BTU Comments on Proposed Kinross-Great Bear Resources Transaction

Rhea-AI Summary

BTU Metals Corp. has expressed congratulations to Great Bear Resources Ltd. on its acquisition by Kinross Gold Corp. for about $1.8 billion. BTU shares a 35km boundary with Great Bear and is actively exploring its own Dixie Halo project in Ontario. CEO Paul Wood noted that increased activity from major producers highlights the potential for gold in the Red Lake area. BTU recently completed ten drill holes and plans to resume drilling in the new year. The company aims to capitalize on the growing interest in gold mineralization in the region.

Positive

• BTU shares a favorable 35km boundary with Great Bear, increasing potential exploration synergies.
• Active drilling campaigns ongoing, with ten holes recently completed, indicating continued exploration momentum.
• Increased recognition of potential gold production in the Red Lake area by tier-one producers could enhance investor interest.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / December 9, 2021 / BTU METALS CORP. ("BTU" or the "Company") (TSXV:BTU)(OTCQB:BTUMF), in reference to yesterday's news of Kinross Gold Corp. agreeing to acquire all of Great Bear Resources Ltd., congratulates the entire team at Great Bear. Management has done great work on their Dixie Gold project in the Red Lake camp, Ontario. Their efforts have been ground-breaking, and its efforts have clearly benefitted all stakeholders.

BTU continues to explore for gold across its ~230km² property that shares a 35km common boundary with Great Bear Resources Ltd. ("Great Bear").

Fig 1 Map showing BTU >35 km common border with Great Bear Resources

Paul Wood, CEO of BTU states "The proposed acquisition of Great Bear by Kinross for approximately $1.8 billion follows Barrick's announcements of transactions with Dixie Gold and Red Lake Gold, adjacent or proximal to the BTU Dixie Halo property. Clearly the tier one producers are recognizing the tremendous prospectivity for gold mineralization and gold production potential in the underexplored parts of the Red Lake area. We have just completed 10 holes on widely spaced targets, the core is being logged and samples will be sent to the lab shortly. Drilling will resume in the new year at both the Pakwash North (TNT) project and at Dixie Halo".

BTU Metals Corp. is a junior, mining exploration company focused on its Dixie Halo project located in Red Lake, Ontario.

Bruce Durham, P. Geo., a qualified person as defined by National Instrument 43-101 has reviewed and approved the technical information in this press release.

ON BEHALF OF THE BOARD

"Paul Wood"

Paul Wood, CEO, Director
pwood@btumetals.com

FOR FURTHER INFORMATION, PLEASE CONTACT:

Andreas Curkovic, Investor Relations
+1 416-577-9927
BTU Metals Corp.
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: BTU Metals Corp.

View source version on accesswire.com:
https://www.accesswire.com/676858/BTU-Comments-on-Proposed-Kinross-Great-Bear-Resources-Transaction

FAQ

What is the significance of the Kinross acquisition of Great Bear Resources for BTUMF?

The acquisition signifies growing recognition of gold potential in the Red Lake area, benefiting BTU's proximity to Great Bear.

How is BTU Metals Corp. progressing with its exploration activities?

BTU has completed ten drilling holes and plans to resume drilling activities at its Dixie Halo project in the new year.

What is the size of BTU's property in relation to Great Bear Resources?

BTU owns approximately 230 km² of property that shares a 35 km common boundary with Great Bear Resources.

What are the future prospects for BTU Metals Corp. following this news?

The positive market sentiment towards gold discovery in the region could enhance BTU's exploration efforts and investor interest.