Oct 26, 2017 @ 08:16
RT Minerals Corp. announces that it has entered into an option agreement to acquire a 100% interest, subject to a 2% net smelter royalty, in the 4 claim unit Golden Reed Mine Property located in the McMurray Township approximately six kilometres southeast of Wawa, Ontario.
RT Minerals Corp.’s landholdings in the Wawa area now include three properties: Norwalk, Dill River and Golden Reed, with a combined area of 1,120 hectares. Golden Reed consists of a single 4-unit mining claim staked within Red Pine Exploration Inc.’s (“Red Pine”) Wawa Gold Project. The Property is situated about 3,600 metres east-southeast of Red Pine’s Surluga Gold Deposit (1.088M oz at 1.71 g/t gold (0.5 g/t gold cut-off) 43-101 inferred resource (source: Red Pine Press Release, June 11, 2015)). Gold mineralization present on Red Pine’s adjacent Wawa Gold Project is not necessarily indicative of mineralization on the Company’s Golden Reed Mine Property.
RT Minerals can earn 100% interest in the Property by paying initial consideration of $3,000 and issuing 1,000,000 common shares of the Company, due upon receipt of TSX Venture Exchange acceptance of the agreement (the “Acceptance Date”); and making an optional payment of 1,000,000 common shares of the Company on the first anniversary of the Acceptance Date. The Property is subject to a 2% net smelter royalty, of which 1% can be bought back at any time for $1,000,000.
The historical Golden Reed Mine located on the Property operated from 1907 to 1908 and includes two shafts (14 metres and 7 metres) and an adit (7 metres) developed on gold-bearing quartz veins. A steam-powered mill erected on site produced six ounces of gold from three tons of rock according to historical accounts.
In 1986, Caviar Resources Ltd. mapped a northwest trending gold-bearing quartz vein system for 244 metres in felsic intrusive rocks adjacent to a mafic to ultramafic intrusive complex. Eight historical trenches and pits were located in addition to historical workings of the historical Golden Reed Mine. The gold-bearing quartz vein explored reached 1.37 metres width, and returned three grab samples that averaged 0.22 ounces per ton gold (source: Ontario MNDM Assessment Files).
The Company is actively exploring for gold in the Wawa area, and intends to relocate and sample historical workings on the Golden Reed Mine Property to confirm historical gold assays.
Mr. Kevin Kivi, P.Geo. is the qualified person for the Wawa area holdings of RT Minerals Corp. and he has reviewed the technical contents of this release.
This transaction is subject to the acceptance of the TSX Venture Exchange.
ABOUT RT MINERALS CORP.
RT Minerals Corp. is a junior resource company engaged in the acquisition, exploration and evaluation of primarily gold and diamond properties in Canada. The Company’s principal mineral properties include:
Ballard Lake Property — 366 square kilometre (~141 square mile) diamond and gold property located approximately 50 kilometres northeast of Wawa, Ontario, in which the Company owns a 100% interest, subject to a 2% net smelter royalty;
Norwalk Property — Gold property located approximately 6 kilometres south of Wawa, Ontario, in which the Company has an option to earn a 100% interest, subject to a 2% net smelter royalty. The property is contiguous to the southern border of Red Pine’s Wawa Gold Project;
Dill River Property — Gold property located several kilometres southeast of Wawa, Ontario, in which the Company has an option to earn a 100% interest, subject to a 2% net smelter royalty. The property is contiguous to the eastern border of Red Pine’s Wawa Gold Project;
Golden Reed Mine Property — Gold property located 6 kilometres southeast of Wawa, Ontario, in which the Company has an option to earn a 100% interest, subject to a 2% net smelter royalty. The property is staked within Red Pine’s Wawa Gold Project; and
Dog Lake Property — Gold property located 59 kilometres northeast of Wawa, Ontario, in which the Company owns a 100% interest, subject to a 2% net smelter royalty.