VANCOUVER, BC / ACCESSWIRE / May 29, 2019 / BTU METALS CORP. ("BTU" or the "Company") (BTU-TSX:V) is pleased to announce initial field program findings from an interpreted D2 structural trend parallel to the one hosting the high grade Hinge Zone of Great Bear Resources Ltd.'s Dixie Gold Project (GBR - TSX:V) in the Red Lake district, Ontario.
Highlights of this release:
- New highly prospective gold environment found approximately 1,200 meters from GBR's Hinge Zone gold discovery
- Extensive quartz-carbonate-pyrite silicified stockwork zone to be further sampled and surveyed by IP in preparation for drilling
- Drone survey to be completed soon to help further evaluate already identified target areas
The company has had a seasoned prospecting crew on the ground for the last few weeks, resulting in the discovery of a broad quartz - carbonate -pyrite zone in silicified basalt. The new prospect is located in the central portion of BTU's 13,000 ha Dixie Halo property and approximately 1,200 metres south of GBR's Hinge Zone gold discovery.
Other associated rock units noted are pyritic iron formation and what are interpreted to be ultramafic rocks. Spatially, the company's new zone is on the edge of an east-west oriented major structure of the same orientation as the one currently being drilled by GBR at its Hinge Zone. Structures such as these have previously been described as 'D2 structures' in a previous BTU press release (Feb.20, 2019).
This new prospecting discovery has led to the mobilization of a ground geophysical crew and initial planning of an IP survey to map out the zone. A drone magnetic survey is currently being flown over the area to help direct the planned IP survey and generate drill targets.
With the aid of new data derived from the current, low altitude, high resolution drone magnetic survey on the Dixie Halo project, BTU personnel have begun follow-up ground truthing to prioritize drill targets. It must be emphasized that the company is at a very early stage of its evaluation of its extensive Dixie gold property.
"It's remarkable to be able find new zones of highly prospective gold mineralization at Dixie considering the exploration history here extending since the late 1930s." stated V.P. Exploration Doug Hunter.
Magnetic signature map of Dixie Halo project outlining major D2 disruptions, GBR's Hinge Zone discovery and BTU's recently discovered prospect
The Company further announces it has decided not to proceed further with the acquisition of the Burnthut project located in the province of Ontario. With respect to this decision, the company has entered into a termination agreement with the underlying owner. Pursuant to the termination agreement, the company will issue 100,000 common shares to the underlying owner, in consideration for a full release of the company from any matters relating to or arising out of its option agreement with respect to the property. The issuance of shares is subject to the company receiving prior approval from the TSX Venture Exchange and will be subject to a four-month hold from the date of issuance.
The technical contents of this release were approved by Mr. Doug Hunter, P. Geo., a qualified person as defined by National Instrument 43-101.
BTU Metals Corp. is a publicly traded junior mining exploration company focussed on its Dixie Halo project located in the Red Lake District, Ontario.
ON BEHALF OF THE BOARD
"Paul Wood"
Paul Wood, CEO, Director
[email protected]
FOR FURTHER INFORMATION, PLEASE CONTACT:
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 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).
SOURCE: BTU METALS CORP.