Brixton Metals Expands Thorn Project with New Mineral Claims

Author: Owen Jenkins Updated: 09-10-2024 09:31 AM

Brixton Metals Expands Thorn Project with New Mineral Claims

Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) is thrilled to share its latest achievement in exploration by acquiring a one hundred percent interest in mineral claims that span an impressive 6446 hectares. This expansion within the Thorn Project marks a significant milestone, as these claims were not previously under Brixton’s control and are situated northwest of the famous Golden Bear Mine.

Details of the Acquisition

The acquisition process involved a Purchase and Sale Agreement with private, arm’s-length Vendors. To finalize this transaction, Brixton will compensate the Vendors with CAD$75,000 and will issue 1,250,000 common shares upon getting the necessary approval from the Exchange.

Royalty Agreement

Moreover, Brixton has agreed to grant the Vendors a one percent Net Smelter Royalty Return (NSR), allowing Brixton the option to buydown 50% of this royalty for CAD$1,000,000 before reaching commercial production.

Comments from Leadership

In expressing his enthusiasm regarding this acquisition, Gary R. Thompson, Chairman and CEO of Brixton, remarked, “We are excited to further consolidate the Thorn Project by adding more gold potential to the copper porphyry district play. Follow-up exploration work is planned on these newly acquired claims to define drill targets.” This sentiment reflects Brixton's commitment to expanding their exploration capabilities and uncovering potential resources.

Exploration and Historical Context

Initial exploration at the Thorn Project has yielded promising results, with several gold-in-soil geochemical anomalies detected. These anomalies appear ripe for further examination as they are located adjacent to known high-grade gold production sites.

Historical Data

The region’s past operators, such as Chevron and Homestake, have recorded notable geological findings, including samples revealing concentrations of gold exceeding 20 ppb, with some reaching extraordinary levels of 124.85 g/t gold. Such historical data underscores the area’s potential and offers a solid foundation for Brixton's future exploration endeavors.

Current Mining Context

Gold was actively mined from the Golden Bear Mine between 1990 and 2001, and the current site is owned by Newmont Corporation, which is currently focused on site remediation and reclamation efforts. Notably, the Golden Bear deposits are categorized as Carlin-type and low sulphidation gold deposits.

Significant Finds

The Bear Main Zone was reported to hold a proven and probable reserve of 1.2 million tonnes at an impressive grade of 12 g/t gold based on a reserve estimate from 1987. In subsequent years, significant discovery results further confirmed the area's mineral richness.

Future Opportunities

Although the newly acquired claims do not presently contain any established reserves or resources, they are seen as early-stage exploration targets that offer intriguing underground potential. It is important to acknowledge that there are no guarantees that further exploration will yield identifiable resources.

Qualified Expertise

Leading this initiative, Mr. Gary Thompson, P.Geo., not only serves as the company’s CEO but also fulfills the role of a qualified person as defined by National Instrument 43-101. His involvement assures stakeholders of the integrity and competence backing the data referenced in this announcement.

About Brixton Metals Corporation

Brixton Metals is recognized as a Canadian exploration company that concentrates its efforts on propelling its mining projects forward. The company boasts full ownership over four dynamic exploration projects, including the flagship Thorn copper-gold-silver-molybdenum Project. Additionally, the Hog Heaven copper-silver-gold Project located in NW Montana is optioned to Ivanhoe Electric Inc., and the Langis-HudBay silver-cobalt-nickel Project in Ontario, alongside the Atlin Goldfields Project in northwest BC, which is currently optioned to Eldorado Gold Corporation.

Contact Information

For any inquiries regarding investor relations, Mr. Michael Rapsch, Senior Manager, can be reached via email or by contacting Tel: 604-630-9707. Brixton Metals Corporation remains dedicated to transparency and communication with its stakeholders.

Frequently Asked Questions

What recent acquisition did Brixton Metals announce?

Brixton Metals announced the acquisition of a 100% interest in 6446 hectares of mineral claims as part of its Thorn Project.

What is the significance of the Golden Bear Mine?

The Golden Bear Mine is a historically significant site known for its high-grade gold production from 1990 to 2001, located near Brixton's new claims.

What are the terms of the acquisition?

Brixton will pay CAD$75,000 and issue 1,250,000 common shares, granting a one percent NSR to the Vendors.

Who is the qualified person validating this information?

Gary Thompson, P.Geo., serves as the Chairman and CEO, qualifying as the experienced individual confirming the data in the release.

What future exploration plans does Brixton have for the claims?

Brixton plans to conduct follow-up exploration work to define drill targets and evaluate the claims' high-grade underground potential.

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Brixton Metals Expands Thorn Project with New Mineral Claims