BTU Metals Corp (CVE:BTU) (OTCPINK:BTUMF) has told investors it will be drill testing two potential base metal targets this month at the TNT copper silver gold discovery at the company's flagship Dixie Halo property in Ontario as it updated on exploration and the result of surveys at the Red Lake property.
BTU's main asset covers 19,723 hectares (Ha) and is contiguous with, and surrounds Great Bear Resources' Dixie project.
"The conclusion of our geochemical and geophysical review of the TNT mineralization over the course of the winter has revealed several compelling targets on both the southeastern part of the immediate TNT area as well as on the recently optioned BTU Pakwash North property," noted BTU CEO Paul Wood in a statement.
READ: BTU Metals starts exploration work on newly-acquired 3,000-hectare land package in Red Lake
"Specifically, we have identified and refined the location of a pair of conductive targets near the southern limit of our database for the TNT area. We will be drill testing those targets this month," Wood said.
Winter geophysical surveys had also successfully identified new targets on the Pakwash North property that also warrant drill testing, the company boss added.
In March, 2021, BTU announced that it had struck a deal with GoldON Resources Ltd (CVE:GLD) (OTCMKTS:NCMBF) (FRA:6NR2) to earn up to 80% of the neighboring 3,000 ha Pakwash North property, which sits next to the east and southeast boundaries of the Dixie Halo asset.
Wood also noted that since re-starting its drill program in the general northeast corner of the Dixie Halo property, where the company shares a long property boundary with Great Bear not too far from Great Bear's interpreted location of the extension of the LP Fault structure, BTU has completed ten holes for 2,873 metres (m).
"Alteration and quartz veining has been observed in all holes and pyrite arsenopyrite mineralization has been found in two areas 800m apart along the same structure - some of these samples are already in the lab and we expect the remaining samples to be shipped to the lab in short order," added Wood.
BTU also noted that its exploration at Red Lake remained "largely on schedule with no major disruption due to the COVID-19 government guidelines".
Contact the author at giles@proactiveinvestors.com