RTMFF - RT Minerals Corp. to Dispose of 102 Square Kilometres of Mineral Claims Near Kirkland Lake Ontario
(TheNewswire)
Vancouver, B.C. – TheNewswire - March 22, 2022 – RT Minerals Corp. (TSXV:RTM)(OTC:RTMFF) (the “Company” or “RTM”)announces that the Company will dispose of 102 square kilometres ofmineral claims located near Kirkland Lake, Ontario (the “CGIClaims”), either by way of agreement with the original Vendors ofthe claims, or failing that, by way of abandonment (the“Disposal”). The Disposal will result in the cancellation of theremaining 18,900,000 common shares of the Company held in escrow undera TSX Venture Exchange (“TSXV”) Surplus Escrow Share Agreementdated July 14, 2021 (the “TSXV-SESA”).
The Company’s board of directors has determined that it is in thebest interest of the Company to dispose of the CGI claims and focus onthe Company’s 100% optioned and separate four square kilometreLink-Catharine RLDZ property (the “Link-Catharine” property),where recent drilling encountered significant high and low grade goldmineralization within a known target area of approximately 400 metreswide by 3,000 metres long. Mr. Doug Andrews, B.Sc., MSc., Presidentand CEO of the Company, comments: “We presently interpret this majorfeature as possibly being the source of the widespread goldmineralization encountered on the central and eastern portions of theLink-Catharine property. The presence of known gold mineralizationand structural features with magnetic highs and lows (see February 1,2022 RTM News Release) makes the Link-Catharine property a moreadvanced prospect than the CGI Claims.”
The CGI Claims are at the grass roots exploration stage. The amount ofwork credits required to be transferred from the Link-Catharineproperty to keep the CGI Claims in good standing would adversely delaythe 100% option earn-in on the far more advanced Link-Catharineproperty. Furthermore, the erosion of junior capital market conditionsin the last six months has made it more challenging to raise financingor secure a joint venture partner to explore and maintain the CGIClaims. As such, the CGI Claims no longer meet the Company’s risk toreward criteria in consideration of the significant capital dilutionrequired to hold the property.
The Company originally acquired 100% interest in the CGI Claimsthrough the purchase of Catharine Gold Inc. (“CGI”), a privateholding company, for consideration of 21,000,000 common shares of theCompany (the “Surplus Escrow Shares” or the “Shares”) thatwere subject to the TSXV-SESA as a condition of the transaction. TheSurplus Escrow Shares were held in escrow and are scheduled forrelease from escrow as to 1,050,000 Shares upon approval of thetransaction by the TSXV (approved on July 14, 2021), 1,050,000 Sharessix months thereafter (released on January 14, 2022), and the balanceof 18,900,000 Shares on a staggered release schedule up to three yearsthereafter in accordance with the policies of the TSXV. The remaining18,900,000 Surplus Escrow Shares will be cancelled in conjunction withthe Disposal in accordance with the requirements of the TSXV and theTSXV-SESA. Following the cancellation, the Company will have59,794,654 common shares issued and outstanding.
Qualified Person - Mr. Garry Clark, P.Geo., is the Qualified Personfor the Company and he has reviewed and approved the technicalcontents of this news release.
About RT Minerals Corp.
RT Minerals Corp. is a junior exploration companylisted on the TSX Venture Exchange under the symbol “RTM” and has78,694,654 common shares issued and outstanding, of which 18.9 millionshares are held in escrow and which will now be subject tocancellation. The Company holds an option to acquire a 100% interestin the Link-Catharine RLDZ gold property comprised of fifteenunpatented single cell mining claims with a total area of 220 hectaresin one claim block. The Link-Catharine property is located twenty-two kilometres south-southeast of thetown of Kirkland Lake, Ontario. The Company also holds a 100% interestin the Norwalk gold property near Wawa, Ontario.
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 (including, but not limited to, the proposed cancellationof 18,900,000 escrow shares).. Such forward-looking statements reflectmanagement’s current beliefs and are based on assumptions made byand information currently available to the Company. Readers arecautioned that these forward-looking statements are neither promisesnor guarantees, and are subject to risks and uncertainties that maycause future results to differ materially from those expectedincluding, but not limited to, market conditions, availability offinancing, actual results of the Company’s exploration and otheractivities, environmental risks, future metal prices, operating risks,accidents, labor issues, delays in obtaining governmental approvalsand permits, and other risks in the mining industry. All theforward-looking statements made in this news release are qualified bythese cautionary statements and those in our continuous disclosurefilings available on SEDAR at www.sedar.com. These forward-lookingstatements are made as of the date hereof and the Company does notassume any obligation to update or revise them to reflect new eventsor circumstances save as required by applicable law.
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