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960.40m of 0.39% CuEq, 452m of 0.46% CuEq, 121.50m of 0.55% CuEq, 8.0m of 1.21% CuEq and 64.73m of 0.61% CuEq
Vancouver, BC – July 25, 2024 – Brixton Metals Corporation (TSX-V: BBB) (OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce its first drill results of the 2024 season from its wholly owned Thorn Project located in NW British Columbia, Canada. The 2880 square-kilometer claim group is located within the traditional territory of the Tahltan First Nation and the Taku River Tlingit First Nation. The Thorn Project is an underexplored copper-gold porphyry district with 16 large scale exploration target areas identified. Brixton is currently drilling with two rigs until the end of the season. Ground MT geophysical surveys at the North Copper Target and Cirque Copper Target are now complete and geochemical surveys, prospecting and mapping are ongoing.
Highlights
- Copper dominant porphyry mineralization starts at 314.5m depth in hole THN24-290 which ended in mineralization at 1564m depth and remains open in all directions
- Important higher-grade sub-intervals yield broad zones of Cu-Au-Ag-Mo mineralization as:
- 40m of 0.21% Cu, 0.06 g/t Au, 2.71 g/t Ag, 279 ppm Mo or 0.39% CuEq
- 00m of 0.28% Cu, 0.08 g/t Au, 3.39 g/t Ag, 272 ppm Mo or 0.46% CuEq
- 50m of 0.30% Cu, 0.08 g/t Au, 3.59 g/t Ag, 294 ppm Mo or 0.49% CuEq
- 50m of 0.35% Cu, 0.14 g/t Au, 6.27 g/t Ag, 184 ppm Mo or 0.55% CuEq
- 00m of 0.72% Cu, 0.25 g/t Au, 33.99 g/t Ag, 246 ppm Mo or 1.21% CuEq
- 73m of 0.32% Cu, 0.04 g/t Au, 2.58 g/t Ag, 461 ppm Mo or 0.56% CuEq
- 73m of 0.39% Cu, 0.07 g/t Au, 3.11 g/t Ag, 389 ppm Mo or 0.61% CuEq
- Hole THN24-290 significantly increases the volume of mineralized porphyry at Camp Creek
Vice President of Exploration, Christina Anstey stated, “We are delighted to report on these exceptionally broad copper intervals from the initial drill results of our fully funded 2024 season at the Thorn Project. We are looking forward to receiving results for two additional deep holes, 291 (assays pending) and 294 (currently drilling) at Camp Creek, which were planned as northwest step outs from previous drilling as well as three completed drill holes at the Cirque Copper Target (assays pending), located 3km east from the Camp Creek Target area.”
Figure 1. Thorn Project Location Map with Copper Geochemistry.
Figure 2. THN24-290 Cross-Section and Plan Map for Camp Creek at -400m below sea level.
Table 1. Select Assay Intervals for Camp Creek Drill Hole THN24-290.
HQ and NQ size core samples were cut in half and sampled predominantly at 2.0m intervals. The true width of the mineralized intervals have not yet been determined.
Copper Equivalent (CuEq) is calculated based on US$ 4.02/lb Cu, US$ 2105.6/oz Au, US$ 25.16/oz Ag, $US 20.99/lb Mo. These prices represent the approximate Metal prices and calculations assume 95% metal recoveries.
CuEq % = (Cu % + (0.764485* Au g/t) + (0.009134 * Ag g/t) + (0.000523 * Mo ppm)) * 0.95
Discussion
THN24-290 was collared from the same pad as THN23-277 and was drilled at an azimuth of 325 degrees with a dip of -78 degrees to a total depth of 1564.00m. The objective of hole THN24-290 was to test below hole 277 from 2023 that failed to reach target depth due to ground conditions. THN23-277 was planned to test for a high-grade part of the porphyry system at Camp Creek while infilling a large gap of nearly one square-kilometer between previous drill holes. Hole 290 was successful in extending Cu-Au-Ag-Mo mineralization both laterally and to depth in this area with meaningful higher grade sub-intervals within the 1249.50m of mineralization drilled. Porphyry mineralization is hosted in the Cretaceous aged diorite Porphyry X unit, a crowded plagioclase porphyry characterized by well-defined stacked biotite, a feature typical of mineral-related porphyry phases. Mineralization is also hosted within Triassic Stuhini Group sedimentary rocks, which are intruded by the porphyry phases. Mineralization consists dominantly of chalcopyrite, molybdenite and pyrite as disseminations, fracture fill and within porphyry-style veins. Pyrite is dominate in the upper part of the hole as it gives way to increased chalcopyrite and molybdenite with increasing depth. Alteration assemblages transition from advanced argillic at surface, into a pronounced zone of strong phyllic alteration and ultimately into potassic assemblages around the core of the system. Higher-grade mineralization typically occurs around the -400m below sea level. At this level hole THN24-290 is spaced 440m east from previously reported hole 184, 350m west from hole 261, and 300m south from hole 221 (see plan map in Figure 2) and constitutes a significant step-out from previous drilling.
Figure 3. NQ Core-photographs of Mineralization Styles Observed in THN24-290.
Table 2. Collar Information of Hole THN24-290.
| Hole ID | Easting | Northing | Elevation (m) | Azimuth | Dip | Length (m) |
| THN24-290 | 628137 | 6491799 | 772 | 325 | -78 | 1564 |
Figure 4. Strip-Log of Hole THN24-290 for Cu-Au-Ag-Mo.
Quality Assurance & Quality Control
Quality assurance and quality control protocols for drill core sampling was developed by Brixton. Core samples were mostly taken at 1.0 to 2.0m intervals. Blank, duplicate (lab pulp) and certified reference materials were inserted into the sample stream for at least every 20 drill core samples. Core samples were cut in half, bagged, zip-tied and sent directly to ALS Minerals preparation facility in Whitehorse, Yukon or Langley, British Columbia depending on available lab capacity. ALS Minerals Laboratories is registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Samples were analyzed at ALS Laboratory Facilities in North Vancouver, British Columbia for gold by fire assay with an atomic absorption finish, whereas Ag, Pb, Cu and Zn and 48 additional elements were analyzed using four acid digestion with an ICP-MS finish. Over limits for gold were analyzed using fire assay and gravimetric finish. The standards, certified reference materials, were acquired from CDN Resource Laboratories Ltd., of Langley, British Columbia and the standards inserted varied depending on the type and abundance of mineralization visually observed in the primary sample. Blank material used consisted of non-mineralized siliceous landscaping rock. A copy of the QAQC protocols can be viewed at the Company’s website.
Qualified Person (QP)
Mr. Corey A. James, P.Geo., is a Senior Project Geologist for the Company who is a qualified person as defined by National Instrument 43-101. Mr. James has verified the referenced data disclosed in this press release and has approved the technical information presented herein.
About Brixton Metals Corporation
Brixton Metals is a Canadian exploration company focused on the advancement of its mining projects. Brixton wholly owns four exploration projects: Brixton’s flagship Thorn copper-gold-silver-molybdenum Project, the Hog Heaven copper-silver-gold Project in NW Montana, USA, which is optioned to Ivanhoe Electric Inc., the Langis-HudBay silver-cobalt-nickel Project in Ontario and the Atlin Goldfields Project located in northwest BC which is optioned to Eldorado Gold Corporation. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB, and on the OTCQB under the ticker symbol BBBXF. For more information about Brixton, please visit our website at www.brixtonmetals.com.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO
For Investor Relations inquiries please contact: Mr. Michael Rapsch, Senior Manager, Investor Relations. email: michael.rapsch@brixtonmetals.com or call Tel: 604-630-9707
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.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the use of proceeds. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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Source: Brixton Metals Corporation
VANCOUVER, BC – July 16, 2024 – Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “ Company ” or “ Brixton ”) is pleased to announce that it has entered into a definitive option agreement (the “Option Agreement”) with Eldorado Gold Corporation (“ Eldorado ”), whereby Eldorado has been granted the option to acquire 100%-ownership (the “Option”) of the Company’s Atlin Goldfields Project (the “Project”). The Project is a road accessible, 579 square kilometer mineral claim group located near the town of Atlin, British Columbia and is located within the traditional territory of the Taku River Tlingit First Nation. All dollar figures are in Canadian dollars, unless otherwise stated.
Highlights of the Option Agreement
- During the 5-year option period (the “Option Period”), Eldorado shall fund $1,000,000 in exploration expenditures per year beginning September 30 th , 2024, for an aggregate spend of $5,350,000; including an additional minimum commitment to fund $350,000 of exploration expenditures on or before September 30 th , 2024;
- Eldorado shall make cash payments to Brixton of $250,000 per year for aggregate payments of $1,100,000 during the Option Period; including an additional minimum payment of $100,000 within 10 days of signing the Option Agreement;
- In addition, at the end of the Option Period, Eldorado shall have the right to exercise the Option to acquire 100%-ownership of the Project by making a cash payment to Brixton in the amount of $7,000,000; where Brixton, at its election, may receive up to 50% of such payment in the form of common shares of Eldorado, subject to the prior attainment of the customary requisite regulatory approvals;
- Eldorado may, in its sole discretion, elect at any time during the option period to accelerate the payments or funding timetables for any of the earn-in requirements of the Option;
- Upon exercise of the Option by Eldorado, Brixton shall be granted a 1.0% (one percent) net smelter return royalty (“NSR”), with Eldorado retaining an option to purchase half (0.5%) of Brixton’s NSR for $2,000,000 prior to the commencement of commercial production at the Project; and
- During the Option Period, Brixton shall be the Operator of the Project with Eldorado approving all work programs and budgets relating to the Project. Eldorado will also work closely and support Brixton with respect to ongoing environmental monitoring and community engagement efforts.
Chairman and CEO, Gary R. Thompson stated, “We are delighted to have attracted Eldorado Gold, a well-established miner, to the Atlin Goldfields Project. We look forward to working with Eldorado in advancing this exciting gold project.”
Figure 1. Atlin Goldfields Project Location Map
About the Atlin Goldfields Project
The Atlin Goldfields Project is road accessible near the town of Atlin, BC and about a 2-hour drive from Whitehorse, Yukon. Since 2016, and over a 3-year period, Brixton has consolidated its wholly owned 579 square kilometer claim group with a focus on locating the hard rock source of the placer gold within the mining camp. The Atlin Goldfields Project covers several orogenic and intrusion-related gold targets. The Atlin gold camp has been producing gold for 125 years and is the second largest placer gold producer in British Columbia with a reported 600,000 ounces of gold produced between 1898 and 1945. An estimated additional 400,000 ounces of gold have been produced since the record keeping ceased in 1946 (Ash 2001). The two major placer producing creeks (Pine and Spruce) and many of the other productive creeks are located within the Atlin Goldfields Project. The Atlin gold camp holds the provincial record for the largest gold nugget, which weighed 2.6 kg (85 ounce) and was discovered on Spruce Creek (BCGS Paper 2017-1, p.179-193).
Brixton’s rock samples of coarse-grained quartz veins have returned values of up to 293 g/t gold from the LD Showing in 2017 and 53.60 g/t gold from the Union Mountain Showing in 2020. Historical diamond drilling at the Yellowjacket Target has returned up to 509.96 g/t gold (16.39 oz/ton gold) over 5.57m. Brixton’s drilling in 2023 returned 35.00m of 0.77 g/t gold including 19.00m of 1.34 g/t gold including 0.45m of 38.10 g/t gold at the Yellowjacket Target. In 2019, Brixton drilled 8.53 g/t gold over 2.00m at the LD showing.
The Atlin Goldfields Project is located on the margin of a deep-seated structural and terrane boundary. The Project is underlain primarily by Mississippian to Triassic-aged volcanic and sedimentary rocks of the Cache Creek Complex, including quartz-carbonate-mariposite-altered ultramafic to listwanite and mafic rocks, which are commonly associated with the gold mineralization in the region. The Cache Creek Complex is intruded by the Middle Jurassic Fourth of July batholith and the Late Cretaceous Surprise Lake batholith.
Over 39,500m of drilling has been completed across the property including 1,599m in 2019 at LD and Pictou (22 collars), 292m in 2022 at Yellowjacket (2 collars), and 350m in 2023 at Yellowjacket (1 collar)
Brixton has collected and compiled thousands of surface samples: 2,140 rock samples, 12,650 soil samples, 210 silt samples and 23 associated bulk leach extractable gold samples (BLEG) and 161 biogeochemical samples.
A total of 6,563-line kms of magnetic geophysical surveys have been completed across the project area.
Figure 2. Atlin Goldfields Project, Targets on Gold Geochemistry.
Qualified Person (QP)
Mr. Corey A. James, P.Geo., is a Senior Project Geologist for the Company who is a qualified person as defined by National Instrument 43-101. Mr. James has verified the referenced data disclosed in this press release and has approved the technical information presented herein.
About Eldorado Gold Corporation
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada, and Greece. Eldorado has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
About Brixton Metals Corporation
Brixton Metals is a Canadian exploration company focused on the advancement of its mining projects. Brixton wholly owns four exploration projects: Brixton’s flagship Thorn copper-gold-silver-molybdenum Project, the Hog Heaven copper-silver-gold Project in NW Montana, USA, which is optioned to Ivanhoe Electric Inc., the Langis-HudBay silver-cobalt-nickel Project in Ontario and the Atlin Goldfields Project located in northwest BC which is optioned to Eldorado Gold Corporation. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB , and on the OTCQB under the ticker symbol BBBXF . For more information about Brixton, please visit our website at www.brixtonmetals.com .
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO
For Investor Relations inquiries please contact: Mr. Michael Rapsch, Senior Manager, Investor Relations. email: michael.rapsch@brixtonmetals.com or call Tel: 604-630-9707
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.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the use of proceeds. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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SOURCE: Brixton Metals Corporation
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