Vancouver, British Columbia--(Newsfile Corp. - March 3, 2021) - Raindrop Ventures Inc. (CSE: RAYN) (FSE: RV0) ("Raindrop" or the "Company") has closed the acquisition of an exploration portfolio consisting of three 100%-owned properties (Anchor, Stateline and Sandy) and three 49%-owned properties (Brik, Easter and Viper) (together, the "Properties") from Liberty Gold Corp. ("Liberty Gold"). In consideration for the Properties, the Company paid and issued to Liberty Gold US$50,000 in cash and 4,013,406 common shares of Raindrop, representing 9.9% of the Company's issued and outstanding common shares on a post-closing basis. Liberty Gold also retained a 1.5% net smelter return royalty on certain of the Properties.
"Raindrop is pleased to close this property acquisition transaction which expands our access to Great Basin gold exploration projects particularly in Nevada," said Alexander Kunz, Raindrop's Chief Executive Officer. "Planning is underway to advance the Anchor project based on technical information we compiled including our own historic files. We expect to continue exploration activities on our Clover Mountain gold project in Idaho with expanded trenching in the coming months," he continued.
The six new properties are located within the Great Basin in Nevada and Utah:
- Anchor - Carlin type gold property, with undrilled gold targets;
- Stateline - low sulphidation gold /silver property with highlight gold values from 1.46 to 4.55 grams per tonne ("g/t") gold from 1.5 metres ("m") drill intersections along a 305 m long vein (true widths unknown);
- Sandy - sediment hosted gold property with a 2,740 by 735 m jasperoid zone;
- Brik - low sulphidation gold property with highlight drill intersections of 2.41 g/t gold over 16.7 m, including 14.95 g/t gold over 1.5 m, and 0.99 g/t gold over 18.3 m, from surface in hole PB-24;
- Easter - low sulphidation epithermal vein-breccia-stockwork gold-silver deposit with a 2010 historic resource; and
- Viper - low sulphidation epithermal gold property with highlight drill intersections of 1.09 g/t gold over 33.5 m (true width unknown).
For more information on the six new properties see our November 18, 2020 news release.
The common shares issued to Liberty Gold are subject to a four month and one day hold period expiring July 3, 2021. Liberty Gold has also agreed not to dispose of the common shares for a period of 12 months.
G. Peter Parsley, P.Geo., is a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and approved the technical content of this news release.
About Clover Mtn
Clover Mtn is located on BLM land 60 miles southeast of Boise, Idaho and consists of 43 unpatented claims totaling 350 hectares. The Company believes Clover Mtn lies within the "Jarbidge Trend" which includes projects such as Integra Resources' Delamar, Florida Mountain and War Eagle gold-silver properties in Idaho and the Jerritt Canyon Gold, LLC's gold mine in Nevada, where over 8 million ounces of gold were produced since 1981. Clover Mtn has previously returned highlight rock chip samples of 1.99 g/t gold, 19.95 g/t silver, 1.25% copper and 1.54% zinc and soils gold values ranging from 0.02 g/t to 0.78 g/t and silver values ranging from 0.02 g/t to 1.19 g/t.
Anchor is a Carlin-type, sedimentary rock-hosted gold target associated with the Devil's Gate - Chainman/Diamond Peak formation contact at intersection points with west-northwest striking fault zones. The property consists of 54 unpatented federal lode claims at the southern end of the Battle Mountain - Eureka gold trend, 11 kilometres northwest of the 4-million-ounce Ruby Hill gold deposit and is centered on a 600 by 500 m gold-arsenic-antimony rock and soil geochemical anomaly in in Upper Plate Ordovician Vinini Formation siliclastic sedimentary rocks. Historic exploration returned highlight gold grab samples of 1.83 g/t along with 11,000 ppm arsenic and 1,030 ppm antimony. Historic drilling generally averaged less than 0.01 gpt with several narrow zones with values from 0.5 to nearly 1.0 gpt.
About Raindrop Ventures Inc.
Raindrop is a newly formed company that began trading on the CSE on February 3, 2020 and is led by a noted leader in mining and mineral exploration with the express purpose of acquiring and exploring mineral properties in the new resource commodity cycle. Raindrop acquired and is exploring the Clover Mountain Property and recently acquired a package of 6 properties from Liberty Gold that will allow a focus on the Anchor project.
Raindrop has a well-planned capital structure with 40,539,438 shares issued and outstanding and a significant team and insider ownership. For more information, please visit www.raindropventures.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
President and Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
President, Chief Executive Officer and Director
Raindrop Ventures Inc.
1507 - 1030 West Georgia Street
Vancouver, BC, V6E 2Y3
Telephone: (604) 428-6128
Facsimile: (604) 428-6430
Corporate Secretary and Director
Raindrop Ventures Inc.
Cell phone: 604-834-1365
Forward Looking Information
This news release contains "forward-looking statements" or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.
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