VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 4, 2016) – Rainmaker Resources Ltd. (TSX VENTURE:RIR) (“Rainmaker”) is pleased to announce positive results from the initial geochemical sampling program conducted on its Sarcobatus Flats property in Nevada. The samples yielded highly anomalous lithium contents – establishing the potential for Sarcobatus Flats to become a high-concentration lithium asset.
Specifically, the analyses revealed lithium contents averaging 232 ppm (and up to 300 ppm), which compare favourably with other projects in the region. Rainmaker was also pleased to learn that the samples contained significant concentrations of boron (averaging 193 ppm).
In total, nineteen soil samples consisting of clay material were collected on four east-west profiles across the property at a standard depth of 1.5 meters. The samples were analyzed for lithium, boron, magnesium and potassium at Western Environmental Testing Laboratory (WETLAB) in Sparks, NV. The analytical method used was ICP-AES (inductively coupled plasma – atomic emission spectrometry), after a standard trace metal digestion. Results are summarized below:
Chris M. Healey, P. Geo, President & CEO of Rainmaker, reported: “Substantial concentrations of lithium and boron in the clays below the surface salt pan are indicative of the presence of lithium-boron rich brines deeper in the geological column. With this confirmation, we can now plan to aggressively advance the property with geophysical surveying and the preparation of an NI 43-101 technical report. Fortunately, access to this flat and arid property is ideal as it lies directly adjacent to a major highway. These factors mean that exploration costs are expected to be low and environmental impact will be minimal.”
The lithium content of soils and vegetation in the Sarcobatus Flats property compare favourably with samples from nearby Clayton Valley – the only lithium-producing mine in the United States. As well, this area of Nevada has seen a rapid rise in exploration success. Highlighting the demand, a recent U.S. Geological Survey advised, “Lithium supply security has become a top priority for technology companies in the United States and Asia.” This is especially relevant given the proximity of Tesla’s new Nevada Gigafactory.
- Lithium: crucial mineral for electric car batteries and many other tech purposes
- Favourable Terms: share acquisition, cash reserved for exploration
- High-Potential Project: samples indicate lithium values of 140 – 300 ppm
- Location: mining-friendly Nevada
- Large Land Package: 234 placer mining claims totalling approximately 4,680 acres
- Infrastructure & Accessible: adjacent to US Highway 95
- Rapid Advancement: lithium brine projects tend to require only a moderate amount of drilling to advance the property
- Low-Cost Exploration/Development/Production: the accessible nature of lithium brine deposits results in low costs overall
Rainmaker Resources is a TSX-V listed company focused on creating shareholder value through the exploration and advancement of mineral projects connected to emerging technologies. Rainmaker controls the option to acquire the Sarcobatus Flats lithium project in Nevada (see News Release June 9, 2016).
Additionally, Rainmaker currently owns a 12.5% joint venture interest in Dufferin Lake – a uranium asset in the Athabasca Basin of Saskatchewan. Dufferin Lake is operated by NexGen Energy – a public company with a large asset portfolio and a market capitalization exceeding $800 million CDN.
Chris M. Healey, P. Geo, President of Rainmaker is the Qualified Person, under National Instrument 43-101, who is responsible for the technical content of this release. The Rainmaker Board of Directors, on whose behalf this release has been prepared, accepts responsibility for its contents.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
Chris Healey, P.Geo
President & CEO