrument 43-101 responsible for the technical content of this release, and consents to its release.

About Recharge Resources Ltd.

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.

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