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BTU targets Great Bear territory

BTU Metals (TSX-V: BTU) is hoping to capitalise on what it believes is “one of the most strategically located” properties next to hot stock Great Bear Resources’ Dixie gold project in Ontario’s Red Lake district.
BTU targets Great Bear territory BTU targets Great Bear territory BTU targets Great Bear territory BTU targets Great Bear territory BTU targets Great Bear territory

BTU’s “strategically located” Dixie Halo project

Staff reporter

Great Bear's stock has skyrocketed of late on the back of its Hinge discovery plus backing from Rob McEwen, and the company told Mining Journal recently it had only started to "scratch the surface" at Dixie. 

"The new discovery has generated an online staking rush in the area with the company's Dixie Halo viewed as the closest to, and one of the most strategically located property positions in this emerging gold camp," BTU said.

It said it had mobilised staff for a site visit to Dixie Halo, which adjoined the northern and eastern boundaries of Great Bear's Dixie project.

BTU acquired the 10 claims in August for C$85,000 (US$65,000) in cash and 750,000 in shares over a four-year period, with the arm's length vendor retaining a 1.5% net smelter royalty.

BTU had a non-cash working capital deficit close to $150,000 (US$115,000) at July 31.

It also recently acquired the Burnthut property near First Mining's Goldlund project in Ontario.

The company has turned its attention to Canada while a legislative issue is being resolved in Ireland.

It recently put its planned drilling programme at Galway on hold after being informed by Irish regulatory authorities that "a legislative problem has been identified in the environmental screening determination of mineral exploration drilling applications" and there was an effective moratorium on new drilling permits.

Its shares were unchanged on Friday at C5.5c, towards the lower end of its 52-week range of 3.5-13.5c, capitalising it just over $2 million.