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 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.BALLARD PROPERTY PHASE I GROUND EXPLORATION PROGRAM
On June 1, 2016, the Company announced that a Phase I ground exploration program is set to commence in the next few days on the Company’s 100% owned, subject to retained royalty, Ballard Lake gold property, situated approximately 51 km northwest of Wawa, Ontario in the Echum and Dolson Townships.
Work will include a stripping and sampling program of historic trenches where grab samples have assayed as high as 120 gpt gold and 387 gpt silver (SSM Mines Office File #1696). The exploration model for the project is that of a quartz-carbonate vein system associated with brittle ductile shear zones and folds in deformed and altered mafic volcanic. Good examples of these types of deposits are the Renabie, Nudulama and Braminco Mines (past producers) located 20 km northeast of Ballard Lake. Consultation is underway with First Nations.
The Company will announce a drill program on the property upon approval of a filed permit with the Ministry of Mines and First Nations.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.
The Company also anticipates receiving 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 entered into an agreement dated February 25, 2016 to sell these properties to Opawica in a property transaction that is expected to close this month. The receipt of these shares is subject to closing of the property transaction by Opawica and the shares will be 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.