RTMFF - RT Minerals Corp. Announces Acquisition of a Nickel-Chromium-Cobalt-Copper Property Within the Abitibi Greenstone Belt of Northeastern Ontario and Proposed Private Placement
(TheNewswire)
Vancouver, BC - TheNewswire - June 13, 2023 - RT Minerals Corp. (TSXV:RTM) (OTC:RTMFF) (the “ Company ” or “ RTM ”) announces that it hasentered into an agreement (the “Agreement”) to acquire a 100%interest in 51 mineral claims (the “Property”) in Sheba Townshipin the Abitibi Greenstone belt, located within the Superior Province,70 km southeast of Timmins, Ontario (Figure 1) for consideration of$3,000 and 250,000 common shares of the Company. The Agreement issubject to the acceptance of the TSX Venture Exchange (the“TSXV”).
The Property is divided into three blocks: Sheba North (23 claims),Sheba South (15 claims) and Sheba East (13 claims). The blocks areprospective for copper (Cu), nickel (Ni), cobalt (Co), chromium (Cr),platinum (Pt), and palladium (Pd) mineralization (MNDM files42A02SE2019).
Previous exploration activities by other operators on the west borderof the Sheba South block encountered samples taken from outcropcontaining 0.19% Cu, 0.14% Ni and 0.34% Cr. In addition to thesesamples, further samples were historically taken within the sameultramafic Pyroxenite-peridotite assemblages on the Sheba South blockwhich returned highly anomalous Cu, Ni and Cr values from outcrop.Whole rock analysis of these units appears substantially identical tothe peridotites and associated Ni mineralization that occurs inLangmuir Township, 36 km on trend to the northwest.
The pyroxenites-peridotites exhibit strong magnetic signatures and theSheba North and Sheba East blocks cover extensive geophysical magneticanomalies that are currently interpreted as peridotite intrusivebodies within the volcanic stratigraphy of the Abitibi Greenstonebelt. The Sheba East anomaly is shown in Figures 2 and 3 (MNDM filesM82050, M82049, M82031, M82032 and M82056).
In addition, geochemical soil surveys indicate that the Sheba Eastblock is covered by widespread anomalous Cu and Ni concentrations insoils (MNDM files 42-A02NE2002) (Figure 4).
The exploration programs contemplated on the three blocks arepotentially eligible under the Federal Government of Canada’sflow-through shares and Critical Minerals exploration tax creditprograms. The acquisition of the Sheba property expands theCompany’s portfolio of 100% owned critical mineral and goldexploration projects to 13. Work permitting programs have beensubmitted on 7 of the properties for the 2023 and 2024 explorationyears.
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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.
Proposed Private Placement
The Company proposes to undertake a non-brokered private placement(the “Offering”) to raise gross proceeds of $100,000 through thesale of 1,000,000 units (each, a “Unit”) of the Company at a priceof $0.10 per Unit. Each Unit consists of one common share andone-half of a share purchase warrant, with each whole warrantexercisable into one further common share at a price of $0.12 for aterm of 12 months. The warrants will be transferrable, and allsecurities issued will be subject to a statutory hold period of fourmonths and one day.
The proceeds from the Offering will be used for general workingcapital. The Offering is subject to the approval of the TSXV.
A director of the Company will acquire securities under the Offering,which will be considered a "related party transaction" asdefined under Multilateral Instrument 61-101 ("MI 61-101"). Such participation is expected to be exempt from the formalvaluation and minority shareholder approval requirements of MI 61-101.
RTM Engages Caram Media Inc.
The Company has retained the services of Caram MediaInc. (“Caram”) to perform advertising and marketing activities forthe Company. Caram provides targeted investor outreach to increaseinvestor awareness of its clients through retail targeted contentdistribution, institutional outreach and email campaign services.Caram is owned by Mr. Gaelen R. Carson, founder and CEO and theservices will be provided by Mr. Carson. As compensation, theCompany has agreed to pay Caram $22,500 for a 90 day term. Theagreement is subject to the acceptance of the TSXV.
Mr. Carson states : “We are very pleased to have our marketing services engaged byRT Minerals Corp. The main Rare Earth Elements and Critical Mineralsare an integral part of the electrification and technological advancesof today’s society, and we believe RT Minerals is strategicallypositioned to capitalize on this long runway of growth. Caram’sinnovative media strategies, advanced technologies, and creativesolutions will be leveraged to amplify RT Minerals' message, enhancetheir brand presence, and generate exposure, in a cost-effectivemanner. We are excited to contribute to RT Minerals' initiatives onthis transformative journey."
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 acceptance by 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.
Sheba (Cu, Ni, Co, Cr, Pt) consists of 54 claims in Sheba Township in the Abitibi Greenstonebelt, located within the Superior Province, 70 km southeast ofTimmins, Ontario.
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.
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.
For more information on the Company and its properties, please visitthe Company’s website at www.rtmcorp.com.
FOR FURTHER INFORMATION CONTACT:
Douglas J. Andrews, B.Sc., M.Sc. President and Chief ExecutiveOfficer, 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 StatementsThis news release contains certain forward-looking statements, whichrelate to future events or future performance and reflectmanagement’s current expectations and assumptions. Suchforward-looking statements reflect management’s current beliefs andare based on assumptions made by and information currently availableto the Company. Readers are cautioned that these forward-lookingstatements are neither promises nor guarantees, and are subject torisks and uncertainties that may cause future results to differmaterially from those expected including, but not limited to, marketconditions, availability of financing, actual results of theCompany’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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