RTM - RT Minerals Corp. Acquires Additional Rare Earth and Nickel-Chromium-Cobalt Properties in Northeastern Ontario
(TheNewswire)
Vancouver, B.C. – TheNewswire - May 10, 2023 – RT Minerals Corp.(TSXV:RTM) (OTC:RTMFF) (the “Company”) announces that it hasacquired two additional nickel-chromium-cobalt properties and one rareearth element (“REE”) niobium property within the AbitibiGreenstone Belt in Northeastern Ontario.
Nordica Property (Cu, Ni, Co, Cr,Pd)
The Nordica property is comprised of 34 claims in Nordica Townshipthat cover the ultramafic layered Nordica Intrusive Complex in theAbitibi Greenstone Belt, within the Superior Province, 60 km southeastof Timmins, Ontario (Figure 1). The Company acquired 14 of theclaims through map staking (MLAS, Ontario) and 20 of the claims (the“Vendor Claims”) by way of a purchase and sale agreement (the“Agreement”) with an arms length vendor for consideration of300,000 common shares of the Company and a 2% Net Smelter Return(“NSR”) royalty on the Vendor Claims as well as any claims thatthe Company has acquired within a 2 km area of interest surroundingthe Vendor Claims, of which 0.8% NSR may be purchased for $2,500,000at any time. The Agreement is subject to the approval of the TSXVenture Exchange.
The Nordica property is prospective for copper (“Cu”), nickel(“Ni”), cobalt (“Co”), chromium (“Cr”), and palladium(“Pd”) mineralization. Previous exploration activity on theNordica property has encountered Cu grading up to 0.292% (rock-grabsamples), Ni up to 0.24% in drill core over 1.0 m, Co up to 614ppm(outcrop), Cr up to 17.7% (grab-rock sample) and Pd up to 1.2ppb(outcrop chip sample and drill core interval over 1.0m) (MNDM filesOFR 6102). The property covers approximately 75% of the ultramaficlayered intrusion which is currently inferred to be approximately 4.0km long, 250 m wide and 100m deep (MNDM files 20000008666/2000113735)(Figure 2).
Galna / Moody Property (Cu, Ni, Co,Cr)
The Galna / Moody property is comprised of four separate claim blockstotalling 24 cells in the Galna and Moody Townships, Ontario that theCompany acquired a 100% royalty free interest by map staking (MLAS,Ontario).
The Galna-Moody property is located 35 km east of Iroquois Falls,Ontario. The claim blocks are prospective for Cu, Ni, Co and Crcontained within individual peridotite ultramafic cumulate intrusivecomplexes that are intruded into the meta volcanic sequences of theAbitibi Greenstone Belt. The intrusive lenses are characterized bystrong magnetic signatures (MNDM files 42h02SE0001, M81908) (Figure3).
Previous exploration activities have identified up to 0.35% Ni and0.57% Cr in peridotite grab-rock samples from within individualperidotite lenses up to 150 m in thickness (MNDM files 42H02SE0001,42A16SW0081).
Kendrey Property (REE)
The Kendry property is comprised of 32 claims that the Companyacquired a 100% royalty free interest by map staking (MLAS, Ontario)in the Kendrey and Colquhoun Townships located 14 km southeast ofSmooth Rock Falls, Ontario.
The Kendrey property covers what appears to be a large, inferredcarbonatite complex that is prospective for rare earth elements,specifically niobium. The intrusive is approximately 2.8 km wide and2.7 km long. It is positioned along a southeastern extensional splayfault belonging to the Kapuskasing Structural Trend. The magneticsignature is very similar to several documented carbonatite complexesthat contain an internal low magnetic central core surrounded by ahighly magnetic circular outer ring (MNDM files PO 452, M82813,M82824). The intrusive is bounded to the east by a large north-southtrending fault (Figures 4 and 5).
The exploration programs contemplated on the three new propertyacquisitions are eligible under the Federal Government of Canadaflow-through shares and critical minerals exploration tax creditprograms, subject to acceptance. Work permitting programs are beingsubmitted on seven of the properties for 2023 and 2024 exploration.Exploration plans are subject to financing.
Qualified Person
The technical information contained in this news release has beenreviewed and approved by Mr. Garry Clark, P.Geo., a “QualifiedPerson” as defined in National Instrument 43-101 – Standards ofDisclosure for Mineral Projects. The true widths of the historicaldrill intercepts contained above herein on the Nordica Property arenot known.
About RT Minerals Corp.
RT Minerals Corp. is a junior exploration company listed on the TSXVenture Exchange under the symbol “RTM”. The Company holds a 100%interest, largely royalty-free, in a portfolio of rare earth element,gold and base metal properties in Ontario. The Company also holds anoption to acquire a 100% interest in the Link-Catharine RLDZ goldproperty 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 coveringan inferred carbonatite complex (the “Ireland Complex”) located inIreland Township, 45 km northeast of Smooth Rock Falls, Ontario. TheIreland Complex is 100% owned by RTM and is approximately 4.0 km long,2.8 km wide, oval shaped and is positioned along a southernextensional splay fault contained within the Kapuskasing StructuralTrend. The Kapuskasing Structural Trend contains several welldocumented carbonatite complexes that contain Niobium, Iron, Titaniumand Rare Earth Element resources within various assemblages ofcarbonatite rocks.
Case Batholith Group 1 (Rare EarthElement) consists of 90 claims covering the Case Batholithcentered on Heighington Township, 85 km northeast of Cochrane,Ontario. The Case Batholith properties are 100% owned and royaltyfree. The properties occur within the boundaries of the Case Batholithand are specifically located in Heighington, Kenning, Sequin, and CaseTownships. Five properties are situated 12 km north of the PowerMetals Case Lake lithium/cesium discovery in Steel Township.
Case Batholith Group 2 (Rare EarthElement) consists of four properties (113 claim blocks) thatare 100% owned and certain of the claims are subject to a 2% NSRroyalty, within the boundaries of the Case Batholith in northernOntario. The four properties are located in Agassiz township (29claims), Potter township (51 claims), Seguin/Challies township (14claims) and Bragg township (19 claims). The properties are located tothe northwest of Power Metals Corp. Case Lake lithium/cesium discoveryin Steel township, Ontario. All of the claim blocks have been acquiredon the basis of magnetic signatures resembling east - west trendingpegmatitic dykes and laccolith structures contained within thetonalite/granodiorite rock assemblages of the Case Batholith.
Kendrey Property (Rare Earth Element) consists of 32 claims in the Kendrey and Colquhoun Townshipslocated 14 km southeast of Smooth Rock Falls, Ontario that are 100%owned and royalty free. The property covers what appears to be alarge, inferred carbonatite complex that is prospective for rare earthelements, specifically niobium. The intrusive is approximately 2.8 kmwide and 2.7 km long. It is positioned along a southeasternextensional splay fault belonging to the Kapuskasing Structural Trend.
Kenogaming, Pharand I and Pharand IIProperties (Nickel, Chromium, Cobalt) consists of 38 claimblocks that are 100% owned and certain of the claims are subject to a2% NSR royalty.
Nordica Property (Cu, Ni, Co, Cr, Pd) consists of 34 claims in Nordica Township that cover theultramafic layered Nordica Intrusive Complex in the Abitibi GreenstoneBelt. The Company acquired 100% interest in 14 of the claims throughmap staking and 20 of the claims are under a purchase and saleagreement pending submission to the TSXV.
Galna / Moody Property (Cu, Ni, Co,Cr) consists of four separate claim blocks totalling 24 cellsin the Galna and Moody Townships, located 35 km east of IroquoisFalls, Ontario. The Company acquired 100% interest in the property bymap staking.
Link-Catharine RLDZ Property(Gold) is comprised of fifteen unpatented single cell miningclaims with a total area of 220 hectares in one claim block. TheLink-Catharine property is located 22 km south-southeast of the townof Kirkland Lake, Ontario. RTM has an option to earn a 100% interestin this property subject to a 2% NSR.
Milligan Property (Gold) is aroyalty free 16-claim block located approximately 75 km northeast ofTimmins, Ontario, and is 100% owned by RTM. The Milligan propertycovers the southeast extension of the volcanic stratigraphy hostingthe Eastford Lake gold discovery of 142.2 g/t Au over 3.0 m announcedby Explor Resources in 2009.
Blakelock Property (Gold) is aroyalty free 9-claim block located approximately 75 km northeast ofCochrane, Ontario, and is 100% owned by RTM. The property is host to amassive east-west trending magnetic high intrusive complex that wassubject to limited drilling in 1967.
Mcquibban Property (Gold) is aroyalty free 19-claim block located approximately 50 km north ofCochrane, Ontario, and is 100% owned by RTM. The property hosts astrong 3.0 km long east-west trending inferred oxide facies bandediron formation, in which one historical drill hole encountered a goldmineralized interval of 5.47 g/t Au over 1.2m.
Timmins Property (Base Metals) is a royalty free 16-claim block located approximately 50 km southeastof Timmins, Ontario, and is 100% owned by RTM. The property featuresseveral mineralized fault systems that suggest proximity to a basemetal source.
For more information on the Company and its properties,please visit the Company’s website at www.rtmcorp.com .
FOR FURTHER INFORMATIONCONTACT:
Douglas J. Andrews, B.Sc., M.Sc.
President and Chief Executive Officer
Telephone: 403-200-6542
RT Minerals Corp.
Telephone: 604-681-3170 Fax:604-681-3552
Neither the TSX Venture Exchange norits Regulation Service Provider (as the term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certainforward-looking statements, which relate to future events or futureperformance and reflect management’s current expectations andassumptions. Such forward-looking statements reflect management’scurrent beliefs and are based on assumptions made by and informationcurrently available to the Company. Readers are cautioned that theseforward-looking statements are neither promises nor guarantees, andare subject to risks and uncertainties that may cause future resultsto differ materially from those expected including, but not limitedto, market conditions, availability of financing, actual results ofthe Company’s exploration and other activities, environmental risks,future metal prices, operating risks, accidents, labor issues, delaysin obtaining governmental approvals and permits, and other risks inthe mining industry. All the forward-looking statements made in thisnews release are qualified by these cautionary statements and those inour continuous disclosure filings available on SEDAR at www.sedar.com.These forward-looking statements are made as of the date hereof andthe Company does not assume any obligation to update or revise them toreflect new events or circumstances save as required by applicablelaw.
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