VANCOUVER, BC / ACCESSWIRE / March 29, 2021 / BTU METALS CORP. (“BTU” or the “Company”) (TSX:V:BTU)(OTC PINK:BTUMF) today announces that it has commenced geophysical surveying east of last year’s TNT copper silver gold discovery on its recently expanded land position (see PR dated March 23, 2021) in the Dixie Lake area near Red Lake, Ontario. The Company can earn up to an 80% interest in the 3,000 hectare (“ha”) Pakwash North property located adjacent to the east and southeast boundaries of its Dixie Halo project.
Geological, geochemical and geophysical studies and evaluations are ongoing by geological consultant Harold Gibson, Professor of Volcanology and Ore Deposits at Laurentian University, Company personnel, as well as geophysical consultant Alan King. The studies indicate that the TNT area mineralization clearly has direct copper silver gold correlation similar to some known high temperature base metal mineralization and also that the mineralization is associated with strong alteration including some areas with sodium depletion and strong potassium enrichment. Work by the group has identified several potential base metal type targets that warrant additional geophysical survey follow-up as well as follow-up drill testing depending on the survey results.
Paul Wood, BTU CEO, said, “The transaction we announced last week allows us to look more regionally for significant base metal and gold deposits. With our land position expanded to the east and with the thesis that the mineralization we found at TNT is largely footwall style mineralization and with the interpretation that stratigraphic tops are to the east, we can now work unrestricted near our Dixie Halo property boundary and well to the east on the Pakwash North property to see if there is a significant accumulation of base metal sulphides higher in the stratigraphy. Concurrently, we continue to progress on our 3,500 metre drill program on the 12 km+ SW-NE structural trend targeting gold.”
Induced Polarization (“IP”) geophysical survey work is already underway near the common boundary between the Dixie Halo property and the Pakwash North property. Initial results point to the presence of a significant chargeability target and a coincident resistivity low feature that extend for at least 600 metres. Such features are often an indication of the presence of accumulations of sulphide minerals. These early results are encouraging and work is ongoing.
Additional information regarding the work of Harold Gibson and Alan King is available as a supplement on the Company’s website at: www.btumetals.com/TNTstudy
Red Lake Activities
The Red Lake mining area is extremely busy with the highlights being the purchase of the Newmont Mining assets in the camp by Evolution Mining, their recent offer to purchase Battle North Gold Corporation, the progression of several local properties toward commercial production, as well as the establishment of the gold discoveries of Great Bear as significant new areas and styles of gold mineralization that have the potential to rewrite the geology of this high-grade gold camp that has already produced more than 28 million ounces of gold. The area where Great Bear has been busy outlining strong gold mineralization on the Dixie property is not far from the BTU Dixie Halo property in an area that was historically under-explored and poorly understood largely due to the extensive overburden cover. As exploration by Great Bear and others progresses in the area, and the geology as well as controls on gold mineralization are better understood, new gold discoveries will almost certainly be outlined. Great Bear is extremely well positioned for its exploration efforts with approximately $100 million on hand. Great Bear continues to define gold mineralization along the LP Fault as they prepare for upcoming resource evaluation work which clearly makes the Dixie area a focus for gold exploration in Ontario. BTU is the largest landholder in the immediate area of the Great Bear discoveries.
The Company’s exploration work at its Red Lake, Ontario projects remains largely on schedule with no major disruption due to the COVID-19 government guidelines. The Company continues to monitor this situation, continues to be careful to conduct all work in compliance with COVID-19 guidelines and will adjust its activities and timelines as deemed appropriate.
Bruce Durham, P. Geo., a qualified person as defined by National Instrument 43-101 has reviewed and approved the technical information in this press release.
ON BEHALF OF THE BOARD
Paul Wood, CEO, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Andreas Curkovic, Investor Relations
BTU Metals Corp.
Toll Free: 1-888-945-4770
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and using information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and they are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: BTU Metals Corp.
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