NORWALK PROPERTY, ONTARIO
In September 2016, the Company entered into an option agreement (the “Agreement”) to acquire a 100% interest, subject to a 2% Net Smelter Royalty, in the 29 claim unit Norwalk gold property (the “Property”) located several kilometers south of the town of Wawa, Ontario. The Company may earn its interest in the 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 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.
The above technical information was prepared by Yvan Bussieres, P.Eng., qualified person under National Instrument 43-101 for RT Minerals Corp.
NORWALK PROPERTY, ONTARIO, ASSAY RESULTS
On November 22, 2016, the Company reported on surface grab sampling at the Company's 100% optioned Norwalk property near Wawa, Ontario.
The Norwalk property is contiguous to the south boundary of the Wawa Gold Project, held by Red Pines Inc. Initial reconnaissance prospecting and surface sampling of historical mine dumps resulted submission of nine samples to Swastika Laboratories Ltd. for Gold fire assay. Total metallic fire assay was completed on over-limit samples 42756 and 42757. Gold assays are from the Norwalk vein and Gananoque Adit vein.
|Sample Number||G/T Au||Check Assay|
|42751||0.96||n/a||Quartz, 3-10% Pyrite and Arsenopyrite|
|42752||5.92||n/a||Quartz, 3-10% Pyrite and Arsenopyrite|
|42753||7.30||n/a||Quartz, 3-10% Pyrite and Arsenopyrite|
|42754||6.19||n/a||Quartz, 3-10% Pyrite and Arsenopyrite|
|42755||0.57||n/a||Quartz, 3-10% Pyrite and Arsenopyrite|
Gananoque Adit Vein
|Sample Number||G/T Au||Check Assay|
|42756||70.00||63.80||Quartz Vein, 10% Pyrite|
|42757||18.14||17.35||Quartz in Rhyolite, 7-10% Pyrite|
|42758||1.84||n/a||Strongly Carbonate Altered Metavolcanic Rock with 1-3% Pyrite|
|42759||0.23||n/a||Strongly Carbonate Altered Metavolcanic Rock with 1-3% Pyrite|
A drill program of five holes, up to 200 metres each is recommended on historical gold showings at Norwalk. A drill permit application was filed in the last 45 days and drilling will commence upon receipt of the drill permit and consultation with local First Nation communities.
Kevin Kivi, P.Geo., has extensive experience in the exploration for gold and diamonds in Canada. He is the Qualified Person for the Company’s Norwalk and Ballard Lake properties and approves the technical content of the above text.
For complete property disclosures and Quality Control on the Norwalk property, please see the Company’s news releases.
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.