BTU ACCELERATES GALWAY AGREEMENT TERMS - ASSUMES 100% OWNERSHIP OF PROJECT LOCATED IN GALWAY, IRELAND
May 22nd, 2018, Vancouver, BC, Canada – BTU METALS CORP. (“BTU” or the “Company”) (BTU-TSX:V) is pleased to report it has accelerated terms of the agreement to purchase Gold Note Ltd., holder of the Company's flagship Galway project located in Galway, Ireland. BTU now owns a 100% interest in the 160 square kilometer project.
The Company has recently completed ground geophysical surveys and the analysis of both the Tellus airborne survey data and the new ground surveys. The results of field work coupled with the geophysical data point towards an interpreted multiple vein-type structures in this Dalradian formation on the Galway gold project. Additionally, recent field work has yielded samples up to 49 g/t Au (grab sample at Lee), 41 g/t Au (float sample at Glenlusk) and 26 g/t Au & 4.8% Cu (grab and channel samples at the Escarpment Prospect). These three areas: Lee, Glenlusk and the Escarpment are targets for near term drilling. (Note samples may not be interpreted to reflect grades throughout the property).
BTU has funding in place for the previously announced drill program which the Company expects will commence in the very near future. Permitting application work is in process and drilling contract bids are currently being evaluated.
Agreed upon terms for the acceleration of the agreement (See PR dated July 5th, 2017) call for a final cash payment of $150,000 and the issuance of 600,000 BTU shares. The Company now, via the purchase of Gold Note Ltd., has 100% control of the Galway project free and clear.
BTU is pleased to finalize the Gold Note transaction and secure clear title to the Galway Project in advance of executing its imminent drill program.
Doug Hunter, P.Geo, is the qualified person as defined by National Instrument 43-101 who has examined and described the mineral occurrences within BTU Metals Corp. Irish prospecting licenses and is responsible for reviewing and approving the technical contents of this press release.
About BTU Metals Corp
BTU Metals is a Canadian-based junior exploration company focused on developing its Galway Gold project located in Ireland and the Shakespeare Gold project in Ontario. For more information on BTU Metals Corp. please visit our website located at www.btumetals.com.
ON BEHALF OF THE BOARD
Paul Wood, CEO, Director
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FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).Back to Related News