2022-02-09 07:19:42
VANCOUVER, BC / ACCESSWIRE / February 9, 2022 / BTU METALS CORP. (“BTU” or the “Company”) (TSXV:BTU) (OTCQB:BTUMF) today announces the commencement of drilling on the Pakwash North target area of the Dixie Halo project located in Red Lake, Ontario. This current program is focused on untested high quality geophysical targets with potential to host base metal (copper-zinc) and gold-silver mineralization in the Eastern part of the ~230 km2 Dixie Halo property area. The Company’s Dixie Halo project shares over 35 km of common boundaries with Great Bear Resources’ flagship Dixie project. Kinross Gold Corporation has recently entered into an agreement, valued at approximately $1.8 billion, that will see it purchase Great Bear Resources Ltd.
Drilling operations are being carried out by Forage Fusion Drilling Ltd. of Hawkesbury, Ontario. Drilling will cover the southeastern part of BTU’s 100% owned land package (immediately proximate to the TNT area) as well as on the Pakwash North property that was acquired in 2021 via an earn in agreement (see PR dated March 23, 2021).
Geological, geochemical, and geophysical studies and evaluations were completed for the TNT and Pakwash North areas last year. The studies indicate that the TNT area mineralization clearly has direct copper-zinc-silver correlation with gold potential, similar to some known high temperature base metal mineralization and the studies indicate the mineralization is associated with strong alteration including some areas with sodium depletion and strong potassium enrichment rather typical of volcanogenic massive sulphide mineralization (“VMS”) systems. Work by the group has identified several targets with the potential to be base metal bearing and that warrant drill testing.
Induced Polarization (“IP”) geophysical survey work on Pakwash Lake identified a significant chargeability target and a coincident resistivity low feature that extends for at least 600 metres and remain open to the north. Follow-up Pulse Electromagnetic (“PEM”) survey work on the target confirmed the interpretation from the IP survey. Such features are often an indication of the presence of accumulations of sulphide minerals. Additionally, the PEM survey identified a secondary weaker target just to the west of the strong new target. Initial plans are to drill 4 holes to test these targets (see Figure 1).
Paul Wood, BTU CEO, stated, “These Pakwash North targets had been partially identified by historic airborne geophysical surveys, and now through BTU’s 2021 summer work program which entailed confirming chip sampling of outcrop, observation of structural orientation and dip as well as induced polarization and pulse electromagnetic surveys.”
Mike England, BTU President, commented, “This is an exciting time for BTU shareholders as we initiate drilling in this completely untested area east along trend of the Great Bear discoveries. This maiden drill program is focusing on targets we feel may also be some of the most geologically interesting targets identified to date for additional TNT-copper zinc silver mineralization along with potential gold on the property.”
Figure 1: The Pakwash North target area is the focus of the current drill program. Toporama and Second Vertical Derivative of Magnetics are used for basemaps.
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“
Paul Wood, CEO, Director
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FOR FURTHER INFORMATION, PLEASE CONTACT:
Andreas Curkovic, Investor Relations
Telephone 1-416-577-9927
BTU Metals Corp.
Telephone: 1-604-683-3995
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).
