BTU INITIATES 2020 DRILL PROGRAM AT TNT TARGET AND ACCELERATES ACQUISITION OF DIXIE HALO SOUTH-EAST EXTENSION
January 7, 2020, Vancouver, BC, Canada – BTU METALS CORP. ("BTU" or the "Company") (BTU-TSX:V) announces it has commenced its 2020 drill program on the TNT target and has accelerated the acquisition of the Dixie Halo South-East extension property, announced October 28, 2019.
2020 Drill Program Commences
The Company has restarted drilling operations on the TNT target area. Drill core assay results are expected for Drill holes 19 and 20 in the next week to ten days with holes 21-24 thereafter. Additional geophysical surveys are underway to further define the dimensions of the TNT target.
BTU Accelerates Acquisition of South-East Extension Properties
BTU has elected to accelerate the terms of the Dixie South-East option announced October 28, 2019 by issuing the final 1.2 million shares and undertaking to fulfil the $38,000 work commitment by May 1, 2020. These claims are strategically important as they are adjacent to the newly discovered TNT target, which is interpreted to be a potentially gold-enriched VMS-type exploration target.
The TNT target currently has a footprint of 200 m - 500 m wide East to West and at least 1,000 m North to South as identified by a Versatile Time Domain Electromagnetic (“VTEM”) survey and Induced Polarization (“IP”) survey work. The TNT target remains open to further expansion to the North and to the South. The South-East Extension claims cover the open extension of the TNT target to the South (see press release of December 23, 2019). The Company has applied for work permits on these claims which will allow the Company to carry out geophysical surveys and drill the resultant targets. Permits are expected to be received later in January or early February.
BTU CEO Paul Wood said, “We are off to a strong start to the 2020 exploration program with our first drill hole of the year already under way. Further, the acceleration of the acquisition of the South-East Extension properties will solidify BTU’s substantial, approximately 200 km², land position near Red Lake, Ontario. BTU’s primary focus in the early part of 2020 is to continue the exploration including drilling on the TNT target. At Dixie Creek, upon receipt of results and interpretation from the SGH survey the plan is to re-commence drilling along trend of the very significant gold discoveries made by Great Bear Resources last year just to the north of us.”
Figure 1: Overview of BTU's Dixie Halo Property and two priority target areas.
Figure 2: IP Anomaly Map of the TNT Target Area shows the current limits of the IP surveying and the extent of the interpreted TNT target. Note that all locations are approximate.
To view pictures of core please visit the Company’s website here: www.btumetals.com/core. Note: core pictures are for general interest only and are selected samples. The pictures should not be considered to represent the entire mineralized interval.
BTU further announces the resignation of Jean-Marc Lacoste from the Board of Directors effective immediately.
The technical contents of this release were approved by Mr. Bruce Durham, P. Geo., a qualified person as defined by National Instrument 43-101.
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