BTU Metals Corp (CVE:BTU) (OTCPINK:BTUMF) said it was looking forward to receiving lab results after the completion of drill hole BTU-21-66 in the TNT target area, which was drilled to 589 meters on its Dixie Halo property, in the famous gold mining area of Red Lake, Ontario.
The Vancouver-based junior exploration company said the hole is currently being “logged, cut, and samples are being sent for fire assay (gold) and geochemical analysis (multi-element).” Of the 10 drill holes targeting gold in the recently completed program, all have now been logged, and all but two have been sampled and are in the lab for analysis, said the company. Samples from the remaining two holes will be in the lab for analysis shortly.
READ: BTU Metals commences drilling new high priority targets at TNT area on Dixie Halo properties in Ontario
In a statement, BTU Metals CEO Paul Wood said: "We are looking forward to receiving lab results from our most recent drill program, particularly from the holes which intersected the arsenopyrite-bearing structure which appears to be structurally connected to the LP Fault and that could be a splay off of it.”
“The drill will be turning again in short order on a number of our already identified targets, and we continue to identify more prospective targets on Dixie Halo, one of the most extensive land packages in Red Lake as the exploration team combs through more of our now 230 kilometers (km) of claims."
Drill holes BTU-21-56 to BTU-21-65 were drilled in the Dixie Creek northeast corner targeting gold mineralization. The company noted that Dixie Creek area is ‘up-ice' from several high gold-grain-in-till anomalies, many of which have “a high proportion of pristine gold grains indicating a potential bedrock source is nearby.”
According to BTU, the area is also on trend with Great Bear Resources' LP Fault gold discoveries, where they recently reached 300 reported drill holes and are spending $45 million on exploration this year.
Sulphide mineralization and quartz carbonate veining was intersected in all holes. Arsenopyrite mineralization was intersected in holes BTU-21-58 to BTU-21-61, along a magnetic low trend that follows the Dixie Creek topographic lineament and extends into the LP Fault area. This structure has never been drill-tested before and every hole in it has intersected at least some arsenopyrite mineralization with the most extensive intersection of around 40 meters of pyrite-arsenopyrite in quartz veining coming in hole BTU-21-59.
“The presence of copper and zinc minerals in hole BTU-21-66 lends further support to the thesis that the system is a potentially Volcanogenic Massive Sulphide (VMS) system,” said the firm. The strongest geophysical targets from the TNT geochemical-geophysical study are on the Pakwash North property and plans are being made to drill these targets.
Fieldwork is underway on Dixie Halo and will continue to generate new gold exploration targets that will be drill tested later in the summer and into the Fall, said the company.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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