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Rain City Resources Inc.
Summary
| Project: | Northern Champion | |
|---|---|---|
| Deposit: | Northern Champion | |
| Location: | Canada | |
| Commodities: | Gold-Copper-Silver-Lead-Zinc | |
| Date: | 11/8/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 8-11-2018: Rain City Resources Inc. announces a Supporting Acquisition report for its Northern Champion deposit at the Northern Champion project. Summary of property in support of listing on CSE. This technical report describes and evaluates historical an | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Donald MacIntyre (D.G. MacIntyre and Associates Ltd.) | |
| ABSTRACT: | This technical report describes and evaluates historical and recent exploration work done on the Northern Champion mineral property (the “Property”). The Property, which is road accessible, is located approximately 163 kilometres east-northeast of the city of Vancouver and 29 kilometres west-northwest of the town of Princeton in southern British Columbia, Canada. This technical report has been prepared at the request of Rain City Resources Inc. (“Rain City” or the “Company”), a private company seeking listing on the Canadian Securities Exchange (“CSE”). The qualifying property consists of 8 contiguous mineral titles covering an area of 678.59 hectares within the Similkameen Mining Division of south central British Columbia, Canada. These mineral titles were acquired by electronic staking by Craig Lynes and cover a number of reverted Crown Granted mineral claims. Rain City has entered into an option agreement with Mr. Lynes whereby it can earn an undivided 100% interest in the Property. To exercise its option, Rain City is required at the stipulated dates to (i) pay an aggregate $130,000 in cash payments to Rich River; (ii) issue an aggregate 700,000 common shares to Rich River; and (iii) incur an aggregate minimum of $650,000 in exploration expenditures on the property all on or before the 4th anniversary date of Rain City being listed on the CSE. Rich River will retain a 3% net smelter return royalty if the Property goes into commercial production. The Property lies along the western margin of the Quesnel Terrane. The Quesnel Terrane is a volcano-sedimentary arc terrane that stretches along most of the length of the Canadian Cordillera. Rocks underlying the mineral property are represented by the Triassic rocks of the Tulameen Ultramafic Complex, and metamorphosed sedimentary and volcanic rocks of the Upper Triassic Nicola Group. The Tulameen Ultramafic Complex is an Alaskan-type magmatic intrusion that hosts platiniferous chromites in its dunite core. The dunite rocks are believed to be the source for placer platinum found in the Tulameen River and its tributaries. Gold bearing placer deposits occur with the platinum but the Nicola volcanic rocks are believed to be the source of gold. | |
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