Raindrop closes acquisition of Nevada portfolio

Mar 3, 2021

2021-03-03 07:14 ET – News Release

Mr. Alexander Kunz reports

RAINDROP CLOSES ACQUISITION OF NEVADA GOLD PROJECT PORTFOLIO

Raindrop Ventures Inc. has closed the acquisition of an exploration portfolio consisting of three 100-per-cent-owned properties (Anchor, Stateline and Sandy) and three 49-per-cent-owned properties (Brik, Easter and Viper) from Liberty Gold Corp. In consideration for the properties, the company paid and issued to Liberty Gold $50,000 (U.S.) in cash and 4,013,406 common shares of Raindrop, representing 9.9 per cent of the company’s issued and outstanding common shares on a postclosing basis. Liberty Gold also retained a 1.5-per-cent 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 under way 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 gold from 1.5-metre 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;
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 the company’s Nov. 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, PGeo, 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 Mountain

Clover Mountain is located on BLM (Bureau of Land Management) land 60 miles southeast of Boise, Idaho, and consists of 43 unpatented claims totalling 350 hectares. The company believes Clover Mountain lies within the Jarbidge trend, which includes projects such as Integra Resources’ Delamar, Florida Mountain and War Eagle gold-silver properties in Idaho and Jerritt Canyon Gold LLC’s gold mine in Nevada, where over eight million ounces of gold were produced since 1981. Clover Mountain has previously returned highlight rock chip samples of 1.99 g/t gold, 19.95 g/t silver, 1.25 per cent copper and 1.54 per cent 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.

About Anchor

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 four-million-ounce Ruby Hill gold deposit and is centred on a 600 by 500 m gold-arsenic-antimony rock and soil geochemical anomaly 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 parts per million arsenic and 1,030 ppm antimony. Historic drilling generally averaged less than 0.01 g/t with several narrow zones with values from 0.5 to nearly 1.0 g/t.

About Raindrop Ventures Inc.

Raindrop is a company that began trading on the Canadian Securities Exchange Feb. 3, 2020, with the purpose of acquiring and exploring mineral properties in the current resource commodity cycle. Raindrop is managed by a team of mineral exploration and public market experts with significant experience in creating shareholder value. Raindrop acquired and is exploring its 100-per-cent-owned Clover Mountain gold project, located in Idaho, United States.

We seek Safe Harbor.

https://www.raindropventures.ca/