Imagine Lithium Inc. V.ILI

Stockwatch Diamond & Spec'lty Minerals Sum. for Jan. 3, 2023

[howestreetbull]

Diamond & Specialty Minerals Summary for Jan. 3, 2023 2023-01-03 20:48 ET - Market Summary by Will Purcell David Greenway's Recharge Resources Ltd. ( $RR ), up two cents to 31 cents on 315,000 shares, ended 2022 with word it has closed the $3.97-million private placement that it increased from $3.6-million just the day before, selling nearly all the 13.25 million 30-cent shares it was offering. In the end, the placement missed its goal by just 969 shares, just over $290. And so, minus the cost of wining and dining a potential backer, the company has all the cash it was seeking for planned work on its battery metals projects. At the top of that list is the Georgia Lake North and West project, about 160 kilometres northeast of Thunder Bay, where the company has just received the data from a magnetic survey. Mr. Greenway, CEO, says that he and his crew will be reviewing the data ahead of a spring program of mapping and prospecting over identified target areas as soon as the ground is accessible. And what is Recharge chasing? Well, Mr. Greenway says that the point of the geophysics was to "identify the potential for structural continuity" from the neighbouring Georgia Lake property being worked by Dirk Harbecke's Rock Tech Lithium Inc. ( $RCK ). (Like all promoters on the fringes of a promising deposit, he means: "Do we have a piece of the action?") Rock Tech, which rose six cents to $2.16 on 191,000 shares, recently rolled out a preliminary economic assessment of Georgia Lake. The dream sheet was based on 10.6 million tonnes indicated at 0.88 per cent lithium oxide and 4.2 million tonnes inferred at 1.0 per cent. The reserve in the plan is smaller, with 4.05 million tonnes at 0.8 per cent lithium oxide deemed open-pittable rock, with another 3.28 million tonnes at 0.84 per cent available by underground mining. Rock Tech's proposed $192-million (U.S.) mine, which would run at about 3,000 tonnes per day for nine years, supports a discounted net present value of $146-million (U.S.) and an internal rate of return of over 35 per cent, all after taxes. That gaudy value is the action that Mr. Greenway hopes has continuation -- and a lot of it -- onto Recharge's property west and north of the main Georgia Lake deposit. $ILI $ULT