RT Minerals Corp. Options Link Catharine RLDZ Property Near Kirkland Lake, Ontario
Vancouver, British Columbia--(Newsfile Corp. - September 29, 2020) - RT Minerals Corp. (TSXV: RTM) (OTC Pink: RTMFF) (the "Company") announces that it has entered into an option agreement (the "Agreement") to acquire a 100% interest in the Link Catharine RLDZ Property (the "Property") located near Kirkland Lake, Ontario, subject to a 2% net smelter returns ("NSR") royalty retained by the vendor.
The Property is a gold property comprised of 15 unpatented single cell mining claims with a total area of 220 hectares in one claim block located approximately 25 km SSE of the Town of Kirkland Lake, Ontario within the Larder Lake Mining Division, Province of Ontario. Access to the Property is by vehicle on all weather and seasonal roads.
Gold mineralization occurs on the Property in zones of quartz veined iron and green fuchsitic carbonate altered rocks associated with the north-south Pacaud Fault and Deformation Zone. The Pacaud Fault and Deformation Zone are approximately 400 metres wide and run North-South for 2.5 kilometres on the Property. The Property has an exploration permit which includes core drilling from at least 20 drill site locations. There are no mineral resources or mineral reserves within the Property boundaries.
Exploration programs carried out on the Property since 1970 include line cutting, geophysical surveys, overburden stripping, geological mapping, channel sampling and diamond drilling. A total of forty seven diamond drill holes (totaling 6,956 metres) have been drilled on the Property by previous operators. Historical diamond drilling conducted by previous operators intersected gold mineralization with grades up to 7.07 g/t Au over 4.0 metres (Sudbury Contact Mines drilling 1993-94), 2.65 g/t Au over 33.62 metres (T. Link drilling 1999-2005), and 8.96 g/t Au over 2.0 metres (Golden Dawn Minerals drilling 2008-09) demonstrating significant gold mineralization within a favourable geologic setting related to the limited area where drilling has been completed on the Property.
Geological data is summarized from the Nass Valley Gateway Ltd. NI 43-101 report by Stewart Jackson (2011) filed on Sedar (Sept. 30, 2011).
Strongly altered rocks favourable for gold exist on the Property in an approximately 400 metre wide by 2.5 kilometre long N-S trending deformation zone along the Pacaud Fault. Much of the deformation zone is covered by overburden and has not been drilled. The area that has been drilled has only been tested to shallow depths of less than 150m from surface. Further work is warranted, including overburden stripping, diamond drilling, sampling and assaying.
The Company may earn a 100% interest in the Property by paying an aggregate of $200,000 cash, issuing 1,950,000 common shares and incurring $1,000,000 in work expenditures over a five year period as follows: (i) $15,000 cash and 250,000 common shares due upon receipt of TSX Venture Exchange ("TSXV") acceptance of the Agreement (the "Acceptance Date") and incurring $100,000 in exploration expenditures within four months of the Acceptance Date; thereafter, optional commitments of (ii) $20,000 cash and 250,000 common shares on or before the first anniversary of the Acceptance Date; (iii) $25,000 cash, 250,000 common shares and $100,000 in exploration expenditures on or before the second anniversary of the Acceptance Date; (iv) $25,000 cash, 250,000 common shares and $200,000 in exploration expenditures on or before the third anniversary of the Acceptance Date; (v) $30,000 cash, 250,000 common shares and $200,000 in exploration expenditures on or before the fourth anniversary of the Acceptance Date; and (vi) a final optional payment of $85,000 cash, 700,000 common shares and $400,000 in exploration expenditures on or before the fifth anniversary of the Acceptance Date. The Agreement is subject to the acceptance of the TSXV.
Mr. Garry Clark, P.Geo., is the Qualified Person for RT Minerals Corp. and approves the technical content of this news release.
About RT Minerals Corp.
RT Minerals Corp. is a junior exploration company listed on the TSX Venture Exchange under the symbol "RTM". The Company holds 100% interest in the Norwalk gold property located near Wawa, Ontario. The Norwalk property is contiguous to the south boundary of the Wawa Gold Project, held by Red Pine Exploration Inc. The Property is comprised of three unpatented mineral claims consisting of 29 units with a total area of 445 hectares. Several mineralized zones occur on the Property including the Norwalk Gold Mine (Au), the Fred C Shaft (Au), the Gananoque Vein (Au), the Barton Occurrence (Au, Fe) and the Red Quartz Carbonate Zone ("RQCZ") discovered by 2017 and 2018 drilling by the Company.
For more information on the Company and its properties, please visit the Company's website at www.rtmcorp.com.
FOR FURTHER INFORMATION CONTACT:
Donald (Dan) M. Clark
Chairman, President and Chief Executive Officer
RT Minerals Corp.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
This news release contains certain forward-looking statements, which relate to future events or future performance (including, but not limited to, the overall size of the Offering, the proposed use of proceeds and the expected closing of any tranches thereof) and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
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