VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 28, 2017) - Rainmaker Resources Ltd. (TSX VENTURE:RIR) ("Rainmaker" or the "Company") is pleased to announce that it has appointed Mr. Daniel Vinegar as its new Chief Financial Officer. Mr. Vinegar brings a unique background including as a controller for a high-growth tech firm which seeded and incubated a portfolio of start-ups. He also worked as a financial advisor for Manulife, in addition to a position as a Senior Financial Analyst for a multi-million dollar import-export group in Toronto. Rainmaker thanks Mr. Matthew Wright, who has resigned, and wishes to express appreciation for his dedication and service to the Company.
UPDATED INVESTOR PRESENTATION AND WEBSITE
Rainmaker also reports that is published an updated website and investor presentation, accessible via www.rainmaker-resources.com.
The new website contains information pertaining to Rainmaker's projects, in addition to information regarding the lithium and renewable energy industries in general.
RAINMAKER - NEVADA LITHIUM - ABILITY TO ADVANCE TO PEA
Rainmaker recently announced a successful initial 43-101 technical report, which confirmed the high-grade lithium present at its Sarcobatus Flat project in Nevada. The report was completed on-budget and on-time.
The formal recommendation concluded that $2.4-Million USD would allow Rainmaker to advance through a 6-phase exploration including culminating in a PEA.
SARCOBATUS FLAT LITHIUM PROJECT, NEVADA
Rainmaker's Sarcobatus Flat high-grade lithium project 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 Flat 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 Flat property, as reported by the Company (see Rainmaker release August 4, 2016) compare favourably with samples from Clayton Valley.
- Lithium: crucial mineral for electric car batteries and many other tech purposes
- Favourable Terms: share acquisition, cash reserved for exploration
- High-Potential Project: Company sampling of the near surface clays show lithium values of 140 - 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 100% of the Sarcobatus Flat high-grade lithium project in Nevada (see News Release June 9, 2016) and has completed a 43-101 report on the project (November 3, 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.
Chris Healey, P.Geo., President and CEO of Rainmaker, is the Qualified Person, under National Instrument 43-101, who is responsible for all other technical content of this release, and consents to its release.
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).