|By PR Newswire||
|July 22, 2010 08:12 PM EDT||
The RTM - AGE JV Property is subject to an option agreement with AGE, RTM and LSG as previously disclosed on
In addition to drilling, geological mapping and prospecting will be undertaken on the Property while the deep drilling is in progress. The main objective of the initial deep master drill hole is to intersect the down plunge projection of the Timmins Mine at up to 2400m vertically below surface and the Thunder Creek Rusk Zone below 2,400 metres. Once the initial deep master drill hole is complete, one wedge will be completed to extend any intersected mineralization. Additional wedging may be carried out in future programs.
The Timmins Mine Deposit has a current National Instrument 43-101 probable reserve of 3.4 MT @ 7.52 gpt for 812,000 ounces. The project is located immediately to the east of the RTM - AGE JV Property and has a strike length of approximately 250 m long by 150 m wide. Overall, it defines a pipe-like body of mineralization which straddles a volcanic / sedimentary / ultramafic contact zone, within a folded sequence that plunges about 54 degrees to the west-northwest towards the RTM - AGE JV Property. The ore body has demonstrated vertical persistence as it can be traced down plunge for a distance of approximately 1500 m from surface, and remains open at depth. Overall, the gross geometry of the Timmins Mine structure has remained consistent from surface to a 1300m vertical depth and it is apparent that this geometry and structure continues to depth toward and potentially onto the RTM - AGE JV Property. Some of the highest value intercepts at Timmins Mine, including 8.11 gpt over 6.00 m at a 1,330 m depth, are hosted within a second fold nose structure and are situated approximately 600 m east of the RTM -AGE JV Property boundary.
The Thunder Creek Deposit is located approximately 1 km southwest of the Timmins Mine Deposit and 1.6 kms southeast of the RTM - AGE JV Property, at surface, and along the same pyroxenite and sedimentary contact which hosts the Timmins Mine Deposit. The Thunder Creek Deposit is a recent discovery by Lake Shore Gold. Recent drilling has traced the mineralization at Thunder Creek to a depth of approximately 1 km below surface and obtained several significant intercepts, most notably 12.75 gpt over 83.50m in TC-08-68B. Observations to date indicate Thunder Creek has a steep northward plunge suggesting the potential for this to converge with the Timmins Mine Deposit at depth. Although drill data is limited, current estimates are that this convergence could occur near the northeast corner of the RTM - AGE JV Property at a depth of 2,400 metres or greater from surface.
The Qualified Person ("QP") for the RTM - AGE JV Property is
There is no guarantee that the Timmins Mine Deposit and Thunder Creek Rusk Zone extend onto the RTM - AGE JV Property and/or converge. Similarly, there is no guarantee that results from the drill program discussed in this press release will lead to the identification of a deposit that can be mined economically.
The forgoing 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.