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 of mineral claims located near Kirkland Lake, Ontario (the “CGI Claims”), either by way of agreement with the original Vendors of the claims, or failing that, by way of abandonment (the “Disposal”). The Disposal will result in the cancellation of the remaining 18,900,000 common shares of the Company held in escrow under a TSX Venture Exchange (“TSXV”) Surplus Escrow Share Agreement dated July 14, 2021 (the “TSXV-SESA”).
The Company’s board of directors has determined that it is in the best interest of the Company to dispose of the CGI claims and focus on the Company’s 100% optioned and separate four square kilometre Link-Catharine RLDZ property (the “Link-Catharine” property), where recent drilling encountered significant high and low grade gold mineralization within a known target area of approximately 400 metres wide by 3,000 metres long. Mr. Doug Andrews, B.Sc., MSc., President and CEO of the Company, comments: “We presently interpret this major feature as possibly being the source of the widespread gold mineralization encountered on the central and eastern portions of the Link-Catharine property. The presence of known gold mineralization and structural features with magnetic highs and lows (see February 1, 2022 RTM News Release) makes the Link-Catharine property a more advanced prospect than the CGI Claims.”
The CGI Claims are at the grass roots exploration stage. The amount of work credits required to be transferred from the Link-Catharine property to keep the CGI Claims in good standing would adversely delay the 100% option earn-in on the far more advanced Link-Catharine property. Furthermore, the erosion of junior capital market conditions in the last six months has made it more challenging to raise financing or secure a joint venture partner to explore and maintain the CGI Claims. As such, the CGI Claims no longer meet the Company’s risk to reward criteria in consideration of the significant capital dilution required to hold the property.
The Company originally acquired 100% interest in the CGI Claims through the purchase of Catharine Gold Inc. (“CGI”), a private holding company, for consideration of 21,000,000 common shares of the Company (the “Surplus Escrow Shares” or the “Shares”) that were subject to the TSXV-SESA as a condition of the transaction. The Surplus Escrow Shares were held in escrow and are scheduled for release from escrow as to 1,050,000 Shares upon approval of the transaction by the TSXV (approved on July 14, 2021), 1,050,000 Shares six months thereafter (released on January 14, 2022), and the balance of 18,900,000 Shares on a staggered release schedule up to three years thereafter in accordance with the policies of the TSXV. The remaining 18,900,000 Surplus Escrow Shares will be cancelled in conjunction with the Disposal in accordance with the requirements of the TSXV and the TSXV-SESA. Following the cancellation, the Company will have 59,794,654 common shares issued and outstanding.
Qualified Person - Mr. Garry Clark, P.Geo., is the Qualified Person for the Company and he has reviewed and approved the technical contents of this news release.
About RT Minerals Corp.
RT Minerals Corp. is a junior exploration company listed on the TSX Venture Exchange under the symbol “RTM” and has 78,694,654 common shares issued and outstanding, of which 18.9 million shares are held in escrow and which will now be subject to cancellation. The Company holds an option to acquire a 100% interest in the Link-Catharine RLDZ gold property 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 twenty-two kilometres south-southeast of the town of Kirkland Lake, Ontario. The Company also holds a 100% interest in 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 INFORMATION CONTACT:
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 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.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance (including, but not limited to, the proposed cancellation of 18,900,000 escrow shares).. 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.
Copyright (c) 2022 TheNewswire - All rights reserved.
