Vancouver, British Columbia–(Newsfile Corp. – November 10, 2016) – RT Minerals Corp. (TSX.V: RTM) (the “Company”) reports on core drilling and new staking at its 100% owned Ballard Lake property located approximately 50 kilometres northeast of Wawa, Ontario.
Drill hole BA-16-01 intersected the Ballard Lake Shear Zone (“BLSZ”) at 89 metres depth and returned anomalous gold values. Petrology of alkali ultramafic dikes also cut by drilling, show exotic mineralogy with compositions that suggest a deep crustal or mantle magma source.
The BLSZ may tap into deep crustal and mantle structures that could act as conduits for hydrothermal fluids and gold. The BLSZ and adjacent granodiorite/volcanic contact is a large surface structure, with ample room for significant mineralization. The Company has 12 kilometres of the Ballard Lake granodiorite-volcanic contact on its claims.
With potential for deep crustal or mantle tapping conduits, indicated by alkali ultramafic dikes and kimberlites in the area, the Company has staked 64 claim blocks at Ballard Lake to cover the contact and other exploration targets, increasing the property’s size to approximately 160 square kilometres (~15,970 hectares). The new claims are subject to a 2% net smelter royalty, with 1% buyback for $1,000,000, as staking is contiguous and surrounds the original property.
RT Minerals Corp.’s Ballard Lake property now includes two historical diamond-bearing kimberlite occurrences: GC1 (16 diamonds from 93.1 kg), and Fletch (6 diamonds from 51.48 kg). Diamond results were reported by Chalice Diamond Corp. (“Chalice”) in February 2008.
Chalice completed an exploration program in the Ballard Lake area that included regional kimberlite indicator mineral sampling, prospecting, modern airborne geophysical surveys, and ground geophysical surveys. No drilling was reported. RT Minerals will continue to evaluate these targets and will commence drilling on at least several of these targets in the coming weeks.
The Ballard Lake property lies in the Wawa supracrustal belt of the Superior Craton, which is currently being explored by major and junior exploration companies for both gold and diamonds.
Kevin Kivi, P.Geo., QP for the Company’s Ballard Lake property, has explored for diamonds and gold in Canada since 1983, and approves the technical content of this press release.
FOR FURTHER INFORMATION CONTACT:
President and Chief Executive Officer
RT Minerals Corp.
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.
Certain statements in this press release relating to the Company’s exploration activities, project expenditures and business plans are approximate and are “forward-looking statements” within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward looking statements represent management’s best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as adverse market conditions, mechanical failure, unavailability of parts, labor disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties may not achieve any category of resource(s). The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, fluctuations in the price of gold, equity markets or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. There is no guarantee that drill results reported in this news release or future releases will lead to the identification of a deposit that can be mined economically, and further work is required to identify resources and reserves. We seek safe harbour.