Rainmaker Resources (CVE:RIR) has appointed Daniel Vinegar as its new chief financial officer, greeted with full-year accounts showing a shrinking loss, as well as reported that its Sarcobatus Flat high-grade lithium project in Nevada is advancing toward a preliminary economic assessment (PEA).
New CFO Vinegar brings a unique background, including as a controller for a high-growth tech firm, which seeded and incubated a portfolio of start-ups. He also worked as a financial adviser for Manulife, in addition to a position as a senior financial analyst for a multimillion-dollar import-export group in Toronto. Predecessor Matthew Wright has resigned.
Rainmaker recently announced a successful initial National Instrument 43-101 technical report, which confirmed the high-grade lithium present at its Sarcobatus Flat project. The report was completed on budget and on time.
The formal recommendation concluded that $2.4mln would allow Rainmaker to advance through six-phase exploration, including culminating in a PEA.
Rainmaker’s Sarcobatus Flat high-grade lithium project is located approximately 70 kilometres southeast of Clayton Valley — home to the only producing lithium mine in the United States.
Access to the Sarcobatus Flat property is ideal as the project lies directly adjacent to a major US highway. Easy access to this flat and arid property means exploration costs are expected to be low and environmental impact will be minimal. The lithium content of soils and the vegetation in the Sarcobatus Flat property compare favourably with samples from Clayton Valley.
The company also reported that in the year ended October 31 assets swelled to C$257,885 versus C$176,037 in the year to October 2015.
The comprehensive loss has more than halved to C$315,959 from C$767,596 a year earlier.
Story by ProactiveInvestors