MINING REFINING

BTU Metals to acquire two Ontario gold exploration projects

Wed May 08 2024

BTU Metals has announced the acquisition of a 100% interest in two gold exploration projects in the Wawa gold area of northern Ontario, Canada.

The company will purchase the Echum and Hubcap properties, which are adjacent to Alamos Gold and Red Pine Exploration, respectively.

Consideration for the acquisition includes C$25,000 ($18,201) and five million BTU treasury common shares.

Additionally, BTU has an obligation regarding assumption of four 2% net smelter royalties (NSRs) related to various parts of the property, with the option to buy down a percentage of three of these NSRs.

The fourth claim group does not have a buy-down provision but has a right of first refusal in favour of BTU, should the vendors opt to sell their NSR.

The deal is contingent on standard closing conditions, including corporate and regulatory approvals, and is expected to conclude within 60 days.

Source: https://www.mining-technology.com/