VANCOUVER, British Columbia, May 17, 2023 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce the commencement of drilling for the 2023 exploration program at its flagship Thorn Project located along the northwestern extent of the Golden Triangle trend in British Columbia. The program is fully funded and was planned through the joint technical committee between the Company and our 19.9% strategic investor, BHP. The 2023 program will focus on drilling the Camp Creek Copper Porphyry Target and the Trapper Gold Target. The two targets form an 8km mineralization trend. Additionally, plans are to drill-ready high priority copper targets on the Thorn Project through geochemical and geophysical surveys.
VP of Exploration Christina Anstey stated, “We are excited to have an early start to our exploration season. Our first priority will be focused on the Camp Creek copper dominant porphyry target followed by the Trapper Gold Target later in the campaign. We are keen to expand on the known high-grade mineralization and test interpreted extents at both targets throughout the season.”
Figure 1. General Thorn Project Location Map and Copper Geochemistry.
Camp Creek Cu-Au-Ag-Mo Porphyry Target
The 2023 drill program at the Camp Creek porphyry target encompasses two principal objectives: the foremost is to intersect the high-grade part of this extensive mineralized system, and secondly, to further expand mineralization laterally with large step-out holes. Drilling is currently underway with two drills set-up at the Camp Creek target. Brixton plans to drill 8 to 10 deep holes targeting the copper dominant porphyry this season. The minimum footprint of this target is 1km by 1km with potential for up to 2km strike. Drill hole target depths at Camp Creek are a minimum of 1200m.
Figure 2. Drilling the first hole of 2023 at the Camp Creek Copper Target, hole THN23-258.
Results from the 2022 drill program continued to demonstrate the potential for broad intercepts of nearly 1000m of copper mineralization, which remains open in all directions.
Figure 3. Water Sampling at Camp Creek and Core Logging.
The Trapper Gold Target
We anticipate drilling at the Trapper Gold Target in early-mid June as the winter snowpack retreats. The objective of further drilling at the Trapper Gold Target is to expand the gold mineralization along strike and at depth, as well as testing sub-parallel structures to the north and south of the main target area. Overall, the gold zone strikes west-northwest, defined over 400 meters, dipping moderately to the north. The contact between the quartz diorite and the lapilli tuff volcanic rocks seems to be an important control on mineralization. Follow-up work is planned around multiple untested surface gold anomalies that have been identified up to 500m away from the main drilling area. Additional plans include testing several copper surface anomalies peripheral to the gold zone for a copper porphyry link to the Trapper Gold Target.
Atlin Goldfields Project Update
Pacific Bay Minerals Ltd. and Brixton have agreed to amend the terms of the Definitive Option Agreement entered into by the parties on May 4, 2022, enabling Pacific Bay to acquire up to a 100% interest in the Atlin Goldfields Property in northern BC.
The $200,000 cash payment that was due on May 4, 2023 may now be paid by Pacific Bay on the earlier of July 10, 2023 or five days following the completion of a private placement financing by the Company. The amendment also permits Pacific Bay to complete the required $500,000 in year one expenditures during the second year of the agreement. The 1,000,000 Pacific Bay shares payable to Brixton under the Option Agreement have been received.
Qualified Person
Mr. Gary R. Thompson, P.Geo., is Chairman, CEO and President for the Company and a qualified person as defined by National Instrument 43-101. Mr. Thompson has verified the data disclosed herein and has approved the technical information in this press release.
About Brixton Metals Corporation
Brixton Metals is a Canadian exploration company focused on the advancement of its mining projects toward feasibility. Brixton wholly owns four exploration projects: Brixton’s flagship Thorn copper-gold-silver-molybdenum Project, the Atlin Goldfields Projects located in northwest BC (Optioned to Pacific Bay Minerals), the Langis-HudBay silver-cobalt-nickel Project in Ontario, and the Hog Heaven copper-silver-gold Project in NW Montana, USA (Optioned to Ivanhoe Electric Inc.). 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: info@brixtonmetals.com
For Investor Relations, please contact:
Neil MacRae, Investor Relations
Tel: 604-630-9707 or email: neil.macrae@brixtonmetals.com
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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