Recharge Resources Ltd. is pleased to announce that it has now agreed on a IVA tax settlement on its future drill program at Salta, Argentina’s Pocitos 1 Lithium Salar, through consultant Panopus Pte Ltd.
To establish a resource that complies with NI 43-101, Recharge is closely collaborating with its local consultants on a single production well with a diameter of 400+ m that will be positioned to validate the continuity of lithium brines identified during earlier drill campaigns.
The company is getting ready to submit its applications for mining company status and tax registration.
Tax structuring is a crucial when hiring contractors, renting equipment, exploring and developing in the country of Argentina. We are moving forward quickly with our planned drilling at the Pocitos 1 lithium salar.
David Greenway, Chief Executive Officer and Director, Recharge Resources Ltd.
Greenway added, “As you can see from the video link above, and available on our website, the impressive flow rates were estimated upwards of 50,000 liters per min of lithium brine. With two existing drill holes in place, this new drilling will assist in establishing an NI 43-101 resource. We have benefitted greatly from an embedded geological and logistics team which has empowered us to truly hit the ground running.”
About Pocitos 1 Lithium Brine Project
The township of Pocitos, which offers telephone, internet, and gas connection, is about 10 miles from the Pocitos Project. Pocitos I has a total area of around 800 hectares and is reachable via road.
Previous exploration and development teams invested more than USD $1.5 million in the project’s exploration, which included trenching, TEM geophysics, surface sampling, and the drilling of two 400-m holes that produced excellent brine flow data. For further exploration, sites have already been planned and chosen for prompt follow-up drilling.
During the project’s first drill campaign in May 2018, A.I.S. Resources Ltd. discovered lithium readings of up to 125 ppm via laboratory analysis performed by Alex Stewart. The HQ Diamond drill holes were carried out by AIS using a double packer, and they were drilled to a depth of 409 m.
The flow rate of the hole was estimated to be greater than 50,000 L per minute, and it was seen to continue for more than 5 hours (Investors should note that these estimates were not compliant with NI43-101).
Outstanding brine flow rates were present in both drill holes. The existing drill holes will be sampled or paired, and two further holes will be drilled as part of Recharge’s strategy to determine resources according to NI 43-101.