Rainmaker Announces Successful Completion of Positive NI 43-
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 3, 2016) - Rainmaker Resources Ltd. (TSX VENTURE:RIR) ("Rainmaker") is pleased to announce successful completion of its first NI 43-101 Exploration Target Technical Report for the Sarcobatus Flat Lithium project in Nevada. The report indicates very positive exploration potential exists on the property, with high lithium content and a geologic setting similar to that of nearby producing Lithium brine deposits. "This milestone marks Rainmaker's first technical report, and we are very excited by the results of this study, which clearly indicates both the quality of the asset and the potential for significant lithium brine," Chris M. Healey, P. Geo, President and CEO of Rainmaker reported. "The next steps in the development of the asset would include completion of the recommended geophysical surveys, which will enable us to subsequently launch an optimized drill program, culminating with a PEA." The report was completed by Doug Beahm, P.E., P.G., Principal of BRS Inc, located in Riverton, WY. Mr. Beahm concludes that the property has the exploration potential to host lithium brine resources in the range of 113,500 to 384,000 short tons* of lithium carbonate. Mr Beahm states in the report that, "Sarcobatus Flat is an early stage exploration project seeking Lithium brine deposits within a closed playa basin in the Basin and Range Geologic Province of Nevada. The geologic model for the Project follows the US Geological Survey Preliminary Deposit Model for Lithium Brines (Bradley, D, et al 2013). The geologic setting of the Project is similar to that of producing Lithium brine deposits in the Clayton Valley approximately 45 air miles north of the Project." Additional consideration was given to published results on a property immediately to the east of the Rainmaker property. ESTIMATED EXPLORATION TARGET (NI 43-101) Range Aquifer Thickness (Feet) Effective Porosity (%) Area (Acres) Grade Li (ppm) Li2CO3* (Pounds x1,000) Short Tons* Low 350 0.2 3,744 60 227,000 113,500 High 350 0.27 3,744 150 768,000 384,000 *Numbers rounded. The foregoing estimate of an Exploration Target for the Project is allowed as a restricted disclosure under NI 43-101 Part 2.3.2, which defines the disclosure of the potential quantity and grade of mineralization, expressed as ranges, for further exploration. All tonnages, grade and contained lithium as stated in this release should not be construed to reflect a calculated mineral resource (inferred, indicated, or measured). The potential quantities and grades for exploration targets are conceptual in nature and there has been insufficient work to date to define a NI 43-101 compliant resource. Furthermore, it is uncertain if additional exploration will result in discovery of an economic mineral resource within these areas. RECOMMENDATION FOR ADVANCEMENT The full recommendation for exploration and development of Sarcobatus Flat includes 6 phases, culminating in a Preliminary Economic Assessment (PEA). The report recommends that the Company initially carry out two geophysical surveys, gravity followed by CSAMT (controlled source audio-frequency magnetotellurics). The expected cost for these 2 phases is estimated at US$125,000. This would be followed by phase 3, an initial drilling program in order to determine the presence or absence of lithium-rich brines, expected to cost approximately US$600,000. Subsequently, phases 4 and 5 would include conceptual engineering, reservoir analysis, and a follow-on drill program. The estimated cost for all of the above recommendations, inclusive of a Mineral Resource Estimation and PEA, is noted at US$2,375,000.