RT MINERALS CORP. (TSX.V: RTM) is a junior resource company engaged in the acquisition, exploration and evaluation of gold and base metal mineral properties in Canada. The Company was incorporated on March 9, 2007 under the Business Corporations Act of British Columbia and is a reporting issuer in British Columbia, Alberta and Ontario. The Company's common shares were approved for listing on the TSX Venture Exchange ("TSXV") and commenced trading on August 5, 2011 under the symbol "RTM".
The Company holds interests in the following mineral resource properties in Canada:
On July 18, 2016, the Company announced the completion and receipt of all assay results from the surface trenching and reconnaissance program on the Company’s 100% owned Ballard Lake, Ontario property.
A total of 64 samples were taken from nine trenches on the property. Six samples from three of these trenches returned 1.23 g/t Au, 1.32 g/t Au, 1.51 g/t Au, 1.52 g/t Au, 2.38 g/t Au and 7.48 g/t Au. Five samples from these three trenches contained highly anomalous gold mineralization ranging from 100 ppb to 400 ppb. The remaining 53 samples from all three trenches returned values ranging between no significant gold to anomalous gold values.
Higher grade gold mineralization appears related to local quartz veins within chlorite schist unit(s) and is associated with pyrite and galena. Mineralization is also present with or without sulphides visible and is found to extend into local granites and felsic dykes.
The six trenches that contained gold bearing samples were from chip samples of 0.23 to one metre widths per sample taken contiguously across the trench. These samples ranged from 100 ppb to 7.48 g/t Au. The higher grade sample was taken from a quartz vein containing 3 to 6% pyrite.
These trenches are situated within and appear to align within a north western to south eastern trending corridor approximately 75 metres wide and having a strike length of approximately 1,100 metres.
The Company will now follow up the higher grade results outlined in the most prospective trenches with up to 5 drill holes consisting of 100 to 200 metre core length per hole. Drilling is expected to commence in the next two weeks.
The above trench samples are fire assay results completed by Swastika Laboratories of Kirkland Lake, Ontario.
Mr. Yvan Bussieres, P.Geo., 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 the above text.LAC MICA PROPERTY, QUEBEC
On June 17, 2016, the Company announced that it has staked 19 claims in the Saint-Michel-des-Saints area, located approximately 130 km north of Montreal, Quebec, as a potential lithium property. This property, named “Lac Mica”, is accessible by car.
The target rock on the Lac Mica property is a pegmatite rich in mica. A past producing mica mine was formerly located on the site. The mineralization described within Quebec government files is niobium, thorium, rare earths, biotite, muscovite and lepidolite, which are minerals indicative of the presence of lithium.
The above technical information was prepared by Yvan Bussieres, P.Eng., qualified person under National Instrument 43-101 for RT Minerals Corp.CORPORATE UPDATE
On May 16, 2016, the Company closed a private placement of 4,500,000 flow-through units (the “FT Units”) and 4,000,000 non flow-through units (the “NFT” Units) for total gross proceeds of $425,000 (the “Offering”). Each FT Unit and NFT Unit is priced at $0.05 and is comprised of a share and a warrant exercisable at $0.05 for a term of five years. The Offering was oversubscribed by 500,000 FT Units.
Insiders purchased 425,000 FT Units and 325,000 NFT Units. All securities issued in the private placement are subject to a hold period expiring September 17, 2016. A 1% commission will be paid to a registered representative on $160,500 of the offering.
The proceeds from the sale of the FT Units will be used for exploration activity on the Company’s 100% owned, subject to retained royalty, Ballard Lake gold property, located in the Echum and Dolson Townships in the Sault Ste Marie Mining Division, Ontario. The proceeds from the sale of the NFT Units will be used for general working capital.
On June 27, 2016, the Company received 1,000,000 common shares of Opawica Explorations Inc. (TSX.V: OPW) (“Opawica”) in connection with the Company’s sale of the Bazooka and McWatters properties to a third party in October 2015 that subsequently sold these properties to Opawica in a property transaction that closed on June 27, 2016. The shares are restricted from trading for four months. Opawica is related to the Company by virtue of common directors.
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. We seek safe harbour.