BTU Acquires Dixie Halo Property Contiguous to Great Bear’s Dixie Project, Red Lake District, Canada
Vancouver, British Columbia (FSCwire) - BTU Metals Corp. (“BTU” or the “Company”) (BTU-TSX:V) pleased to announce that the Company has acquired 10 claims comprising 85 units (1,514 hectares) adjoining the northern and eastern boundaries of Great Bear Resources Corp.’s (GBR – TSX:V) Dixie Project located in the Red Lake District of Ontario. Great Bear recently reported a high-grade discovery in drill core assaying 16.35 meters of 26.91 g/t gold and 7 meters of 44.47 g/t gold in two holes on the “Hinge Zone” at the Great Bear’s Dixie Project (see PR dated August 22, 2018).
The Dixie Halo property wraps around the north-eastern and eastern portions of the Great Bear’s Dixie Project. The northwestern portion of the Dixie Halo property is approximately 2.3 kilometers northeast of Great Bear’s “North West Step-Out” target and approximately 4.5 kilometers northeast of the “Hinge Zone”. Portions of the Dixie Halo property were actively explored as recently as 2008 (Trueclaim Resources Inc.-Assessment Report # 20006619) with two drill holes located within 250 meters of the Dixie Halo property boundary. A complete review of the assessment files will be initiated immediately.
BTU president Mike England states: "We are pleased to acquire this strategic property around an exciting new gold discovery in an established mining district. The Company’s management and consultants have extensive experience in this area of Ontario and this type of gold system. That, along with excellent logistics, will allow the Company to fast-track this property to the drill stage. "
Portions of the Dixie Halo property cover the contact between intrusive rocks and metavolcanics marked by regional magnetic geophysical trends. The property has excellent logistics and is cut by Ontario provincial highway 105. Topography is subtle, with extensive overburden cover. Mobile Metal Ion (MMI) geochemistry was completed in 2008 with anomalous zinc located just south of the Dixie Halo property.
The Company is acquiring a 100% interest in the claims comprising the Dixie Halo property from arms-length a party through payments of $85,000 CAD in cash, and the share issuance of 750,000 shares, over a four (4) year period. The vendor retains a 1.5 % Net Smelter Royalty (“NSR”), half of which is purchasable by BTU for $500,000 at any time.
The technical contents of this release were approved by Case Lewis, P.Geo, a Qualified Person as defined by National Instrument 43-101. The Property has not yet been the subject of a National Instrument 43-101 report.
About BTU Metals Corp
BTU Metals is a Canadian-based junior exploration company focused on developing its Galway Gold project located in Ireland and the Shakespeare Gold project in Ontario. For more information on BTU Metals Corp. please visit our website located at www.btumetals.com.
ON BEHALF OF THE BOARD
“Paul Wood”
Paul Wood, CEO, Director
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).
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Source: BTU Metals Corp. (TSX Venture:BTU)
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