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BTU Metals Corp. (TSXV:BTU) is a highly-prospective gold exploration company focused on developing its Galway gold property located in the Republic of Ireland. BTU Metals acquired an option for a 100-percent interest in the Galway project in mid-2017, following extensive due diligence, during which the company collected high-grade, multi-ounce samples have been taken.
The Galway project sits within a Dalradian formation of the same sort that hosts the Dalradian Resources (TSX:DNA) Curraghinalt project with 2.3 million inferred ounces and 2.07 million indicated ounces of gold. Due to the similarity of the projects, BTU Metals is in the process of implementing Dalradian’s exploration model to its own property, focusing first on the exploration and development of the Lee occurrence, which produced grab samples of 49.6 g/t and 7.25 g/t gold.
The Republic of Ireland is listed by the 2016 Fraser Institute ‘Survey of Mining Companies’ as the most favorable jurisdiction for policy perception and as the ninth most attractive jurisdiction for mining investment overall. The country is supported by excellent infrastructure in the form of an extensive road network, available power and water, and a skilled workforce with technical expertise. It is also starting to see new emerging projects in the region, including the Pallas Green zinc project and the Dalradian gold project.
BTU Metals is led by an experienced management team with deep knowledge of the region and valuable local relationships. The company also has notable support from a savvy geological consulting organization, which also helped move Dalradian Resources through their exploration initiatives.
Outside of Ireland, BTU also has an option for 100 percent of the Shakespeare gold property located in the Sudbury Mining Division in Ontario, Canada. The property hosts a past-producing mine which saw 2,959 ounces of gold produced between 1905 and 1948. The company is in the process of extending the drilling footprint on the property with a 1,000-meter, four-hole drilling program.
- Flagship property located in safe and stable jurisdiction of the Republic of Ireland: most preferred jurisdiction for policy perception and ninth globally for overall investment
- 160-square-kilometer flagship property following exploration model used by Dalradian Resources for nearby project with indicated and inferred resource of 4.4 million ounces of gold
- High-priority Lee occurrence with grab sample results of 49.6 g/t gold and 7.25 g/t gold
- Additional past-producing gold property in Shakespeare, Ontario currently in exploration stage
- Experienced management team with deep local knowledge holds 15 percent to 20 percent of shares
Flagship Project: Galway Gold Property
The Galway property is made up of six contiguous claims that collectively measure 160 square kilometers. It is located in the central region of the Republic of Ireland, 45 kilometers northwest of Galway.
The property sits within Dalradian supergroup metasediments, a type of formation which also hosts the Dalradian Resources Curraghinalt gold deposit with a mineral resource of 2.3 million inferred ounces and 2.07 million indicated ounces of gold. As the Galway project is showing significant similarities to the Curraghinalt project, BTU plans to implement Dalradian’s exploration model as they move forward with the development of the property.
The Galway property has a number of potential target zones and occurrences that are associated with shear zones and fault structures. These include the five primary focus areas that BTU has identified based on field work conducted by the previous proprietor in 2015 and due diligence work conducted in June 2017: Lee, Glenlusk and the Eastern Escarpment, Clements Mine and Kilmeelickin.
The Lee occurrence is BTU’s high-priority target for exploration and development. In the 1980s, boulders discovered within the zone by Ovoca Gold Exploration returned values of 195 g/t gold and 240 g/t gold. Ovoca also conducted trenching in breccia that contained gold values of up to 12 g/t gold. In situ results on the property ranged from 1.5 g/t gold and 66 g/t gold and also presented values of 141.4 g/t silver.
As part of due diligence activities conducted prior to the acquisition, BTU collected grab samples from the Lee occurrence that returned high-grade results of 49.6 g/t gold and 7.25 g/t gold.
In November 2017, BTU launched its first ground program on the property, during which they have conducted mapping, sampling, prospecting and geophysical surveys. As part of this program, the exploration team identified a new vein just 250 meters away from the existing Lee vein and have also outlined another structure that shows potential for being another vein.
Recent ground and air geophysics has identified an interpreted vein-type structure. This, together with the high grade samples and wide-spread soil anomalies over a 1 kilometer zone all point to a geologic setting similar to that which led to the discovery of the important Curraghinalt deposit in Northern Ireland
The Eastern Escarpment occurrence is on the eastern portion of the property, on an escarpment area to the east of Glenlusk, and hosts a 3,000-foot anomalous gold and copper zone, which includes strike lengths of up to 120 feet and average grades of 1.1 percent copper and 5.6 g/t gold. Trench samples from historical exploration conducted in 1988 range from 0.5 g/t gold to 73 g/t gold and drilling from that period returned results of 1.5 meters of 15.2 g/t gold, 4.2 meters of 6.2 g/t gold and 2.7 meters of 7.8 g/t gold.
As part of their due diligence, BTU also collected grab samples from the Eastern Escarpment occurrence, and saw results of 26.3 g/t gold and 3.73 percent copper.
The Clements mine is a past-producing mine located on the Galway Gold trend. The property hosts massive sulphides with maximum values of 0.5 percent copper, 22.5 percent lead and 5.2 percent zinc. Results from the zone include 2.2 g/t gold and 68 g/t silver, as well as 8.5 g/t gold from a vein trending to the northwest.
The Glenlusk area is a prolific area with a number of gold occurrences. Sample results from the region include 10.1 g/t gold in pyrite veinlets, 5.06 g/t gold from massive pyrite with minor quartz, and 2.37 g/t gold from a vein of pyrite quartz with cross-cutting sulphide veinlets.
The Kilmeelickin area hosts a breccia zone with lead, zinc and barium. Samples from the zone have shown values of up to 18.3 percent lead, 9.7 percent zinc and 0.1 g/t gold.
Moving forward, BTU will continue exploration on the property to help identify the grade and scale of the deposits. Focusing first on the Lee occurrence, BTU will continue conducting further prospecting, sampling, mapping and drill target identification. The company recently announced a 1,000 meter drill program at Lee. The technical team is spotting up to six drill holes targeting the exposed Lee vein and to test along the length of the soil and float anomaly. These drill holes are designed to confirm the structural interpretation of the known mineralization and to test for additional veins.
Additional Property: Shakespeare Gold
The 528-hectare Shakespeare gold project is made up by 9 contiguous mining claims located in Southwestern Ontario, in the Shakespeare township. As part of the Sudbury Mining Division, the region is a renowned mining jurisdiction with ease of access and the project is located 300 meters south of the Murray Fault structure.
The past-producing project delivered 2,959 ounces from 8,599 tons between 1905 and 1948. Since then, in 1950, Perron Gold Mines conducted additional drilling and reported assays of up to 39.8 g/t gold over 1.28 meters.
In 1979, sampling was conducted in the western part of the mine zone. Results from this program included results of 1.12 to 1.85 ounces of gold per ton over an average width of 3.5 feet. Lastly, in 2014, GeoNovus conducted 371 meters of drilling in three holes. The highest intersection from this program was of 15.3 g/t gold over 4.0 meters, including 48.8 g/t gold over 1.0 meter.
In November 2017, BTU launched its drill program on the property, with the goal of drilling 1,000 meters across four holes, extending the footprint of past drill programs and allowing the company to test the IP chargeability anomalies on the property at depth.
Paul Wood—CEO and Director
Paul Wood has led and executed numerous transactions across the globe in minerals exploration and in other sectors. With a background in company formation, transaction structuring and M&A, he has a reputation for successfully driving projects to completion in multiple jurisdictions including Canada, USA, Europe, China, Japan and Africa. His background, networks and skill sets will serve BTU very well as we lever the strengths of this decidedly strong team as it embarks on its exploration and initial drill program in the Republic of Ireland. He received a BA from Dalhousie University and his MBA from University of Toronto Rotman.
Mike England—President and Director
Mike England has been involved in the public markets starting in 1983 working on the floor of the Vancouver Stock Exchange as a floor trader after successfully completing the Canadian Securities, Options and Futures Courses. Since 1995 he has been involved directly with public companies serving various roles including investor relations, CEO, directorships and presidencies and has raised in excess of $40 million to date for exploration and acquisitions.
Don McKinnon—VP of Exploration
Don McKinnon has been involved in the mining exploration industry since a very young age. Son of Don McKinnon Sr., of Hemlo fame, he has been actively exploring mining properties in Ontario and internationally. This includes having been involved in managing all aspects of exploration from property acquisition and grass roots exploration, to seeing projects through to the development stage. He also has an extensive network of business associates throughout Canada as well as internationally.
Dennis Logan is a Chartered Professional Accountant (CPA, CA) and received both his BA and his MBA from the University of Toronto and received his Chartered Accountant designation in 1996. He is a former Director and Chief Financing Officer for Almonty Industries Inc. (September 2011 to March 2017), a TSXV listed company. Prior to joining Almonty in 2011, he spent 15 years in Canadian Capital Markets Industry where he held a number of senior management positions including Managing Director, Investment Banking at Desjardins Securities Inc. from 2007 to 2011 and Director, Investment Banking at Westwind Partners Inc. and Partner at Loewen Ondaatje McCutcheon Limited and Executive Director, Investment Banking at CIBC World Markets. He is a Director and Chair of the Audit Committee of Eurocontrol Technics Group Inc., a TSXV listed company, and former Director of Pinetree Capital Ltd., a TSX listed company.
Douglas Hunter, MSc, P.Geo—Director
Douglas Hunter has worked continuously in mineral exploration and mineral deposit evaluation professionally for the past 40 years. He is an Ontario registered professional geologist (APGO, 2002) and has been a member of the PDAC since 1977. He began his career with the Ontario Department of Mines and moved into industry in the mid 1970’s. He has exploration management experience with both junior and senior mining companies throughout the world with a focus on gold and base metals. He is a co-founder and was senior officer (vice-president, exploration and director) of two publicly trading companies; Wallbridge Mining Company Limited and Duluth Metals both of which were listed on the Toronto Stock Exchange (TSX). Wallbridge was awarded in 2004 the Prospectors and Developers Association of Canada E3 award (Environmental Excellence in Mineral Exploration).
Richard O’Shea brings over 20 years of experience in the mining and exploration sector, most recently as CEO and Director of Unicorn Mineral Resources Limited, a Private Company founded in 2010, which is exploring for Copper, Lead and Zinc in Ireland. Previously he was a Director on the board of Ovoca Gold Plc from 2003 to 2007 where he served as CEO of the company. Ovoca is listed on the AIM Market in London (OVG.L) and also the Irish Stock Exchange (OVX.IR). Ovoca is an Exploration Company currently exploring for Gold and precious metals in Russia but was also the Company that explored the Galway region in the 1980’s where BTU has its licences currently. His depth of experience and history with the properties will be of great value to the company. He is based in Ireland and prior to his executive roles in the mining industry, practiced as an engineer.
Twila Jensen will act as an independent director for the company. She has over 15 years of experience working in the capital markets and has extensive experience in marketing. She has worked with hundreds of public companies in various sectors, and her passion lies in sales and marketing with a focus on strategy.