Brixton Metals Provides Exploration Update on its Active Projects
VANCOUVER, British Columbia, Aug. 11, 2023 (GLOBE NEWSWIRE) — Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to provide an update on its active exploration projects in Canada and the United States of America.
Hog Heaven Project Update
Ivanhoe Electric Inc., announced on August 1, 2023 that drill rigs are active at the Hog Heaven Project. The historic Flathead Mine, located within the Hog Heaven Project area, previously produced high-grade silver with associated lead, zinc, copper and gold. Mineralization is believed to continue below previous mine workings, remaining open at depth.
As per Ivanhoe Electric’s August 1st news release, “Ivanhoe Electric’s current drilling campaign is designed to search for potential porphyry copper mineralization located at depth, which may represent the heat and fluid source to previously mined mineralization; and for additional silver, gold and copper-rich high sulfidation epithermal mineralization, which was the focus of previous mining activities by Anaconda Copper Mining Company who direct shipped high-grade silver ore to their Butte smelter.”
The Hog Heaven Project, which is currently being operated under a definitive earn-in JV Agreement with Ivanhoe Electric Inc. (see news release dated, March 2, 2021). Ivanhoe Electric holds the option to acquire up to 75% interest by completing USD$44.5 million of total project spending. Hog Heaven is an advanced-stage, high-sulphidation, epithermal copper-silver-gold project with porphyry potential and historical production located in the state of Montana, USA.
Atlin Goldfields Project Update
The Company also announces that it has terminated the option and earn-in joint venture agreement with Pacific Bay Minerals Ltd. (“PacBay”) effective August 10, 2023 with respect to the Atlin Goldfields Project as PacBay did not meet its obligations under the agreement within the prescribed time periods.
The Atlin gold camp is the second largest placer gold producer in British Columbia with reported placer gold production of over 600,000 ounces of gold between 1898 and 1945 and an unreported amount of placer gold production since then in the area. Hard rock samples consisting of coarse-grained quartz veins have returned values of up to 293 g/t Au at the LD Showing and 53.6 g/t Au at the Union Showing. Historical diamond drilling at the Yellowjacket Target has returned up to 509.96 g/t Au over 5.57m. The project hosts potential for orogenic and intrusion related gold mineralization.
A small drill program is planned prior to the end of the 2023 season at the Yellowjacket Gold Target.
Thorn Project Update
Brixton has successfully completed more than half of its 2023 exploration program at the Thorn Project. To date, a combined total of 10,500m have been drilled between the Camp Creek copper porphyry target and the Trapper gold target. A total of 1580 soil, 550 rock and 70 talus-fine samples have been collected from new target areas. Assay results should start to flow in the coming weeks to months.
Mr. Gary R. Thompson, P.Geo., is the Chairman, CEO, President and Director for the Company who is a qualified person as defined by National Instrument 43-101. Mr. Thompson has verified the data disclosed in this press release.
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: its flagship Thorn copper-gold-silver-molybdenum Project, the Langis-HudBay silver-cobalt-nickel Project in Ontario, the Hog Heaven copper-silver-gold Project in NW Montana, USA (Optioned to Ivanhoe Electric Inc.) and the Atlin Goldfields Projects located in NW BC. 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
Tel: 604-630-9707 or email: [email protected]
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.