VANCOUVER, BC / ACCESSWIRE / July 31, 2024 / BTU METALS CORP. ("BTU" or the "Company") (TSX-V:BTU)(OTCQB:BTUMF) announces it has commenced exploration on its 100% held extensive gold exploration land in the active Wawa gold area of northern Ontario.
The Company's recently acquired gold exploration projects are located adjacent to the Alamos Gold Inc. (TSX-AGI) ("Alamos") Island Gold District Project in the northern portion of the Wawa gold area and adjacent to the Red Pine Exploration Inc. (RPX-TSX:V) ("Red Pine") Wawa Gold Project in the southern part of the Wawa Gold District. The southern Wawa projects are comprised of the Hubcap Gold Project adjacent to south and southwest of Red Pine and the Centennial Project adjacent to the south of Red Pine (Figure 1).
The Company has posted an updated presentation on its website that includes additional information on the Wawa projects as well as the Company's project adjacent to the Great Bear project being developed by Kinross.
Each of the Wawa projects covers areas of historic gold mineralization and none of the projects has been the subject of significant or comprehensive exploration in recent years. Importantly, no company has ever assembled the entire land positions as they are currently constituted. With the entire land position assembled, the Company is uniquely positioned to determine the full potential of the projects. The Echum property is adjacent along trend of the Island Gold Mine property operated by Alamos and the Hubcap and the Centennial projects are situated adjacent along the geological trend of the gold mineralization that has been extensively drill tested by Red Pine (Figure 2).
Figure 1: Map showing the Echum and Hubcap properties and Their Location in Relation to the Properties of Red Pine and Alamos
Asset and Area Highlights
Each project is adjacent to an active, large scale gold exploration/development project
The projects host historic gold mineralization
Echum, the northern property, covers the extension of geological host rocks that occur on the adjacent Alamos Island Gold Mine property
Hubcap, just south of the town of Wawa and located immediately south and southwest of Red Pine, covers the extension of the geological trends on the Red Pine property, starting approximately 1200m from their historic Darwin Grace gold mine. Just east of the Hubcap project is the Centennial Project where underground mine work was last undertaken in the 1930's. The project was first mined around 1900
Only two drill holes have been drilled on the entire property position in the past 6 years
The Company is working to leverage all existing data sets and work by neighbouring companies to allow the Company to vector in on the best exploration targets in a timely and cost-effective manner
Exploration work on Echum will include line cutting, geophysics, prospecting and geological mapping in this phase and work on Hubcap and Centennial will include line cutting, geophysics, prospecting, trenching and channel sampling, all in advance of a follow-up drilling program that will be planned based on this phase of work.
The projects have excellent proximity to infrastructure that includes roads, highways (including Trans Canada Highway), town of Wawa, airport, water, power, mining aware population and a mining labour pool
The properties cover more than 750 mining claims over a total of 16,048 hectares
Figure 2: CEO Paul Wood and VP Exploration Bruce Durham examining strong carbonate and quartz veined outcrop on Hubcap project June 2024.
BTU CEO Paul Wood commented; "We are excited to be moving forward with our exploration plans in Wawa and to now be in a position to commence field operations on all three projects. We were recently on site and have confirmed that previous work on the projects, which included surface exploration, drilling and, in the case of the Centennial project, mining, these are projects that are known to host gold mineralization which in places is similar to the gold mineralization now being exploited and explored by our neighbors. We feel the projects offer real potential for the discovery of significant gold mineralization in an excellent location and jurisdiction. We are funded to start the work and exploration will continue through late this year. Kinross is continuing to progress early exploration work at our Dixie Halo project adjacent to their world class Great Bear project under the terms of the 2023 Exploration Option Agreement."
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.
About BTU
BTU Metals Corp. is a junior mining exploration company looking to acquire high quality exploration projects to add to its portfolio for the benefit of its stakeholders. The Company's main assets are the Dixie Halo Project located in Red Lake, Ontario immediately adjacent to the Great Bear Project and the recently acquired gold properties in the active Wawa gold district. The Company has no debt, no significant property obligations and maintains a cash balance of approximately $1.5 million.
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company is forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: risks relating to the global economic climate; dilution; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. The Company has also assumed that no significant events occur outside of the normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
