BTU Metals provides update on exploration work on Dixie Halo Project

BTU METALS announces updates on the exploration work completed on the Dixie Halo Project optioned to Kinross Gold Corporation. Kinross holds their interests in the area in a wholly owned subsidiary Great Bear Resources. The Company’s Dixie Halo project is a strategic, large land position adjacent to the world class Great Bear gold deposit southeast of the main Red Lake Gold camp area in northwestern Ontario. The Dixie Halo Project is located adjacent to Kinross’ Great Bear project where Kinross has budgeted $85 million for 2024 for the continuing exploration and development of what they refer to as a world class gold deposit. Kinross continues to expand the envelope of the known gold mineralization down-dip and along strike and they have also announced plans to explore outside the known mineralization this year. Kinross recently announced deep drill hole results on the Great Bear Project that included an intersection of 389.57 g/t gold over a 4.4 m core length. A state-of-the-art airborne magnetic survey was completed in late 2023 using the same contractor and the same airborne geophysical system as was used at the Great Bear project to provide a seamless, consistent high-quality airborne magnetic dataset to generate a solid base for updated geophysical interpretation and geological correlation across the Great Bear and Dixie Halo projects. Detailed interpretation of the data is ongoing. GBR is continuing work under the Option Agreement including an ongoing program of re-logging and sampling of all of the BTU drill core using its ever-expanding experience and geological knowledge they have amassed in relation to the gold mineralization at the Great Bear project. GBR will use the sampling protocols used at Great Bear to provide a more comprehensive and complete understanding of the geology and alteration on the Dixie Halo project and to provide an expanded basis for the correlation of geological units and alteration throughout the area. GBR plans to complete a geological review and sampling of various outcrop areas of interest on Dixie Halo including some of the areas worked in the past by BTU. As the various review, relogging and sampling results are received and compiled by GBR, an initial core drilling program will be planned and GBR expects to be in a position to execute an initial drill program once it has secured an exploration permit from the Ontario government. Under the option agreement GBR is required to spend not less than $2.7 million over the first three years and a total of $4.7 million to earn a 70% interest in the Dixie Halo property. The BTU-GBR option agreement closed on February 22, 2023.