BTU Metals Corp (CVE:BTU) (OTCMKTS:BTUMF) said it has kicked off a 3,500 metre (m) 2021 drill program at its flagship Dixie Halo property in Red Lake, Ontario.
Paul Wood , the group’s chief executive, told investors the company is in a “strong financial position” and ”fully funded to commence and continue drilling for the first quarter”.
READ: BTU Metals cashed up and set to explore further at its flagship Dixie Halo property in Red Lake
“We are eager to immediately follow up on a number of high-priority gold targets we have been developing over the past several months over the SW-NE structural trend,” he said in a statement.
“The most recent gold in till results continue to expand our knowledge base on the extent of the gold in till anomaly in the east and northeast part of the property and we are excited to get back drilling in that area.”
BTU’s main asset covers 19,723 hectares (Ha) and is contiguous with, and surrounds the well-known gold explorer’s Great Bear Resources’ Dixie project
Four out of five drill holes completed in late 2020 returned anomalous (greater than 100 parts per billion (ppb) concentrations of gold) in various locations.
Notably, a number of new till sample results point to an untested area with potential to host gold in the northeast corner of the property, BTU highlighted, and it plans to undertake more work here too.
“One of the only drill holes completed in this area was BTU-19-01 which intersected strong sericite carbonate alteration, green mica, quartz veining and sulphide mineralization. The company anticipates completing additional work in this underexplored area of the property,” it said.
The famous Red Lake mining area saw much activity last year, including the purchase of Newmont Mining assets by Evolution Mining Ltd, and the advancement of several properties toward commercial production.
Great Bear Resources’ gold discoveries have also established significant new areas and styles of gold mineralization, which could rewrite the geology of the area that has already produced nearly 30 million ounces of gold.
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Story by ProactiveInvestors
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