RT Minerals Corp. Acquires Additional Rare Earth and Nickel-Chromium-Cobalt Properties in Northeastern Ontario
Vancouver, B.C. – TheNewswire - May 10, 2023 – RT Minerals Corp. (TSXV:RTM) (OTC:RTMFF) (the “Company”) announces that it has acquired two additional nickel-chromium-cobalt properties and one rare earth element (“REE”) niobium property within the Abitibi Greenstone Belt in Northeastern Ontario.
Nordica Property (Cu, Ni, Co, Cr, Pd)
The Nordica property is comprised of 34 claims in Nordica Township that cover the ultramafic layered Nordica Intrusive Complex in the Abitibi Greenstone Belt, within the Superior Province, 60 km southeast of Timmins, Ontario (Figure 1). The Company acquired 14 of the claims 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 of 300,000 common shares of the Company and a 2% Net Smelter Return (“NSR”) royalty on the Vendor Claims as well as any claims that the Company has acquired within a 2 km area of interest surrounding the Vendor Claims, of which 0.8% NSR may be purchased for $2,500,000 at any time. The Agreement is subject to the approval of the TSX Venture Exchange.
The Nordica property is prospective for copper (“Cu”), nickel (“Ni”), cobalt (“Co”), chromium (“Cr”), and palladium (“Pd”) mineralization. Previous exploration activity on the Nordica property has encountered Cu grading up to 0.292% (rock-grab samples), 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 files OFR 6102). The property covers approximately 75% of the ultramafic layered intrusion which is currently inferred to be approximately 4.0 km 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 blocks totalling 24 cells in the Galna and Moody Townships, Ontario that the Company 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 Cr contained within individual peridotite ultramafic cumulate intrusive complexes that are intruded into the meta volcanic sequences of the Abitibi Greenstone Belt. The intrusive lenses are characterized by strong magnetic signatures (MNDM files 42h02SE0001, M81908) (Figure 3).
Previous exploration activities have identified up to 0.35% Ni and 0.57% Cr in peridotite grab-rock samples from within individual peridotite lenses up to 150 m in thickness (MNDM files 42H02SE0001, 42A16SW0081).
Kendrey Property (REE)
The Kendry property is comprised of 32 claims that the Company acquired a 100% royalty free interest by map staking (MLAS, Ontario) in the Kendrey and Colquhoun Townships located 14 km southeast of Smooth Rock Falls, Ontario.
The Kendrey property covers what appears to be a large, inferred carbonatite complex that is prospective for rare earth elements, specifically niobium. The intrusive is approximately 2.8 km wide and 2.7 km long. It is positioned along a southeastern extensional splay fault belonging to the Kapuskasing Structural Trend. The magnetic signature is very similar to several documented carbonatite complexes that contain an internal low magnetic central core surrounded by a highly magnetic circular outer ring (MNDM files PO 452, M82813, M82824). The intrusive is bounded to the east by a large north-south trending fault (Figures 4 and 5).
The exploration programs contemplated on the three new property acquisitions are eligible under the Federal Government of Canada flow-through shares and critical minerals exploration tax credit programs, subject to acceptance. Work permitting programs are being submitted on seven of the properties for 2023 and 2024 exploration. Exploration plans are subject to financing.
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. The true widths of the historical drill intercepts contained above herein on the Nordica Property are not known.
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% interest, largely royalty-free, in a portfolio of rare earth element, gold and base metal properties in Ontario. 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 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 1 (Rare Earth Element) consists of 90 claims covering the Case Batholith 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.
Case Batholith Group 2 (Rare Earth Element) consists of four properties (113 claim blocks) that are 100% owned and certain of the claims are subject to a 2% NSR royalty, within the boundaries of the Case Batholith in northern Ontario. The four properties are located in Agassiz township (29 claims), Potter township (51 claims), Seguin/Challies township (14 claims) and Bragg township (19 claims). The properties are located to the northwest of Power Metals Corp. Case Lake lithium/cesium discovery in Steel township, Ontario. 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.
Kendrey Property (Rare Earth Element) consists of 32 claims in the Kendrey and Colquhoun Townships located 14 km southeast of Smooth Rock Falls, Ontario that are 100% owned and royalty free. The property covers what appears to be a large, inferred carbonatite complex that is prospective for rare earth elements, specifically niobium. The intrusive is approximately 2.8 km wide and 2.7 km long. It is positioned along a southeastern extensional splay fault belonging to the Kapuskasing Structural Trend.
Kenogaming, Pharand I and Pharand II Properties (Nickel, Chromium, Cobalt) consists of 38 claim blocks that are 100% owned and certain of the claims are subject to a 2% NSR royalty.
Nordica Property (Cu, Ni, Co, Cr, Pd) consists of 34 claims in Nordica Township that cover the ultramafic layered Nordica Intrusive Complex in the Abitibi Greenstone Belt. The Company acquired 100% interest in 14 of the claims through map staking and 20 of the claims are under a purchase and sale agreement pending submission to the TSXV.
Galna / Moody Property (Cu, Ni, Co, Cr) consists of four separate claim blocks totalling 24 cells in the Galna and Moody Townships, located 35 km east of Iroquois Falls, Ontario. The Company acquired 100% interest in the property by map staking.
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 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 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 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 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.