Vancouver, BC, Oct. 05, 2022 (GLOBE NEWSWIRE) — Recharge Resources Ltd. (‘Recharge’) (RR: CSE) (RECHF: OTC) (SL5: Frankfurt) announced today that Mr. John Percival is joining the senior advisory board. He will advise the Company on plant financing for the recently announced Ekosolve Agreement to build up to a 20,000-tonne lithium extraction plant at the Pocitos 1 Project in Argentina for supplying lithium to Richlink and its clients, as announced September 30th, 2022.
Mr. Percival is a career executive having held directorships in multiple ASX companies and has been involved in investment and merchant banking for over 30 years, including 16 years as General Manager Investments at Barclays Bank New Zealand Limited.
In addition, he has extensive experience in stockbroking, corporate finance and investment banking. Mr. Percival is currently a non-executive director of Musgrave Minerals limited (ASX:MGV). Prior to this, he was an executive of Goldsearch Limited (ASX:GSE) from 1995 until it was acquired by Zoono Group Ltd (ASX:ZNO) in 2017 in a reverse takeover. He was instrumental in the transaction and remained involved as a consultant to the company post RTO.
Mr. Percival is currently a corporate consultant with Novus Capital Limited, and a consultant to SAN-Air an organic Australian anti-microbial company as well as Converte, an Australian all-natural fertiliser company.
Mr. Percival formerly managed over $500 million and has been involved in capital raises of over $1 billion.
CEO David Greenway, stated, “With an offtake LOI for lithium supply, a technology licence for a multi-phase build out of a 20,000 tonne per year EkosolveTM lithium extraction plant and a 2022 fully-funded drill program for a production-ready well at the Pocitos 1 Lithium Brine Project, our next focus is project finance. John, with his very extensive experience, is a welcome addition to our growing teams in Australia, Argentina, the USA and Canada.”
Mr. Percival said “It’s a pivotal time to be joining the Recharge advisory team on the heels of a letter of intent to supply lithium from the Pocitos 1 Project. I look forward to assisting David, the Board and the entire Recharge team and doing my best to make it very successful.”
About Pocitos 1 Lithium Brine Project
The Pocitos Project is located approximately 10 km from the township of Pocitos where there is gas, electricity, mobile telephone, and internet services. Pocitos 1 is approximately 800 hectares and is accessible by road. Previous exploration 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 brine flow results. Locations for immediate follow up drilling have already been designed and identified for upcoming exploration.
Lithium values of up to 125 ppm from Laboratory analysis conducted by Alex Stewart were recorded by A.I.S. Resources Ltd (“AIS”) during the project’s first drill campaign in May 2018. AIS used a double packer sampling system in HQ Diamond drill holes drilled to a depth of 409 metres. The flow of brine was observed to continue for more than five hours. Both drill holes had exceptional brine flow rates. Recharge’s plan is to drill a third production ready drill hole to work towards a NI 43-101 mineral resource calculation.
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,
David Greenway, CEO
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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.
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