BTU ANNOUNCES INITIATION OF EXPLORATION PROGRAM AT DIXIE SOUTH CONTIGUOUS WITH GREAT BEAR'S NEW HIGH GRADE GOLD DISCOVERY, DISTRICT OF RED LAKE
October 23rd, 2018, Vancouver, BC, Canada – BTU METALS CORP. (“BTU” or the “Company”) (BTU-TSX:V) is pleased to provide the following update pertaining to its newly acquired strategic properties south of, and contiguous to Great Bear Resources Ltd.’s (GBR – TSX:V) Dixie Project located in the Red Lake District of Ontario. GBR recently reported the SLZ discovery in drill hole DSL-004, at only 75 metres (m) of vertical depth, returning 1.75 m of 101.05 grams per tonne gold (“g/t gold”) within a vein zone of 10.35 m of 18.23 g/t gold (see PR dated Sept. 27, 2018).
An initial, limited sampling program was undertaken by Company personnel during a due-diligence site visit conducted in mid-October. Samples were brought to ACT Labs in Thunder bay, Ontario – assays are pending. A follow-up site visit will commence immediately to further investigate areas of interest plus to gauge logistics for an upcoming drill program.
BTU president Mike England stated: “BTU now has a very secure and meaningful foothold in this emerging gold camp. Our goal is to move quickly at Dixie South given Great Bear’s recent success so close to our border and the amount of data at our disposal thanks to work undertaken by the vendor over the last 6 years. The interpretations and geological modelling surrounding the south hinge concept give us very clear areas of great interest.”
DIXIE SOUTH (“DS”)
- Fugro HELITEM airborne electromagnetic (EM) and magnetic Survey conducted by vendor resulting in 30 drill targets identified at Dixie South
- Large, 6,200 ha property, covering prospective geology, bringing BTU’s total property holdings to approximately 8,800 hectares in the area.
- Strategic land position contiguous to Great Bear’s Dixie Lake property. Comparable units can be traced around a fold hinge with the southwest limb of this structure laying within the Dixie South properties
- Previous grab sampling by private vendor returned up to 4.6 g/t Au and +11.50% copper*
Historically, the DS property had not seen mapping due to overburden cover with any geological interpretation being based largely on regional airborne data. More recently, there have been numerous stages of exploration by the vendor, including trenching, power and manual stripping, prospecting, limited sampling, etc. Gold values obtained from surface sampling have returned values up to 4.61 grams per tonne gold (g/t Au) in association with 283 g/t silver and 11.5 percent copper from grab samples from a limited 2013 sampling program. With the assistance of Tony Pryslak (former resident geologist with 50 years of experience in the Red Lake area) since 2012, the first detailed maps of the property have been created. Click here or visit the BTU website to see the full report by Condor North Consulting ULC.
In 2012 a HELITEM EM/MAG survey was conducted by the vendor. Processing this data resulted in 30 gold and VMS targets being outlined, which will be a priority to evaluate for a drilling program anticipated for January 2019. In addition, a gold occurrence known as the Belgold Zone was found on the current property in the 1940s and is a subject of being relocated and prospected.
DIXIE SOUTH EAST (“DSE”)
- Strategic, contiguous to Great Bear’s Dixie Lake southern property boundary. Connect claims from the Company’s Dixie Halo property to the SD property.
- The western portion and extension of a significant Mobile Metal Ion (MMI™) geochemical gold anomaly indicated on the Dixie Halo property, trends onto the Halo Connector Property.
- The Dixie Connector property covers a historic Teck drill hole (Hole P-8, Assessment File: 52K13SE0007) which returned 0.32 g/t u, 38.0 g/t Ag, 550 ppm Cu and 2.12 % Zn over 0.3 meters from a depth of 80.0 meters.
Both Dixie South and Dixie South East have excellent logistics and are traversed by logging roads. Overburden cover is extensive, but topography is subtle, suitable for ground geophysics and MMI™ geochemistry.
The gold occurrences of Great Bear occur between 0.5 and 1.5 km of the boundary with Dixie South (technical report by C.Lee of SRK Consulting, 2004). On the Great Bear ground the occurrences of gold occur along a 1 km strike length and across a corridor at least 0.5 km wide. The host rocks are varied, iron formation, mafic volcanic rocks and silicified argillite. All these units can be traced around a fold hinge with the southwest limb of this structure laying within the Dixie South property. An iron formation marker unit can be traced from the Great Bear property into Dixie South.
The technical contents of this release were approved by Douglas Hunter, PGeo, a qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report, and Mr. Hunter has not verified the technical data disclosed in this release due to the historic nature of reports quoted.
*Note grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property.
About BTU Metals Corp
BTU Metals is a Canadian-based junior exploration company focused on highly prospective gold properties in Ontario’s Red Lake and Dryden districts and in Galway, Ireland. For more information on BTU Metals Corp. please visit our website located at www.btumetals.com.
ON BEHALF OF THE BOARD
Paul Wood, CEO, Director
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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 information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and 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 of the 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