Defines New Priority VMS Style Copper Targets at TNT Area
Gold Assay Results Pending from Great Bear-Dixie Boundary Area
VANCOUVER, BC / ACCESSWIRE / April 30, 2020 / BTU METALS CORP. (“BTU” or the “Company”) (TSX-V:BTU) provides the following update on exploration activities and progress at its Red Lake Ontario projects. The Company’s exploration work remains largely on schedule with no major disruption due to the COVID-19 government guidelines. The Company continues to monitor this evolving situation and will adjust its activities and timelines as deemed appropriate.
BTU is actively pursuing copper-silver-gold volcanogenic massive sulphide (“VMS”) style mineralization at the TNT area while continuing to search for significant gold mineralization along the SW-NE structural trends across the extensive 200 km2Dixie Halo property including near its common boundary with Great Bear Resources Ltd. (“GBR”).
Paul Wood, BTU CEO, said, “After a successful 2019, early 2020 exploration program we understand much more about our two major target areas and have refined our high probability targets. We have now progressed to the next stage of exploration and are eager to build on our early success. The team is really looking forward to testing these new highly conductive targets at TNT in the coming weeks. On the gold program, evidence continues to build of a meaningful structure along the SW-NE trend towards Dixie Creek where we have assays pending”.
TNT Volcanogenic Massive Sulphide (“VMS”) Target
- Phase 1 and Phase 2 large loop Time Domain Electromagnetic (“TDEM”) survey work now complete
- Survey work included ‘down hole’ as well as large loop surface surveying
- Interpretation of the data shows several priority targets particularly in an area well to the south of the copper bearing sulfide mineralization located in discovery drill hole BTU-19-13 and drill hole BTU-20-25
- New targets are now drill ready and will be drill tested in the next month
- Drill holes BTU-20-26 to BTU-20-33 intersected varying amounts of strong alteration and sulphide mineralization (largely pyrite), several of which returned anomalous copper and precious metal values
- Drill hole BTU-20-41 (collared 200m south of, and 500m to the east of hole BTU-20-25) was recently completed and core logging, processing, and assaying are underway
Great Bear Resources Boundary – Dixie Creek Area
- Quartz carbonate veining, strong shearing as well as disseminated to near massive sulphide mineralization intersected in various drill holes
- Presence of regional scale, deep seated SW-NE structures reinforced based on magnetics, geology, drill core information, and ongoing interpretive work (Figure 1)
- Seven new drill holes (BTU-20-34 to 40) recently completed at the Dixie Creek gold target (southeast of the areas being evaluated by GBR) and other gold targets have now been logged and sampled and assay results are pending
Figure 1: Geological map of BTU Metals’ Dixie Halo property and Great Bear Resources’ Dixie property
Regional Scale Gold Potential in BTU SW-NE Structures
There are a growing number of indicators pointing to the presence of meaningful deep-seated structural trends on the Dixie Halo property (as summarized in Figure 1). New information, including information from recent drilling as well as regional and property wide geophysical survey data is providing support for the interpretation of the presence of more than one significant SW-NE trending structure on BTU property and also supporting the interpretation that these structures have the potential to host significant gold mineralization.
TNT New Drill Targets Defined
Downhole geophysical surveying coupled with surface data has enabled the Company to define targets for its upcoming drill program that will test the various TDEM targets outlined in the two phases of TDEM work. One of the best targets outlined in the TDEM survey work will be tested at a location roughly 1800 metres to the south of the drill hole BTU-19-13 copper silver gold discovery. The first hole to test this target will attempt to intersect the target at a depth of at least 400m as the interpreted top of the conductive body is thought to be at a depth of at least 300m. The target has a strike dimension of at least several hundred metres and a similar depth extent. The interpreted conductivity of this large target is significantly higher than the conductivity of other targets drilled in the area to date.
Figure 2: TDEM interpretation of the TNT Target area
The information in Figure 2 shows the locations of a number of untested, as well as only partially tested conductive targets that are of the quality (conductivity) that may be related to the presence of more massive or connected, conductive sulphide bodies.
BTU VP Exploration, Bruce Durham commented; “Our team has put forth a tremendous effort collecting, working with, and understanding, the volumes of new data collected in the first quarter of the year. We are excited to have our ‘state of the art’ TNT geophysical data collected and interpreted and are now ready to begin drill testing these new, high priority, quite conductive VMS targets. We continue to be careful to conduct all of our work in compliance with all COVID-19 guidelines and we look forward to less restrictive guidelines in the coming months as we begin the spring and summer field programs in Red Lake”.
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, 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).
SOURCE: BTU METALS CORP.
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