RT Minerals Corp. announces that it has entered into option agreements to acquire a 100% interest, subject to 2% Net Smelter Royalty, in the 29 claim unit Norwalk gold property and the 39 claim unit Dill River gold property, located several kilometers south and southeast of the town of Wawa, Ontario.
The Company is further pleased to announce that it has secured the advisory and field services of Mr. Mike Tremblay, who is the property vendor for the Norwalk, Dill River and the Company’s 100% owned Ballard Lake gold properties. Mr. Tremblay won the 2013 Ontario Prospector of the Year award for his involvement in the discovery of the 8,000,000+ ounce Borden Lake gold deposit (now controlled by Goldcorp) located about 50 kilometres east of the Company’s properties.
Pursuant to the Company’s news release of September 12, 2016, drilling is ongoing at the Company’s Ballard Lake property, Ontario. The first hole of the program is underway testing for mineralization approximately 50 to 75 metres beneath gold bearing surface trenches, as well as testing a coincident geophysical target.
Norwalk Gold Property
The Company may earn its 100% interest in the Norwalk gold property by paying an initial consideration of $5,000 and 200,000 common shares of the Company upon receipt of TSX Venture Exchange (“TSXV”) approval of the agreement (the “Acceptance Date”); and making additional optional payments of $15,000 and 100,000 common shares on the first anniversary of the Acceptance Date; $25,000 and 100,000 common shares on the second anniversary of the Acceptance Date; and $45,000 and 100,000 common shares on the third anniversary of the Acceptance Date.
The Norwalk property is accessible year round by road and is situated immediately south of Red Pine Exploration Inc.’s (“Red Pine”) Surluga property and mineral resource (NI 43-101 Inferred Mineral Resource of approximately 1.1 million ounces Au). The Property displays similar geology, mineralization and alteration as the Surluga property to the north. Historical records indicate that the Property hosts several gold showings from small scale past workings at surface and underground. There are three known gold occurrences and/or gold bearing veins on the Property. There are two exploration shafts on the Property ranging from 40 metres to 66 metres in depth along with exploration headings of 15 metres in length on one of the 1.5 metre wide veins. High grade gold mineralization from past work (early 1900’s) has been reported from the various gold occurrences contained within narrow quartz veins (25 cm wide) with disseminated pyrite (MDI file). The surrounding intermediate metavolcanic rocks are strongly carbonatized and are known in some locations to contain lower grade gold mineralization along with the higher grade quartz veins contained therein.
Dill River Gold Property
The Company may earn its 100% interest in the Dill River gold property by paying an initial consideration of $3,000 and 200,000 common shares of the Company upon receipt of TSXV approval of the agreement; and making additional optional payments of $10,000 and 100,000 common shares on the first anniversary of TSXV approval; $17,000 and 100,000 common shares on the second anniversary date; and $20,000 and 100,000 common shares on the third anniversary of TSXV approval.
The Dill River gold property is contiguous to the eastern boundary of Red Pine’s Surluga property and generally covers the same local geology as the Norwalk and Surluga properties.
The acquisitions of the Norwalk and Dill River properties are subject to TSXV acceptance.
Mr. Yvan Bussieres, P.Eng., is the Qualified Person who has prepared or supervised the preparation of the information that forms the basis for the scientific and technical disclosure in this news release.