Kinross Encounters Gold and Copper in Recent Drill Holes with Gold Values up to 6 g/t, Kinross Drilling to Continue on Dixie Halo
BTU shares fell to multi-month lows despite Kinross reporting strong drill results at its Fort Knox project.
Kinross Gold has completed Phase 1 of its 2026 drilling program on BTU Metals Corp.'s optioned Dixie Halo property in Red Lake, Ontario. The phase consisted of eight drill holes totaling 4,528.5 meters. Gold mineralization was encountered in every hole, with values ranging from less than 1 g/t to 6 g/t Au. Significant copper-silver intervals were also intersected, including trace to 0.530% Cu and 8.22 g/t Ag over 16 meters, and high-grade sub-intervals up to 8.41% Cu and 116 g/t Ag over 0.4 meters.
Kinross plans to recommence drilling later in 2026 to complete the originally planned 6,000–8,000 meter program, with Phase 2 targeting the TNT area. Separately, BTU Metals announced the commencement of its own initial approximately 1,200 meter drill program on the Hubcap and Centennial projects in the Wawa gold district. In an administrative update, BTU Metals stated it will delist from the OTCQB market and continue trading on the Pink Sheets as of August 31, 2026.
BTU Metals Corp. (BTU) reported drill results consistent with prior announcements and the expected progression of Kinross's earn-in agreement. The company had previously outlined a 6,000–8,000 meter program, and Phase 1 results confirm the presence of gold and base-metal mineralization.
The market reaction has been muted, with the stock trading at $0.04, well below its February 2026 high of $0.09. The announcement of BTU's own drilling in Wawa adds a secondary catalyst but remains within the expected 2026 work plan.
The OTCQB delisting to the Pink Sheets reduces market visibility and liquidity, which is a negative structural change not offset by the incremental drill data.
BTU Metals Corp. is a junior exploration company focused on acquiring and advancing high-potential gold and base-metal projects in Ontario's prolific Red Lake and Wawa districts. Its flagship asset is the Dixie Halo Project, in which BTU holds a 30% interest, with Kinross holding an option to earn up to 70% through a staged work program. The property is adjacent to Kinross's world-class Great Bear deposit.
The company also holds additional assets including Dixie East, which is 100% owned and adjacent to Great Bear, as well as Hubcap, Centennial, and Echum, all located in the Wawa district. BTU also holds royalties on nearby properties and the Great Bear Project. The company’s strategy involves low-cost land assembly, strategic partnerships with major producers, and leveraging geophysical and geochemical data to identify drill targets.