BTU PROVIDES NEW YEAR UPDATE, SETS OUT EXPLORATION PLAN & ROUND 1 DRILL PROGRAM FOR 2021
January 5, 2020, Vancouver, BC, Canada – BTU METALS CORP. ("BTU" or the "Company") (BTU-TSX:V; BTUMF-OTC) today provides a corporate update and lays out its exploration plan including 1st drill program for early 2021 on its 200km2 Dixie Halo property in Red Lake, Ontario.
Paul Wood, BTU CEO, said, “2020 has been a year of steady progress for BTU Metals despite the challenges of the COVID-19 pandemic. We have been very active on the ground, collecting extensive data through drilling, sampling, and geophysical surveys – consequently, we saw some of our most promising results to date including visible gold in a recent drill hole. We start the year with one of our strongest cash positions in our history and are excited to follow up on a number of high-priority gold targets, as well as getting back to testing the TNT target to take advantage of an expert’s geochemical-geophysical 3D interpretation of the polymetallic system.”
2020 – a Recap
- Most recently completed a 2,000 metre drill program over 12 holes targeting high-grade gold
- Expanded the major SW-NE gold structural trend to 15km with new discovery to the SW. (See PR dated December 7, 2020 - https://www.btumetals.com/?news=99)
- Identified multiple strong gold in till grain counts (See PR dated November 24, 2020 - https://www.btumetals.com/?news=95) over a broad area in the central part of the property.
- Visible gold was intersected in one hole in the recently completed group of drill holes in the central part of the property near the interpreted location of where the numerous high “gold in till” counts may have originated. Numerous other targets are slated for drill testing in the area for Q1 drilling
- Earlier in the year, received intriguing TNT follow up results in drill holes 25 and 41 which require more interpretation. (See PR dated March 18, 2020 - https://www.btumetals.com/?news=74). We anticipate more TNT follow-up this year
- Welcomed additional strong investors to the BTU share registry, including Lichtenstein-based SSI Asset Management (See PR dated October 8, 2020 - https://www.btumetals.com/?news=90)
At New Year, 2021
- Five (5) holes logged, cut and at the SGS lab in Red Lake, ON including BTU-20-53 with VG, gold assays expected early in the new year
- Further results from 2020 till sampling program expected early in the new year
- Drilling will restart in January and will be focused on various well spread-out gold targets in the central and northeast portions of the property
- 3D geochemical-geophysical interpretation of TNT expected early new year
- More than $2 million in cash and many strong early-stage high priority target areas to be evaluated
Figure 1: Total # of gold grains from BTU till sampling programs, drill hole locations and showing the surface projection of Visible Gold in drill hole BTU-20-53.
Red Lake Active 2020
The Red Lake mining area was extremely busy in 2020 with the highlights being the purchase of the Newmont Mining assets in the camp by Evolution Mining, the progression of several properties toward commercial production as well as the establishment of the Great Bear Resources gold discoveries 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 nearly 30 million ounces of gold. The area where Great Bear Resources 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 like BTU progresses in the area, and the geology and controls on gold mineralization are better understood, new gold discoveries will almost certainly be outlined. Great Bear Resources is very well funded, is rapidly defining gold mineralization for upcoming resource evaluation and the area is clearly a focus for gold exploration in Ontario, with BTU being the closest neighbour to the Great Bear discoveries.
BTU staff collected and processed samples and securely sealed and shipped them to SGS Canada Inc. (“SGS”) in Red Lake, Ontario for sample preparation that includes drying (105° C), crushing until 75% passes a 2 mm sieve, then splitting (250 g) and pulverizing to 85% passing 75 µm. The resulting pulps are analysed for gold by fire assay in Red Lake, and for geochemistry by a multi-element aqua regia ICP-OES technique in Burnaby, British Columbia. All assay data have undergone internal validation of QAQC; noting there is an established sampling control program with blind insertion of assay blanks, certified industry standards and sample duplicates. A QAQC program is also in place at SGS and includes insertion of blanks, standards, and duplicate reanalysis of selected samples. SGS is a Canadian assay laboratory and is accredited under ISO/IEC 17025. Overlimit protocols are in place for gold, silver, and copper. Intervals in this release are drilled intervals. True widths could not be determined at this early stage of target evaluation.
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).Back to Past News