BTU Metals Corp (CVE:BTU) (OTCPINK:BTUMF) has started exploration on its recently-expanded land package in the Dixie Lake area in the famed gold district of Red Lake, Ontario, it said Monday.
The Vancouver-based firm revealed it has begun geophysical surveys just east of the TNT copper-silver-gold discovery from last year.
Just last week BTU acquired the option to earn up to an 80% interest in the 3,000-hectare Pakwash North property, which is adjacent to the east and southeast boundaries of its flagship Dixie Halo project.
In a statement, BTU said that studies indicate that the TNT area mineralization clearly has direct copper-silver-gold correlation similar to certain known high temperature base metal mineralization. Additionally, the mineralization is associated with strong alteration including some areas with sodium depletion and strong potassium enrichment.
Early work so far has identified several potential base metal type targets that warrant additional geophysical survey follow-up as well as follow-up drill testing depending on the survey results, BTU told shareholders.
BTU CEO Paul Wood told investors that the deal allows the firm to look more regionally for significant base metal and gold deposits.
“With our land position expanded to the east and with the thesis that the mineralization we found at TNT is largely footwall style mineralization and with the interpretation that stratigraphic tops are to the east, we can now work unrestricted near our Dixie Halo property boundary and well to the east on the Pakwash North property to see if there is a significant accumulation of base metal sulphides higher in the stratigraphy,” Wood said in a statement.
The firm is also in the midst of a 3,500 metre drill program on a 12 km structural trend targeting gold, Wood added.
BTU’s main Dixie Halo project covers 19,723 hectares 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 concentrations of gold) in various locations.
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Story by ProactiveInvestors
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