Recharge Resources Ltd. (RR : CSE) (SLLTF : OTC) (SL5 : Frankfurt) (“Recharge” or the “Company”) announces that, further to the news release dated March 21, 2022, it has closed the acquisition of a 100% interest in the Brussels Creek Project gold-copper-palladium property, located in the Kamloops Mining District, British Columbia (the “Property”). Prior to this amendment, Recharge had earned in to a 60% interest in the Property.
Recharge acquired the remaining 40% right, title and interest in the Property in consideration of Recharge paying the sum of $75,000 and issuing 2,500,000 common shares in the capital of the Company. The interest earned is subject to a 2-percent net smelter royalty payable to the optionor. One percent of the royalty may be purchased for $1-million, exercisable any time on or before the expiration of one year from the commencement of commercial production on the Property. No further work commitment is required pursuant to the original agreement.
About the Brussels Creek Project
The Property is an early-stage exploration property, located approximately 24 kilometres west of Kamloops, B.C., and is immediately adjacent to New Gold’s New Afton mine. The Property comprises 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. 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.
In 2020, Syber commenced exploration work on the Property and has completed an airborne magnetometer survey over the entire property, a lidar and orthophotography survey, and also one week of prospecting and mapping. Interpretation of the geophysical survey identified six areas of interest, showing potential for the structural complexities and potassic alteration that are common features of this style of porphyry copper-gold deposit. Le Mare (renamed Recharge Resources subsequently) commissioned Healex Consulting of Nanaimo, B.C., to complete a National Instrument 43-101 technical report on the property. This report is made available at SEDAR.
The shares issued pursuant to the agreement are subject to a four-month hold period upon issuance.
