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Raindrop Ventures Inc. (CSE: RAYN) (FSE: RV0) ("Raindrop" or the "Company") announces the extension of the due diligence period under the July 12, 2021 letter of intent ("LOI") to acquire 100% interest of the Jessup gold-silver exploration project ("Jessup") in Churchill County, Nevada. The extension grants sixty (60) more days to complete due diligence. The Project has a historic measured and indicated resource containing 331,800 ounces gold equivalent at 0.606 grams per tonne ("gpt") at a 69:1 silver-gold ratio. The Company has paid US$50,000 to the Owner for the additional, exclusive due diligence period.
The Company also announces resumption of exploration at its 100% owned Clover Mountain project in southeastern Idaho.
Chief Executive Officer Alexander Kunz stated, "Raindrop is evaluating technical, legal, and strategic aspects of Jessup. This extension provides additional time to consider land acquisitions, continue technical evaluation, and complete development of an executable exploration strategy." Mr. Kunz also added, "The new trenching and rock chip sampling underway at our 100% owned Clover Mountain is follow-up work from our 2020 program to expand understanding of the extent of mineralization."
At Clover Mountain the Company is excavating up to 1175 metres ("m") of additional trenches to bedrock in areas where it is covered by relatively shallow overburden. Sampling consists of crews collecting continuous 1.5 m rock chip and channel samples targeting quartz bearing alteration zones in the trenches from exposed bedrock in outcrops and road cuts across mapped and unmapped structures.
About Jessup Gold-Silver Project
Jessup is located on BLM land approximately 63 miles northeast of Reno, Nevada and consists of 163 claims. The Jessup area hosts a volcanic caldera complex with low sulfidation, epithermal gold-silver deposits within widespread silicification controlled by faulting along the caldera margins. A blanket of pervasive oxidation exists throughout the project area. Zones of deep structural oxidation have been interpreted throughout the area as well. An updated oxide model has increased the confidence in the 2018 resource estimate as compared to previous historic mineral estimates for Jessup.Previous highlights include a 2018 Resource Development Associates pit-constrained, heap leach model measured and indicated resource of 17,041,500 tonnes containing 275,000 ounces ("oz") gold ("Au") at 0.501 gpt and 3,934,000 oz silver ("Ag") at 7.2 gpt. The inferred resource is 1,709,100 tonnes with 25,000 oz Au at 0.455 gpt and 195,000 oz Ag at 3.5 gpt. Drilling by previous operators include 349 drill holes with numerous high-grade intercepts exceeding 5 gpt Au. In addition, as determined from test work conducted by a previous operator, 91% of the resource is oxide with heap leach recoveries for gold between 75% to 89% and for silver between 14% to 40%.
As noted previously, the Company is not treating the Jessup resource estimates as current and has not completed sufficient work to classify these historical estimates as current mineral resources. While the Company is not treating these historical estimates as current, it does believe them to be indicative and the information may be of assistance to readers.
About Clover Mountain
Clover Mountain 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.
QA/QC Protocols and Sampling Procedures
Quality control of the sampling program will include the insertion of reference standards and blanks as well as reject duplicate analysis to monitor the integrity of all assay results. All samples will be transported to its laboratory in Elko, Nevada. Samples will then be dried, crushed, split and pulp samples then prepared for analysis. Gold is determined by fire assay with an atomic absorption spectroscopy (AAS) finish, and silver plus 34 other elements by multi-acid digestion and ICP finish, over-limits by fire assay and gravimetric finish
Glen Peter Parsley, P. Geo. is a qualified person for the purposes of National Instrument 43-101 and has reviewed and approved the technical content in this news release.
About Raindrop Ventures Inc.
Raindrop is led by a noted leader in mining and mineral exploration and was founded to acquire and explore mineral properties during the current resource commodity cycle. Raindrop has an option to acquire 100% of the Jessup gold-silver project in Nevada and is exploring its grassroots Clover Mountain gold property in Idaho and recently acquired six early-stage gold exploration projects in Nevada from Liberty Gold. The Company has a Boise, Idaho-based technical team that is well positioned to conduct exploration in Idaho and Nevada.
Raindrop has a well-planned capital structure with 40,542,938 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
Alexander Kunz
President and Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Alexander Kunz
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
email: alex@dkunzassoc.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 because 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/95817