Vancouver, British Columbia, September 1, 2022. Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE, RECHF: OTC, SL5: Frankfurt) is pleased to announce that it has begun planning a Phase 1 exploration program on the Company’s 100% owned Georgia Lake North and West lithium properties attached to Rock Tech Lithium Inc.’s Georgia Lake lithium property (CSE: RCK) (“Rock Tech”), located approximately 160 km northeast of Thunder Bay, Ontario, in the Thunder Bay Mining Division.
On August 23, 2022, Rock Tech announced a strategic partnership with Mercedes-Benz. Rock Tech and Mercedes-Benz AG jointly announced that the companies are close to signing an agreement that will establish a strategic partnership for the production of high quality lithium hydroxide for the automaker and its battery suppliers. Under the proposed binding agreement, Rock Tech has committed to supply up to 10,000 tpa (a value of $670 million a year at today’s lithium prices) of its projected production to the premium manufacturer and its partners beginning in 2026.
In addition, on August 19, 2022, neighboring company Rock Tech announced the closing of a $40 million private placement and intends to use the net proceeds from the offering to fund the development of the Company’s proposed high-grade lithium hydroxide conversion and refinery facility at Guben in Germany and to be used to fund ongoing exploration and development at the Company’s Georgia Lake lithium property.
CEO and Director David Greenway said: “As we continue to advance our two fully funded drill programs at Brussels Creek and at Lithiumsalar Pocitos 1 in Argentina’s province of Salta, it is difficult to ignore developments at our neighbor Rock Tech Lithium and its new strategic partnership with premium automaker Mercedes-Benz. Recharge Resources will plan a surface exploration program at its Georgia Lake projects to identify the potential for continuity of mineralization from Rock Tech’s active development at Georgia Lake.”