RT MINERALS CORP RT Minerals Corp. announced that it has entered into two separate property purchase agreements to acquire an additional four properties totaling 113 claim blocks within the boundaries of the Case Batholith in northern Ontario, and two other properties totaling 16 claim blocks also in northern Ontario. The four Case Batholith properties are located in Agassiz Township (29 claims), Potter Township (51 claims), Seguin/Challies Township (14 claims) and Bragg Township (19 claims).
In the first agreement, the Company will issue 250,000 post-consolidation common shares (for more information on the Share Consolidation) and pay $4,100 to acquire 100% interest in 78 of the claims, of which the 14 Seguin/Challies Township claims are subject to a 2% net smelter return ("NSR") royalty that the Company may purchase 1% of the NSR for $1,000,000 at any time. In the second agreement, the Company will issue 250,000 post-consolidation common shares and pay $3,000 cash to acquire 100% interest in 51 Potter Township claims, which are subject to a 2% NSR royalty that the Company may purchase 1% of the NSR for $1,000,000 at any time. Closing of the transactions is subject to the successful completion of the Share Consolidation, a concurrent post-consolidation financing of $450,000, and the approval of the TSX Venture Exchange.
The four new properties are located to the northwest of Power Metals Corp. ("Power Metals") Case Lake lithium/cesium discovery in Steel township, Ontario. All of the claim blocks have been acquired on the basis of magnetic signatures resembling east - west trending pegmatitic dykes and laccolith structures contained within the tonalite/granodiorite rock assemblages of the Case Batholith.
The Potter and Seguin/Challies prospects contain vast exposures of outcrop that have been identified on several vintages of satellite photography. Live satellite views strongly suggest the occurrence of long linear pegmatitic dykes and ovoid intrusives on the surface. Upon completion of the acquisitions, the Company will own 100% interest in 256 highly prospective lithium/cesium claims within the Case Batholith.
