20:08:41 EST Fri 09 Dec 2022
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Recharge Resources Ltd (2)
Symbol RR
Shares Issued 32,837,436
Close 2022-11-24 C$ 0.365
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Recharge to start drilling at Brussels Creek

2022-11-24 09:46 ET - News Release

Mr. David Greenway reports


Recharge Resources Ltd.'s fully financed drill program is expected to start within the next week at Recharge's 100-per-cent-owned Brussels Creek copper-gold-palladium project in Kamloops, B.C., Canada.

Two drilling proposals were received, and an archeological study of the drill sites was completed to comply with continuing consultation with stakeholders and first nations. Two eastern drill sites were deemed to be of low archaeological potential.

The company has engaged Paradigm Drilling to deliver a skid mount, Boyles 25 model drill rig to the staging area near the Brussels Creek property on or before Nov. 25, and complete 900 metres of NQ size core drilling in three holes. Of these 900 metres, hole collar angles will be between minus 50 degrees and minus 90 degrees, and borehole depths will not exceed 350 metres.

The aim of the 900-metre NQ drill program is to test the potential for copper-gold mineralization similar to that present at the adjacent New Afton mine owned by New Gold Inc. ($1.07-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 gold and 61.7 million pounds copper.

Drilling is anticipated to commence by the first week of December. Johan Shearer, qualified person (QP) for Recharge Resources, stated: "With drill contracts and permits in hand for this highly anticipated drill program we look forward to see drilling under way in short order. The encouraging results from the previous IP [induced polarization] 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."

Data compilation from its Georgia Lake lithium airborne magnetic survey is anticipated in the next three to four weeks, with the drill program at Pocitos 1 lithium continuing.

David Greenway, chief executive officer, summarized: "While data compilation is under way at Georgia Lake lithium, drilling continues at Pocitos 1 lithium, we are pushing forward on all fronts, with drilling about to commence at Brussels Creek. 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., and we look forward to the upcoming drill program starting early next month."

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 (g/t). 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.

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.

Qualified person

Mr. 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.

We seek Safe Harbor.

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