VANCOUVER, June 18 /PRNewswire-FirstCall/ - RT Minerals Corp. ("RTM"/the "Company") (CNSX: RTM) announces that drilling has been initiated on the 100% optioned Golden property contiguous to the south western holdings of Lake Shore Gold Corp. (TSX-LSG) in the West Timmins gold camp, Ontario, Canada.
GOLDEN PROPERTY, WEST TIMMINS, ONTARIO
Under the current field program 39 line kilometres of a Deep Section IP geophysical survey has been completed. The survey has identified a total of 23 near surface and deep IP targets. In addition, a mapping and sampling program has been completed over 11 trenches on the northern corridor of the Golden property. As none of the anomalies come to surface this work is mainly focussed on the local geology, stratigraphy and testing for pathfinder elements where outcrop exists within the area of the IP survey. Assay results are pending.
A diamond drill program consisting of up to six holes has now commenced. The first hole of this program will test a large and prominent IP target. The first hole will be drilled to a core length of approximately 650m. All six holes are scheduled to be drilled on various IP targets ranging from 200m to 700m in depth.
RTM may earn a 100% interest in the Golden property by incurring optional expenditures of approximately a further $950,000 in cash and $700,000 in exploration on the property within the next 3 years. In addition, Lake Shore Gold Corp. ("LSG") may at its option earn a 50% interest in the Golden property by incurring $5,000,000 in exploration over a five year period. LSG presently owns 19.9% of the issued and outstanding capital of RT Minerals Corp.
MEUNIER PROPERTY; LAKE SHORE GOLD RUSK ZONE & TIMMINS MINE FOLD-NOSE
Drilling on the Meunier 144 West Timmins gold property is scheduled to commence in early July, 2010. The Meunier property is adjacent to the north and western border of Lake Shore Gold's West Timmins holdings and situated in the immediate vicinity of LSG's Timmins Mine and Rusk zone exploration and development.
This drilling will be designed to test the projected down plunge extension of LSG's Rusk horizon discovery (12.75 g/t Au over 83.40m) as well as targets associated with the pronounced "Fold Nose" structure thought to control the bulk of gold mineralization at the Timmins Mine. The main Fold Nose structure at the Timmins Mine is where LSG has previously announced the discovery of a second fold nose and new gold intersections about 600m east of the Meunier 144 West Timmins gold property. The program will also examine possible new targets along the west extension of the Bristol Fault. LSG will manage this upcoming drill program on the Meunier property and final details of this program will be available in early July 2010.
RTM may earn up to a 50% interest in the Meunier property from Adventure Gold Inc. (TSX.V-"AGE") by paying AGE $500,000 in cash and in private placement investments, paying up to 2,750,000 shares of RTM and incurring up to $3,000,000 in exploration over a 42 month period. These payments and the earn-in rights of RTM and LSG on the Meunier property are more particularly described in the Company's May 6, 2010 press release.
The Qualified Person for the Golden property is Mr. Robert Laakso, P.Eng., and he has reviewed the contents of this release.
The foregoing information may contain forward-looking statements and events relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities. We seek safe harbour.
SOURCE RT Minerals Corp.