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RT Minerals Corp. Options Golden Reed Mine Property, Wawa, Ontario
Vancouver, British Columbia--(Newsfile Corp. - October 25, 2017) - RT Minerals Corp. (TSXV: RT...
About this update from Rt Minerals Corp.
[{"type":"text","content":"RT Minerals Corp. Options Golden Reed Mine Property, Wawa, OntarioVancouver, British Columbia--(Newsfile Corp. - October 25, 2017) - RT Minerals Corp. (TSXV: RTM) (OTC Pink: RTMFF) (\"RT Minerals\" or the \"Company\") announces that it has entered into an option agreement to acquire a 100% interest, subject to a 2% net smelter royalty, in the 4 claim unit Golden Reed Mine Property (the \"Property\" or \"Golden Reed\") located in the McMurray Township approximately six kilometres southeast of Wawa, Ontario.RT Minerals Corp.'s landholdings in the Wawa area now include three properties: Norwalk, Dill River and Golden Reed, with a combined area of 1,120 hectares. Golden Reed consists of a single 4-unit mining claim staked within Red Pine Exploration Inc.'s (\"Red Pine\") Wawa Gold Project. The Property is situated about 3,600 metres east-southeast of Red Pine's Surluga Gold Deposit (1.088M oz at 1.71 g/t gold (0.5 g/t gold cut-off) 43-101 inferred resource (source: Red Pine Press Release, June 11, 2015)). Gold mineralization present on Red Pine's adjacent Wawa Gold Project is not necessarily indicative of mineralization on the Company's Golden Reed Mine Property.RT Minerals can earn 100% interest in the Property by paying initial consideration of $3,000 and issuing 1,000,000 common shares of the Company, due upon receipt of TSX Venture Exchange acceptance of the agreement (the \"Acceptance Date\"); and making an optional payment of 1,000,000 common shares of the Company on the first anniversary of the Acceptance Date. The Property is subject to a 2% net smelter royalty, of which 1% can be bought back at any time for $1,000,000.The historical Golden Reed Mine located on the Property operated from 1907 to 1908 and includes two shafts (14 metres and 7 metres) and an adit (7 metres) developed on gold-bearing quartz veins. A steam-powered mill erected on site produced six ounces of gold from three tons of rock according to historical accounts.In 1986, Caviar Resources Ltd. mapped a northwest trending gold-bearing quartz vein system for 244 metres in felsic intrusive rocks adjacent to a mafic to ultramafic intrusive complex. Eight historical trenches and pits were located in addition to historical workings of the historical Golden Reed Mine. The gold-bearing quartz vein explored reached 1.37 metres width, and returned three grab samples t...