BTU Metals Corp (CVE:BTU) (OTCMKTS:BTUMF) revealed Tuesday that drilling will restart at its flagship Dixie Halo property in Red Lake this month to focus on several high-priority gold targets.
In a statement, the junior, which has over C$2 million in cash, set out its exploration plans for 2021, which also includes a 3D geochemical-geophysical interpretation of the TNT polymetallic target, expected early in the year.
READ: BTU Metals reveals visible gold in drill core from Dixie Halo property in Red Lake
BTU's main asset covers 19,723 hectares and is contiguous with, and surrounds the well-known gold explorer's Great Bear Resources' (CVE:GBR) (OTCMKTS:GTBAF) (FRA:0G6A) Dixie project. Drilling will restart in January and focus on various well spread-out gold targets in the central and northeast portions of the property, the firm said.
Chief executive Paul Wood noted that last year had been busy and seen steady progress for the company despite the challenges of the COVID-19 pandemic.
"We have been very active on the ground, collecting extensive data through drilling, sampling, and geophysical surveys - consequently, we saw some of our most promising results to date including visible gold in a recent drill hole," he said.
"We start the year with one of our strongest cash positions in our history and are excited to follow up on a number of high-priority gold targets, as well as getting back to testing the TNT target to take advantage of an expert's geochemical-geophysical 3D interpretation of the polymetallic system."
On December 7, BTU announced it had found visible gold in one hole on the northern portion of the project in an area where till sampling results over the last year had identified several gold grains. Numerous other targets are now slated for testing in this area in the first quarter drilling.
In addition, further results from 2020 till sampling program are expected early in the new year, along with assays from five holes logged, cut and at the lab, including one hole with visible gold.
The famous Red Lake mining area saw much activity last year, including the purchase of Newmont Mining assets by Evolution Mining Ltd (ASX:EVN) (OTCMKTS:CAHPF) (FRA:WE7), and the advancement of several properties toward commercial production.
Great Bear Resources' gold discoveries have 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.
Shares nudged up around 3% in Toronto to C$0.17 each.
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Contact the author at giles@proactiveinvestors.com
