BTU CAPITAL CORP. ACQUIRES GALWAY GOLD PROJECT IN THE REPUBLIC OF IRELAND
July 5th, 2017, Vancouver, BC, Canada – BTU CAPITAL CORP. (“BTU” or the “Company”) (BTU.H-TSX:V) is pleased to announce the signing of an option agreement to acquire a 100% interest the 16,640 hectare Galway Gold Project located in County Galway, Republic of Ireland.
The Galway Gold property is located 45km north of the city of Galway and has excellent access and infrastructure. The property has undergone substantial geological work with recent samples from the property returning 2.2 g/t Au, 5.06 g/t, and 6.3 g/t gold. Three large anomalous areas over a 13.2 km long trend have been identified and are believed to be related to the regional Maum Shear Zone. Historical and recent samples from this trend returned gold grades of 6.5 oz/ton in float and 66 g/t gold in outcrop.
The Galway Gold property has been targeted for orogenic and low-sulphidation mineralization and is located 145 km southwest of Dalradian Resources Inc. (TSX: DNA) high-grade Curraghinalt gold deposit.
Michael England, President of BTU Capital Corp. states: “The Company is extremely pleased to have entered into this agreement. Gold Note’s 100% owned project covers extensive areas of alluvial and bedrock gold occurrences within the Galway Trend; the potential for a significant discovery and the exposure for BTU is tremendous”.
BTU is planning an aggressive exploration programme to begin in August.
Terms of the deal call for cumulative cash payments of $240,000, share issuances of 1.4 million shares and perform $500,000 of work within 12 months. The property shall be subject to a 2% Net Smelter Return ("NSR") with the option by BTU to purchase 1.5% of the NSR (resulting in a 0.5% NSR) for $1,500,000 at any time after the Effective Date.
The transaction is subject to the approval of the TSX Venture Exchange.
Derrick Strickland, P. Geo, is a qualified person as defined by National Instrument 43-101 and is the independent qualified person responsible for reviewing and approving the technical contents of this press release pertaining to the Gold Note Galway project.
ON BEHALF OF THE BOARD
Michael England, President, CEO, Director
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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.
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