Rainmaker Mining Corp. (TSX VENTURE:RMG) is pleased to announce that it has entered into an Option Agreement with JCMP Management Corp. to acquire a 3637 acre quarry permit on the Jayjay Lake silica sand project in northern Saskatchewan. The terms of the acquisition are:
-- $10,000 on signing a Letter of Intent;
-- $35,000 and 1,400,000 shares of Rainmaker on receiving all necessary
-- 1,000,000 shares of Rainmaker 18 months after the approvals are
-- The vendor retains a 2% NSR.
JCMP has an option to acquire the permit from the original permittee.
Rainmaker plans to commence exploration on the property with an extensive sampling program, as soon as snow conditions permit.
Chris M. Healey, a Director of Rainmaker commented, “Rainmaker has targeted the Frac Sands industry due to increasing demand, favorable economics and the potential low capex nature of beach sand silica operations. The company feels that this initial project is well suited to the turbulent nature of the current minerals markets.”
In addition, the company is actively seeking other opportunities in related products.
Jayjay Lk project:
The Jayjay silica sand project is located in north-central Saskatchewan, approximately 185 km north-east of Prince Albert SK, and 150 km west of Flin Flon MB. Access is excellent with an all-season Province Road crossing the centre of the property. The property consists of 92 Quarry Dispositions (3637 acres), for which a Quarry Permit has been issued by the Government of Saskatchewan.
The sand deposit lies at surface and consists entirely of beach sand from the shores of glacial Lake Agassiz. This lake covered much of the central Prairies until approximately 10,000 years before present. Wave action on the beaches has resulted in clean, well-rounded sand grains, which may be suitable for hydraulic fracturing. The sand is derived from a marine quartzose sandstone horizon in the Cretaceous Manville formation.
Previous work in the 1980s confirmed the presence of this potential high quality sand. At that time, the markets were limited, and the selling prices were much lower than today.
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