VANCOUVER, British Columbia, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Recharge Resources Ltd. (RR: TSX-V) (SLLTF: OTC) (“Recharge” or the “Company”) announces that it has entered into an agreement (the “Agreement”) with West Mining Corp. (“WEST” - CSE) (“West Mining”) whereby the Company may acquire a 75% interest in the Cobalt-Nickel Kagoot Brook project a 4,233-hectare area located in the Bathurst mining camp, New Brunswick, Canada (the “Project”).
Excerpts from a September 21, 2020 NI 43-101 Technical Report authored by Peter Dadson B.Sc., P.Geo. detail the following information: Historical work on the Kagoot Brook property was largely driven by the results received from a 1981 Geological Survey Branch, New Brunswick Department of Natural Resources stream and spring sediment surveys. The results of the survey returned significantly elevated and anomalous cobalt in silts from both tributaries with values varying from 63ppm to 1,316ppm Cobalt. The results of the survey spurred multiple, multi-faceted exploration campaigns through the 1980s and 1990s.
In 2018 Explorex Resources Inc. re-processed the 1986-1987 fixed wing airborne magnetic survey data covering the property. The 3D modelling indicated the Kagoot Brook claims are underlain by a synformal fold structure with a fold axis trending near east-west. In December 2018 magnetic and VLF-EM surveys were completed along widely spaced selected logging road access trails. In July and September 2018, a silt sampling program was completed along the two anomalous creeks to confirm the existence and location of the historical silt sample results. A total of 51 silt samples were collected and confirmed the historical results with cobalt values to 3,190ppm Cobalt. The silt sampling program identified a clear and well defined up stream cut-off to the anomalous cobalt silt values. In December 2018, a two-hole NQ oriented core drill program was completed totalling 501m. The program was designed to test the underlying stratigraphy for the possible source of the anomalous stream sediment silt values. The structural data collected from the oriented core suggests that each drill hole may have been collared on opposing limbs of a tight synformal fold structure. Best results 79ppm Cobalt from the two-hole drill program returned. The author concludes that the property merits further exploration.
Recharge CEO and Director, Yari Nieken, states: “Recharge is focused on identifying domestic sources of battery tetals and this Kagoot Brook property adds yet another highly prospective asset to our growing portfolio that includes nickel, lithium and cobalt assets in established mining jurisdictions.”
“It’s a pleasure to work with a company focussed on the energy sector and Recharge Resources is building a first class portfolio. The deal allows West Mining to still benefit from the Kagoot Brook project whilst keeping our own sights firmly set on the Kena gold and copper project,” commented Nicholas Houghton, President and CEO of West Mining.
Pursuant to the Agreement, West Mining has assigned its original agreement made with Great Atlantic Resources Corp. and Explorex Resources Inc. to Recharge. Recharge may acquire a 75% interest in the Project, subject to an underlying 2% NSR pursuant to the underlying agreement, by issuing to West Mining 1,000,000 common shares and assuming the $650,000.00 exploration commitment to be completed before May 10th, 2023 and a $50,000.00 royalty payment to underlying royalty holders by January 23rd, 2022. Recharge shall issue 500,000 common shares to Great Atlantic Resources for the extension on the exploration expenditures.
The Agreement remains subject to TSX Venture Exchange approval. All shares issued pursuant to the Agreement shall be subject to a hold period of 4 months and 1 day from issuance.
Additionally, the Company has retained Amherst Baer Consultancy Corp for digital marketing services for 3 months at $105,000 USD.
About Recharge Resources
Recharge Resources is a Canadian mineral exploration company focused on exploring and developing the production of high-value battery metals to meet the demands of the advancing electric vehicle and fuel cell market.
On Behalf of the Board of Directors,
Yari Nieken, CEO
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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 inability to identify transactions having satisfactory terms or at all and the 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.