- BTU Metals (TSXV:BTU) has finalized its acquisitions of two large gold exploration projects in the Wawa gold district in Ontario
- The acquisitions include the Echum gold project next to Alamos Gold (TSX:AGI) and the Hubcap Gold project next to Red Pine Exploration (TSXV:RPI)
- Each project spans areas of historic gold mineralization and have not had significant exploration in recent years
- Shares of BTU Metals are unchanged at $C0.03
BTU Metals (TSXV:BTU) has finalized its acquisitions of two large gold exploration projects in the Wawa gold district in Ontario.
In a news release, the company revealed the acquisitions include the Echum gold project next to Alamos Gold (TSX:AGI) and the Hubcap Gold project next to Red Pine Exploration (TSXV:RPI).
Each project spans areas of historic gold mineralization and has not had significant exploration in recent years.
“We are excited to have closed the acquisition of the Echum and Hubcap properties and now be in a position to get in the field on both projects,” Paul Wood, CEO of BTU Metals, said in a statement. “We are funded and intend to start exploration on the properties this month.”
BTU Metals previously entered into a property purchase and sale agreement with Kingsview Minerals where the company purchased a 100 per cent interest in and to 763 mining claims spanning approximately 16,048 hectares of land in the Sault Ste. Marie District of Ontario.
Consideration paid by the company upon closing was C$25,000 and 5 million BTU treasury common shares. The only remaining obligation of BTU Metals relates to undertaking net smelter royalties to Kingsview Minerals.
Highlights of the projects include:
- Each is adjacent to an active, large-scale gold exploration or development project
- Both host hostirc gold mineralization
- The Echum property covers the extension of geological host rocks that are found in the Alamos Island Gold Mine Property
- The Hubcap property covers the extension of the geological trends on the Red Pine Property and includes the historic Centennial Gold Mine
With headquarters out of Vancouver, BTU Metals is a junior mining exploration company that is focused on acquiring high-quality exploration projects. Its main assets are the Dixie Halo Project in Red Lake, Ontario, and the recently acquired Echum and Hubcap properties in the active Wawa gold district.
Shares of BTU Metals (TSXV:BTU) are unchanged at $C0.03.
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