REC – Recharge Metals Limited
REC Recharge Metals Limited.
My dubious pick for February Comp.
I saw that and thought wow! but its a year ago!
up 109 percent today
Acquisition of the Sunset Well Gold Project, Eastern Goldfields, WA
HIGHLIGHTS
• Acquisition of the Sunset Well Gold Project in the highly prospective Leonora district of WA
• Sunset Well contains the Prospero Deposit, hosting a shallow Inferred Mineral Resource of 2.87 Mt @ 1.0 g/t Au for 94,500 oz Au
• Prospero has not been drilled since the 1990s, has had only three holes drilled below 100m vertical depth, is open along strike and at depth, and remains materially underexplored
• High-grade, near-surface gold intercepts at the Prospero Deposit highlight strong continuity and scale potential, including:
o 36m @ 2.73g/t Au from 32m, including 16m @ 5.39g/t Au from 36m
o 8m @ 4.02g/t Au from 28m, including 2m @ 8.3g/t Au from 28m
o 2.9m @ 6.35g/t Au from 101.9m, including 0.8m @ 21.7g/t Au from 101.9m
• Significant brownfields potential in the Prospero Shear Zone which extends for 10km and contains numerous historical drill results, and additional greenfields upside potential in the highly prospective Flanders Shear Zone which extends for 8km
• Priority targets on both shear zones, based on intercepts that have not been followed up which include:
o 27 m @ 1.12 g/t Au from 8 m, including 8 m @ 2.52 g/t Au – Prospero Trend
o 8 m @ 3.12 g/t Au from 8 m and 5 m @ 2.64 g/t Au from 22 m to end of hole – Flanders Trend
• Sunset Well is very well serviced by regional infrastructure and is located within 100 km of seven operating gold processing plants
• Drilling preparations are well advanced, positioning the Company to commence drilling promptly following transaction completion and receipt of remaining approvals
• Firm commitments received for a $3.75 million placement, with proceeds to fund drilling at Sunset Well and working capital.
• Rights issue of $2.0 million to existing shareholders on the basis of 4 new shares for every 5 shares held, enabling participation alongside new investors
• Bolstered Board with strengthened technical and corporate capability to support accelerated exploration and growth, with the addition of Directors Samuel Ekins and Ben Jones, and Technical Advisor Brett Keillor
