VANCOUVER, British Columbia, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce additional results from the ongoing exploration program on the Hog Heaven Project, which is operated by Ivanhoe Electric Inc. under a definitive Earn-in Agreement. Hog Heaven is located 50 miles southwest of Kalispell, in the state of Montana, USA, and is an advanced-stage, high-sulphidation, epithermal copper-silver-gold project having historical production with copper porphyry potential.
Highlights
- Step-out drilling at Hog Heaven extends mineralization 150m to the west of nearest drilling
- Results of Typhoon™ geophysical survey at Hog Heaven will guide future drilling plans
- HHD-012 intersected 157m of high sulphidation epithermal mineralization approximately 150m to the southwest of the nearest hole (HHD-010). This intercept is of a similar grade and quality to that seen in previously reported holes demonstrating that the Hog Heaven epithermal system has growth potential to the west of the Flathead Mine.
- HHD-012 intersected 156.88m of 0.34 g/t Au, 18.77 g/t Ag, 0.09% Cu, 0.24% Pb, 0.22% Zn (from 282.12 meters) or 156.88m of 0.85 g/t AuEq
- Including 49.92m of 0.40 g/t Au, 29.51 g/t Ag, 0.11% Cu, 0.40% Pb, 0.22% Zn (from 282.12 meters) or 49.92m of 1.22 g/t AuEq
- Including 49.92m of 0.40 g/t Au, 29.51 g/t Ag, 0.11% Cu, 0.40% Pb, 0.22% Zn (from 282.12 meters) or 49.92m of 1.22 g/t AuEq
- Drill hole HHD-012 has been successful in opening a large new area prospective for additional shallow high sulphidation epithermal mineralization and the underlying porphyry source. Mineralization intersected by HHD-012 remains open in multiple directions and to depth.
For details from Ivanhoe Electric’s February 22, 2024 news release, click here.
Chairman and CEO Gary R. Thompson stated: “Ivanhoe Electric’s Typhoon™ geophysical survey identifies a strong conductor of about one square mile in size in the south-central area of the project where limited drilling has been conducted. We look forward to the next batch of drill results from the ongoing program at the Hog Heaven Project.”
About the Hog Heaven Cu-Ag-Au Project – Montana, USA
Ivanhoe Electric’s current exploration drill program at Hog Heaven, as first reported in our October 2023 news release, has now completed twelve drill holes totaling 10,905 meters. Exploration drilling has stepped out to the west and southwest, where mineralization remains open. One diamond drill rig is currently on site and will operate through the winter as weather permits. In November 2023, Ivanhoe Electric conducted its proprietary Typhoon™ geophysical survey (results at the link above) covering approximately 10 square kilometer area, which was designed to cover the core of known prospectivity.
Ivanhoe Electric and Brixton entered into an earn-in agreement in 2021. Under the earn-in agreement, Ivanhoe Electric may earn up to a 75% interest in the Hog Heaven Project by making cash payments totaling USD$4.5 million and incurring an aggregate of USD$40 million in exploration expenditures by 2032. Ivanhoe Electric will earn an initial 51% interest by making a total of USD$4.5 million in cash payments and incurring USD$15 million in exploration expenditures. Ivanhoe Electric may earn the additional 24% interest in the project by incurring a further USD$25 million.
Brixton acquired the Hog Heaven project from Pan American Silver in 2017 and conducted data compilation-digitization and 3D-modelling, soil geochemical survey, geological mapping, geophysical surveys. In 2020, Brixton drilled 7 confirmation core holes at the Main Mine area. Highlights include drill hole HH20-02 that intersected a broad 224.85m zone of mineralization yielding 78.16 g/t Ag, 0.66 g/t Au, 0.24% Cu (75.07m-299.92m) which includes the following sub-intervals:
- 5.48m of 445.79 g/t Ag, 1.41 g/t Au, 1.50% Cu
- 2.13m 0f 917.36 g/t Ag, 2.00 g/t Au, 3.06% Cu
- 53.49m of 165.90 g/t Ag, 1.28 g/t Au, 0.55% Cu
- 13.56m of 185.80 g/t Ag, 2.24 g/t Au, 0.76% Cu
- 1.37m of 1,750 g/t Ag, 5.39 g/t Au, 2.65% Cu
Historically, previous operators drilled 722 holes (mostly shallow depths) over the Main Mine and Ole Hill Targets. A feasibility study and mine permit were received in 1989 to construct a mine based on the shallow oxide gold-silver mineralization; however, development did not proceed. Select underground workings at the West Flathead Mine reported silver grades from fumaroles and fractures that ranged from 300 ounces per ton to 3000 ounces per ton.
The Hog Heaven copper-silver-gold Project is an advanced-stage exploration project which historically produced high-grade silver, gold, and copper. Between 1913 and 1975, Anaconda Copper Mining and lessees produced 6.7Moz Ag, 3,000 oz Au, 23M lbs Pb, and 0.6M lbs Cu from 0.23Mt of direct-ship ore, grading 29 opt Ag. The road-accessible property is located in Flathead County, 55 miles south-southwest of the town of Kalispell, northwestern Montana, USA.
For additional Hog Heaven Project details, go to Brixton’s website or Ivanhoe Electric’s website.
Qualified Person
Mr. Gary R. Thompson, P.Geo., is the Chief Executive Officer and Director for the Company who is a qualified person as defined by National Instrument 43-101. Mr. Thompson has not verified the referenced data disclosed in this press release and is reliant on Ivanhoe Electric Inc., the operators of the Project for 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. 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
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.
Links:
https://brixtonmetals.com/hog-heaven/
https://ivanhoeelectric.com/electric-metals/hog-heaven/
