RTM:CC - RT Minerals Corp. Announces Acquisition of the Kenogaming-Pharand Nickel-Chromium-Cobalt Claim Blocks on the Northern Swayze Greenstone Belt Southwest of Timmins Ontario
(TheNewswire)
Vancouver, B.C. – TheNewswire - March 2, 2023 – RT Minerals Corp.(TSXV:RTM) (OTC:RTMFF) (the “Company” or“RTM”) announces that it has both acquired by map staking(MLAS) and entered into a third-party agreement to acquire 100%royalty-free interest in an aggregate 32 claims in the Kenogaming andPharand Townships (the “Properties”) in the Northern SwayzeGreenstone Belt, located within the Abitibi sub-province of theSuperior Province, southwest of Timmins, Ontario (Figure 1).
Figure 1: Location map of Kenogaming and Pharand properties
The Properties are located within the Hanrahan assemblage which isconfined to the southeastern part of the Northern Swayze GreenstoneBelt. The Hanrahan assemblage consists predominantly of calc-alkalineintermediate and felsic volcanic rocks that have been intruded byextensive ultramafic and gabbroic sills (cumulate- textured ultramaficbodies). The cumulate ultramafic bodies are the specific targetscomprising the Kenogaming, Pharand I and Pharand II prospects (Figure2). The ultramafic cumulates are fine to medium grained massive rocksthat are strongly magnetic, locally serpentinized and talcose, and maycontain fuchsite mica.
Figure 2: Northern Swayze Greenstone Belt
Differentiation within the ultramafic bodies is observed as serpentineunits grade upwards from olivine orthocumulates into gabbroic zonesand spinifex- textured pyroxenites. Rare spherical structures filledwith serpentine and sulphides suggest evidence for an extrusive originfor some of the massive cumulate - textured ultramafic rocks.
Throughout the Swayze Greenstone Belt, several nickel occurrences areassociated with the cumulate - textured ultramafic rocks (MNDM filesR297). The documentation of large ultramafic bodies with nickelmineralization in western Kenogaming Township is a strong indicationof good potential for Komatiite - hosted nickel mineralization similarto the nickel discoveries in Crawford and Reid Townships near Timmins,Ontario (MNDM files 20000018167).
Nickel, chromium, cobalt and platinum group elements in assay resultsare of specific interest for the Kenogaming - Pharand claims.
The Kenogaming prospect consists of 8 claims located in easternKenogaming Township. In 1979, after completion of a localizedmagnetic/HLEM geophysical survey, Amax Minerals tested a strongmagnetic anomaly with diamond drill hole KEN-#1 (Figure 3). This184.5m long hole intersected up to 0.25% nickel in carbonated andserpentinized cumulate ultramafic with interbeds of chlorite and talcalteration over a 3.0m section at the bottom of the hole. The entirehole encountered cumulate ultramafic assemblages (MNDM files42A04NW8557).
Figure 3: Kenogaming Holes
In 1997, a follow up drill hole JOE-ANNE SALO J-1-97 was drilled to adepth of 119m, 42m to the northeast of KEN-#1 on an additionallocalized magnetic target from a geophysical survey covering the samemagnetic anomaly. Beginning at 23 m from surface, the hole encountered78m of cumulate ultramafics with seven selected and intermittent onemetre assay values (whole rock analysis) ranging from 0.168% Ni and upto 0.328% Ni, 0.17% Cr and 165 ppm Co (MNDM files 42A04NW2003) (Figure3). From 39m to 84m, eight select and intermittent core samples wereanalysed by plasma scan which outlined eight one metre sections at themaximum capability of the scan at +999 ppm Ni.
Subsequent to this 1997 drilling, the regional Ontario GeologicalSurvey Total Intensity Magnetic/Electromagnetic program was flown overKenogaming and Pharand Townships (MNDM-M81379). This airborne surveyoutlined the main magnetic anomaly (56500nT+) ultramafic cumulateintrusive body to be approximately 700m wide and 1,000m long(MNDM-M81379, Figure 3). When combining the two historic holes, it isevident that the intrusive contains semi-continuous nickel, chromiumand cobalt mineralization beginning at 15m and extending to a currentdepth of 184.5m. The intrusive may extend another 1.0 km to the eastand is open to continuation at depth.
The Company’s claims cover two large ultramafic intrusive prospects,Pharand I (16 claims) and Pharand II (14 claims) within PharandTownship. The RTM claim blocks cover intense magnetic signatures(56500nT+) believed to represent cumulate ultramafic intrusive bodies.
Future drilling is warranted on the Kenogaming, Pharand I and PharandII prospects with the objective to expand the historical nickel,chromium, and cobalt mineralization within the Kenogaming intrusive.In addition, future drilling subject to financing would target newcumulate ultramafic intrusive bodies within the strongest magneticsignatures identified on the Pharand I and II prospects. Theexploration activities contemplated on the Properties are eligibleunder the Federal Government of Canada Flow-Through Shares andCritical Minerals Exploration Tax Credit programs, subject toacceptance.
The Company acquired 16 of the Kenogaming-Pharandclaims directly by map staking and 16 of the claims will be acquiredpursuant to a broader property purchase agreement that was disclosedby news release on February 28, 2023. The Company agreed to issue250,000 post-consolidation common shares (formore information on the Share Consolidation, please see news releasedated February 6, 2023) and pay $4,100 to acquire 100% interest,subject to certain retained royalties, in 78 claim blocks located innorthern Ontario. Closing of the transaction is subject to thesuccessful completion of the Share Consolidation, a concurrentpost-consolidation financing of $450,000, and the approval of the TSXVenture Exchange.
Qualified Person
The technical information contained in this newsrelease 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.
The true widths of the historical drill interceptscontained above herein on the Pharand claims are not 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%royalty-free interest in a portfolio of rare earth element, gold andbase metal properties in Ontario: the Ireland, Case Batholith Group,Milligan, Blakelock, McQuibban and Timmins properties. The Companyalso holds an option to acquire a 100% interest in the Link-CatharineRLDZ gold property located 22 km south-southeast of the town ofKirkland 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 “IrelandComplex”) located in Ireland Township, 45 km northeast of SmoothRock Falls, Ontario. The Ireland Complex is 100% owned by RTM and isapproximately 4.0 km long, 2.8 km wide, oval shaped and is positionedalong a southern extensional splay fault contained within theKapuskasing Structural Trend. The Kapuskasing Structural Trendcontains several well documented carbonatite complexes that containNiobium, Iron, Titanium and Rare Earth Element resources withinvarious assemblages of carbonatite rocks.
Case Batholith Group (Rare EarthElement) consists of 91 claims of approximately 1,927 hectares(4,762 acres) covering the Case Batholith (the “Case BatholithProperties”) centered on Heighington Township, 85 km northeast ofCochrane, Ontario. The Case Batholith Properties are 100% owned androyalty free. The properties occur within the boundaries of the CaseBatholith and are specifically located in Heighington, Kenning,Sequin, and Case Townships. Five properties are situated 12 km northof the Power Metals Case Lake lithium/cesium discovery in SteelTownship.
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 a royalty free 16-claim block (129 Ha) locatedapproximately 75 km northeast of Timmins, Ontario, and is 100% ownedby RTM. The Milligan property covers the southeast extension of thevolcanic stratigraphy hosting the Eastford Lake gold discovery of142.2 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) locatedapproximately 75 km northeast of Cochrane, Ontario, and is 100% ownedby RTM. The property is host to a massive east-west trending magnetichigh intrusive complex that was subject to limited drilling in1967.
Mcquibban Property (Gold) is a royalty free 19-claim block (153 Ha) locatedapproximately 50 km north of Cochrane, Ontario, and is 100% owned byRTM. The property hosts a strong 3.0 km long east-west trendinginferred oxide facies banded iron formation, in which one historicaldrill hole encountered a gold mineralized interval of 5.47 g/t Au over1.2m.
Timmins Property (Base Metals) is a royalty free 16-claim block (129 Ha) located approximately 50 kmsoutheast of Timmins, Ontario, and is 100% owned by RTM. The propertyfeatures several mineralized fault systems that suggest proximity to abase metal source.
For more information on the Company and its properties, please visitthe 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.
Copyright (c) 2023 TheNewswire - All rights reserved.