RT Minerals Corp. Signs Agreements to Acquire Four New Properties Within the Case Batholith of Northern Ontario
Vancouver, BC - TheNewswire - February 28, 2023 - RT Minerals Corp. (TSXV:RTM) (OTC:RTMFF) (the “Company” or “RTM”) is pleased to announce that it has entered into two separate property purchase agreements to acquire an additional four properties totalling 113 claim blocks within the boundaries of the Case Batholith in northern Ontario, and two other properties totalling 16 claim blocks also in northern Ontario. The four Case Batholith properties are located in Agassiz Township (29 claims), Potter Township (51 claims), Seguin/Challies Township (14 claims) and Bragg Township (19 claims).
In the first agreement, the Company will issue 250,000 post-consolidation common shares (for more information on the Share Consolidation, please see news release dated February 6, 2023) and pay $4,100 to acquire 100% interest in 78 of the claims, of which the 14 Seguin/Challies Township claims are subject to a 2% net smelter return (“NSR”) royalty that the Company may purchase 1% of the NSR for $1,000,000 at any time.
In the second agreement, the Company will issue 250,000 post-consolidation common shares and pay $3,000 cash to acquire 100% interest in 51 Potter Township claims, which are subject to a 2% NSR royalty that the Company may purchase 1% of the NSR for $1,000,000 at any time.
Closing of the transactions is subject to the successful completion of the Share Consolidation, a concurrent post-consolidation financing of $450,000, and the approval of the TSX Venture Exchange.
The four new properties are located to the northwest of Power Metals Corp. (“Power Metals”) Case Lake lithium/cesium discovery in Steel township, Ontario (Figure 1). All of the claim blocks have been acquired on the basis of magnetic signatures resembling east - west trending pegmatitic dykes and laccolith structures contained within the tonalite/granodiorite rock assemblages of the Case Batholith.
The Potter and Seguin/Challies prospects contain vast exposures of outcrop that have been identified on several vintages of satellite photography. Live satellite views strongly suggest the occurrence of long linear pegmatitic dykes and ovoid intrusives on the surface.
Upon completion of the acquisitions, the Company will own 100% interest in 256 highly prospective lithium/cesium claims within the Case Batholith.
Figure 1: Location map of proposed acquisitions in the Case Batholith
The technical information contained in this news release has been reviewed and approved by Mr. Garry Clark, P.Geo., a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Rare Earth Element mineralization that exists on the Power Metal Corp. Case Batholith properties is not known to exist on the Company’s properties in the Case Batholith area.
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 a 100% royalty-free interest in a portfolio of rare earth element, gold and base metal properties in Ontario: the Ireland, Case Batholith Group, Milligan, Blakelock, McQuibban and Timmins properties. The Company also holds an option to acquire a 100% interest in the Link-Catharine RLDZ gold property located 22 km south-southeast of the town of Kirkland Lake, Ontario.
Ireland Property (Rare Earth Element – Case Batholith) is a royalty free 52 claim block of 421 Ha (1,040 acres) covering an inferred carbonatite complex (the “Ireland Complex”) located in Ireland Township, 45 km northeast of Smooth Rock Falls, Ontario. The Ireland Complex is 100% owned by RTM and is approximately 4.0 km long, 2.8 km wide, oval shaped and is positioned along a southern extensional splay fault contained within the Kapuskasing Structural Trend. The Kapuskasing Structural Trend contains several well documented carbonatite complexes that contain Niobium, Iron, Titanium and Rare Earth Element resources within various assemblages of carbonatite rocks.
Case Batholith Group (Rare Earth Element) consists of 91 claims of approximately 1,927 hectares (4,762 acres) covering the Case Batholith (the “Case Batholith Properties”) centered on Heighington Township, 85 km northeast of Cochrane, Ontario. The Case Batholith Properties are 100% owned and royalty free. The properties occur within the boundaries of the Case Batholith and are specifically located in Heighington, Kenning, Sequin, and Case Townships. Five properties are situated 12 km north of the Power Metals Case Lake lithium/cesium discovery in Steel Township.
Link-Catharine RLDZ Property (Gold) is comprised of fifteen unpatented single cell mining claims with a total area of 220 hectares in one claim block. The Link-Catharine property is located 22 km south-southeast of the town of Kirkland Lake, Ontario. RTM has an option to earn a 100% interest in this property subject to a 2% NSR.
Milligan Property (Gold) is a royalty free 16-claim block (129 Ha) located approximately 75 km northeast of Timmins, Ontario, and is 100% owned by RTM. The Milligan property covers the southeast extension of the volcanic stratigraphy hosting the Eastford Lake gold discovery of 142.2 g/t Au over 3.0 m announced by Explor Resources in 2009.
Blakelock Property (Gold) is a royalty free 9-claim block (73 Ha) located approximately 75 km northeast of Cochrane, Ontario, and is 100% owned by RTM. The property is host to a massive east-west trending magnetic high intrusive complex that was subject to limited drilling in 1967.
Mcquibban Property (Gold) is a royalty free 19-claim block (153 Ha) located approximately 50 km north of Cochrane, Ontario, and is 100% owned by RTM. The property hosts a strong 3.0 km long east-west trending inferred oxide facies banded iron formation, in which one historical drill hole encountered a gold mineralized interval of 5.47 g/t Au over 1.2m.
Timmins Property (Base Metals) is a royalty free 16-claim block (129 Ha) located approximately 50 km southeast of Timmins, Ontario, and is 100% owned by RTM. The property features several mineralized fault systems that suggest proximity to a base metal source.
For more information on the Company and its properties, please visit the Company’s website at www.rtmcorp.com.
FOR FURTHER INFORMATION CONTACT:
Douglas J. Andrews, B.Sc., M.Sc.
President and Chief Executive Officer
RT Minerals Corp.
Telephone: 604-681-3170 Fax: 604-681-3552
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 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.