11:40 AM EDT, 03/13/2024 (MT Newswires) -- BTU Metals Corp. ( BTUMF ) reported Wednesday an exploration update on the Dixie Halo project in Ontario that was optioned to Kinross Gold Corp. ( KGC ) .

BTU said it completed an airborne magnetic survey at Dixie Halo in late 2023 while continuing work including the re-logging and sampling of all drill core. The company said it plans to complete a geological review and sampling of various outcrop areas in the project.

Under an option agreement, Kinross subsidiary Great Bear Resources Ltd. must spend not less than $2.7 million over the first three years and a total of $4.7 million to earn a 70% interest in Dixie Halo. The project is located near Kinross' Great Bear gold deposit.

"We are very pleased to be working with Kinross and the Great Bear project team as they carry on the exploration of the Dixie Halo project," BTU CEO Paul Wood said. "We are excited to be involved as they apply their expertise to continue the evaluation of the best places to explore on the Dixie Halo project."

BTU at last look dropped 20% in early Wednesday trading.

Price: 0.02, Change: -0.01, Percent Change: -20.00