VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 27, 2016) – Rainmaker Resources Ltd. (TSX VENTURE:RIR) (“Rainmaker”) is pleased to announce a substantial increase to its land holdings at its Sarcobatus Flats, NV lithium property. The staking of an additional 186 placer claims, expanding the total land holdings to 234 claims (4680 acres, 1967 ha), represents a nearly five-fold increase.
“We have added this land as a result of our belief in the quality of the property,” Chris M. Healey, P. Geo, President and CEO of Rainmaker reported. “The expanded land holdings will give us a much more competitive position in the lithium space. We will now be able to design effective geological, geochemical, and geophysical surveying programs to advance the project.”
Sarcobatus Flats is located approximately 70 km southeast of Clayton Valley – home to the only producing lithium mine in the United States. According to a recent U.S. Geological Survey, “Lithium supply security has become a top priority for technology companies in the United States and Asia.” This area of Nevada has seen a rapid rise in exploration success.
Access to the Sarcobatus Flats property is ideal as the project lies directly adjacent to a major US highway. Easy access to this flat and arid property means 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, as reported by the US Geological Survey Professional Paper 918 (see Rainmaker release June 9, 2016) compare favourably with samples from Clayton Valley.
Rainmaker has recently completed a preliminary geochemical sampling program on the property and will release results upon full evaluation by the company’s Qualified Person. Planning for geophysical surveying, as well as for the completion of an NI 43-101 compliant technical report on the property, is underway.
- Lithium: crucial mineral for electric car batteries and many other tech purposes
- Favourable Terms: share acquisition, cash reserved for exploration
- High-Potential Project: historic samples reported by the US Geological Survey (reference above) indicate lithium values of 150 – 300 ppm
- Location: mining-friendly Nevada
- Large Land Package: 234 placer mining claims totalling approximately 4,680 acres
- Infrastructure and Accessibility: adjacent to US Highway 95
- Rapid Advancement: lithium brines 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. The company controls an option to acquire the Sarcobatus Flats lithium project in Nevada (see News Release June 9, 2016).
In addition, Rainmaker currently owns a 12.5% joint venture interest in Dufferin Lake – a uranium asset. Dufferin Lake is operated by NexGen Energy, a public company with a large asset portfolio and a market capitalization exceeding $800 million CDN.
Our website is currently under construction to reflect recent developments. For further information about Rainmaker, please see the company’s profile at www.sedar.com.
Chris M. Healey, P. Geo, President & CEO 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