Overview
The Dixie Halo property is located in the prolific Red Lake Mining District in Ontario, Canada. The property is highly prospective for gold with geological features extending from Kinross’ contiguous Great Bear Project, which they acquired in 2021 for $C1.8B. Kinross is continuing with 11 drills on the Great Bear property and expected to release their initial preliminary economic assessment in 2024.
Kinross Transaction
In 2023, BTU entered into a series of transactions with Kinross where:
- Kinross purchased 100% of “Acquired From BTU” land in exchange for royalties and cash
- Kinross has option to earn 70% of “Optioned To Kinross” land over 4 years by spending $4.7M on exploration
- Kinross invested in BTU and now holds 17.5% of outstanding shares
Royalties
New royalties were created for BTU on land that was sold outright to Kinross. BTU retains buyback rights on royalties on the land that was sold outright and also retains buyback rights on the Dixie Halo project which Kinross is earning into through the option agreement.
| Property | Royalty | Buyback | Cumulative |
| GBR North | 2.5% NSR | 0.75% NSR | 3.25% NSR |
| GBR South | 1.5% NSR | 1% NSR | 2.5% NSR |
| Dixie Halo Central | - | 1% NSR | - |
| Dixie Halo SE | - | 1% GSR on base metals | - |
| Dixie Halo NE | - | 0.75% NSR | - |
Roadmap
2023
- High resolution aerial geophysical survey completed using same contractor and line spacing as Great Bear, and with a 200m overlap on Great Bear survey lines such that data sets can be merged.
2024
- Kinross relogging and resampling BTU drill core, reinterpreting results in context of knowledge from over one million meters drilled on their adjacent Great Bear property.
LOOKING FORWARD
- Bulk of $4.7M earn-in will be spent on drilling. Significant drill programs expected to begin in 2025.
Project Image Gallery
Site Visits
Drilling
Core Shack
Sampling
