BTU Metals Corp. Announces Update on Dixie Halo Project with Kinross Gold Corporation

BTU Metals Corp. has released updates on the exploration activities at the Dixie Halo Project, which has been optioned to Kinross Gold Corporation. Located adjacent to the significant Great Bear gold deposit in northwestern Ontario, the project is undergoing developments to further explore the gold mineralization. Kinross, operating through its subsidiary Great Bear Resources Ltd., plans an extensive exploration program with a budget of $85 million for 2024. This aims at expanding their understanding and evaluation of the gold occurrences along the strike and down-dip, as well as exploring new zones of mineralization.

Recent milestones include a comprehensive airborne magnetic survey carried out by Geotech Ltd., employing the same advanced technology used at the Great Bear project. The survey aims to facilitate a detailed geophysical and geological interpretation across both the Great Bear and Dixie Halo projects. Ongoing work under the option agreement includes re-logging and sampling of BTU’s drill cores and a geological review of specific outcrop areas of interest.

Great Bear Resources expects to initiate a core drilling program following the collection and assessment of the survey data and upon securing necessary permits. To maintain their interest, GBR is mandated to invest a minimum of $2.7 million in the initial three years, with a total commitment of $4.7 million to secure a 70% stake in the Dixie Halo property.

In furtherance of their collaboration, BTU has received a $300,000 anniversary payment from GBR, contributing to BTU's cash reserves of approximately $1.7 million. This ongoing partnership underscores both parties' commitment to unlocking the potential value of the Dixie Halo Project and its surrounding areas.