Rainmaker Resources to Acquire Sarcobatus Flats Lithium Property, Nevada
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Rainmaker Resources Ltd. has entered into an option agreement whereby the company can acquire a 100 percent interest in the Sarcobatus Flats Lithium property located in Nye County, Nevada. The Sarcobatus property comprises 48 placer mining claims, issued by the US Bureau of Land Management, covering approximately 1,000 acres (405 hectares). Importantly, Sarcobatus is anticipated to be a lithium brine project as opposed to a hard-rock deposit, known for much lower costs and faster time to production. Rainmaker intends to embark on a first phase exploration program as soon as possible, and will report further on targets and dates in the near future.
Sarcobatus is located approximately 70km southeast of Clayton Valley, home to the only producing lithium mine in the United States owned by Albermarle. This area of Nevada has seen a rapid rise of exploration activity, including Pure Energy’s 816,000 metric tons of lithium carbonate equivalent (LCE). Access to the Sarcobatus Flats property is excellent, as the project lies directly adjacent to a main US highway, the US 95. With easy access to this flat and arid property, exploration costs are expected to be low (shallow drill holes), with minimal environmental impact.
“Sarcobatus is a truly high-potential lithium project which stood out from the pack as being particularly attractive for a number of reasons. We have been monitoring the surging lithium market as well as the deals being done in the space, and while I tend to critically scrutinize exploration assets given my 48 years as a geologist in the mining sector, the Sarcobatus lithium opportunity in Nevada hosts a number of key advantages both in terms of its geological characteristics as well as the acquisition terms negotiated by Rainmaker. We believe we can advance exploration quickly and economically, with the goal of discovering and developing a low cost lithium producer on the site, in mining-friendly Nevada,” said Chris Healey, P. Geo., CEO of Rainmaker.
About Rainmaker
Rainmaker Resources is focused on creating shareholder value. Rainmaker controls the option to acquire the Sarcobatus Flats Lithium project in Nevada. Rainmaker currently also owns a 12.5 percent joint venture interest in a uranium asset known as Dufferin Lake. Dufferin Lake is operated by NexGen Energy, a public company with a large portfolio of assets and a market capitalization of more than $800 million.
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