BTU Metals Corp. Acquires Two Gold Exploration Projects in Ontario

BTU Metals Corp. announced the purchase of two gold exploration properties, the Echum Gold Project and the Hubcap Gold Project, in the vibrant Wawa gold region of Northern Ontario. Both properties, placed close to significant gold mining activities, have historically shown gold mineralization but lacked extensive recent exploration.

The acquisition places BTU near established mines, including Alamos Gold Inc.'s Island Gold Mine and Red Pine Exploration Inc.'s project. The Echum property lies along the geological trend of Alamos, and the Hubcap property aligns with the trend at Red Pine. The historical Centennial Gold Mine is part of the Hubcap Project, emphasizing its mining heritage that dates back to the 1930s.

BTU plans to engage in swiftly initiated exploration activities, leveraging previous data and the geographic advantage offered by extensive infrastructure and the proximity of the mining-centered community of Wawa. This strategic acquisition supports BTU's portfolio growth in a region seeing consistent mining investment. BTU expects to begin exploration in Summer 2024.

The transaction involves a payment of CAD$25,000 and 5 million BTU treasury shares, with additional aspects concerning net smelter royalties. The completion of this agreement is subject to standard regulatory approvals, with finalizations expected within 60 days.