Brixton Metals Acquires Infill Claims to its Thorn Project Near the Past Producing Golden Bear Mine
Brixton Metals (TSX-V: BBB, OTCQB: BBBXF) has announced the acquisition of mineral claims totaling 6,446 hectares within its Thorn Project, located near the past-producing Golden Bear Mine. The deal involves a CAD$75,000 payment and the issuance of 1,250,000 common shares to the vendors, along with a 1% Net Smelter Royalty. Several gold-in-soil anomalies have been identified on the newly acquired claims, suggesting potential for high-grade gold exploration. The area has a history of gold production, with the nearby Golden Bear Mine having operated from 1990-2001. Brixton plans to conduct follow-up exploration work to define drill targets on these claims, which are considered early-stage exploration targets for high-grade underground potential.
Brixton Metals (TSX-V: BBB, OTCQB: BBBXF) ha annunciato l'acquisizione di concessioni minerarie per un totale di 6.446 ettari all'interno del suo Thorn Project, situato vicino alla vecchia miniera di Golden Bear. L'accordo prevede un pagamento di CAD$75,000 e l'emissione di 1.250.000 azioni ordinarie ai venditori, insieme a una royalty nette del 1%. Sono stati identificati diversi anomalie di oro nel suolo sulle nuove concessioni acquisite, suggerendo un potenziale per l'esplorazione dell'oro ad alta legge. L'area ha una storia di produzione aurifera, con la vicina miniera di Golden Bear che è stata attiva dal 1990 al 2001. Brixton prevede di condurre ulteriori lavori di esplorazione per definire obiettivi di perforazione su queste concessioni, che sono considerate obiettivi di esplorazione in fase iniziale per un potenziale sotterraneo ad alta legge.
Brixton Metals (TSX-V: BBB, OTCQB: BBBXF) ha anunciado la adquisición de derechos mineros que totalizan 6.446 hectáreas dentro de su Thorn Project, ubicado cerca de la antigua mina productora Golden Bear. El acuerdo implica un pago de CAD$75,000 y la emisión de 1,250,000 acciones comunes a los vendedores, junto con una royalty neta del 1%. Se han identificado varias anomalías de oro en el suelo en las nuevas concesiones adquiridas, lo que sugiere un potencial para la exploración de oro de alta ley. El área tiene una historia de producción de oro, con la cercana mina Golden Bear que operó de 1990 a 2001. Brixton planea llevar a cabo trabajos de exploración de seguimiento para definir objetivos de perforación en estas concesiones, que se consideran objetivos de exploración en fase temprana para un potencial subterráneo de alta ley.
Brixton Metals (TSX-V: BBB, OTCQB: BBBXF)는 옛 골든 베어 광산 인근에 위치한 Thorn Project 내에 총 6,446헥타르의 광산 권리를 인수했다고 발표했다. 이 거래는 CAD$75,000의 지불과 함께 1,250,000주의 보통주를 판매자에게 발행하는 것을 포함하며, 1%의 순광산 로열티도 포함된다. 새로 인수한 권리에서 여러 토양 내 금 이상징후가 확인되어 고급 금 탐사 가능성을 시사하고 있다. 이 지역은 1990년부터 2001년까지 운영된 골든 베어 광산과 같은 금 생산 기록이 있다. Brixton은 이 권리에서 시추 목표를 정의하기 위한 후속 탐사 작업을 수행할 계획이며, 이들 권리는 고급 지하 잠재력을 위한 초기 탐사 목표로 간주된다.
Brixton Metals (TSX-V: BBB, OTCQB: BBBXF) a annoncé l'acquisition de droits miniers totalisant 6 446 hectares dans son Thorn Project, situé près de l'ancienne mine d'or Golden Bear. L'accord comprend un paiement de 75 000 CAD et l'émission de 1 250 000 actions ordinaires aux vendeurs, ainsi qu'une redevance nette de 1%. Plusieurs anomalies d'or dans le sol ont été identifiées dans les nouveaux droits acquis, suggérant un potentiel d'exploration de l'or de haute qualité. La région a une histoire de production d'or, la mine de Golden Bear à proximité ayant fonctionné de 1990 à 2001. Brixton prévoit de réaliser des travaux d'exploration supplémentaires pour définir des cibles de forage sur ces droits, qui sont considérés comme des cibles d'exploration en phase précoce pour un potentiel souterrain de haute qualité.
Brixton Metals (TSX-V: BBB, OTCQB: BBBXF) hat die Übernahme von Mineralansprüchen bekannt gegeben, die insgesamt 6.446 Hektar innerhalb seines Thorn Projects ausmachen, das sich in der Nähe der ehemaligen Goldproduktion Golden Bear Mine befindet. Der Deal beinhaltet eine Zahlung von CAD$75.000 sowie die Ausgabe von 1.250.000 Stammaktien an die Verkäufer, ergänzt durch eine 1% Nettoschmelzgebühr. Mehrere Gold-im-Boden-Anomalien wurden in den neu erworbenen Ansprüchen identifiziert, was auf ein Potenzial für hochgradige Goldexploration hinweist. Das Gebiet hat eine Geschichte der Goldproduktion, wobei die nahegelegene Golden Bear Mine von 1990 bis 2001 in Betrieb war. Brixton plant, Nachforschungen durchzuführen, um Bohrziele in diesen Ansprüchen zu definieren, die als frühe Explorationsziele für hochgradiges unterirdisches Potenzial angesehen werden.
- Acquisition of 6,446 hectares of mineral claims expands Brixton's Thorn Project
- Several gold-in-soil anomalies identified on newly acquired claims
- Proximity to past-producing Golden Bear Mine suggests potential for gold mineralization
- Historical rock samples from the area returned high-grade gold values up to 124.85 g/t
- Issuance of 1,250,000 common shares may lead to dilution for existing shareholders
- 1% Net Smelter Royalty granted to vendors could impact future profitability
- drilling in the area has returned mixed results
- No reserves or resources defined on the newly acquired claims
Several Gold-In-Soil Anomalies Identified on Mine Trend
VANCOUVER, British Columbia, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce it shall acquire one hundred percent interest in mineral claims totaling 6446 hectares or 64.4 square kilometers within the Thorn Project, not previously controlled, located north and northwest from the past producing Golden Bear Mine.
Deal Terms
- Under a Purchase and Sale Agreement with arm’s length private Vendors, Brixton shall pay the Vendors CAD
$75,000 and issue 1,250,000 common shares of Brixton upon Exchange approval; - Brixton shall grant the Vendors a one percent Net Smelter Royalty Return (“NSR”) where Brixton holds the right to buydown
50% of the NSR, half of1% for CAD$1,000,000 prior to commercial production.
Chairman and CEO, Gary R. Thompson, stated, “We are excited to further consolidate the Thorn Project by adding more gold potential to the copper porphyry district play. Several gold geochemical anomalies have been identified adjacent to and on trend with a past producer of high-grade gold. Follow up exploration work is planned on these newly acquired claims to define drill targets.”
Figure 1. Thorn Project Location Map with Gold Geochemistry.
Please see link for an interactive map of Gold Geochem and Drilling for the Thorn Project here: https://app.mininghub.com/sh/A0c138c6
Discussion
As shown in Figure 2, several gold-in-soil geochemical anomalies have been identified and appear to be open for expansion. The newly acquired claims are located north and northwest from the past producing Golden Bear Mine.
Figure 2. Gold-in-soil Geochemistry on the Newly Acquired Mineral Claims.
Previous operators include Chevron, Homestake, North American Metals and Decoors Mining. Historic rock samples collected returned 284 sample greater than 20 ppb Au with a high of 124.85 g/t gold and 77.47 g/t silver from the Shoulder Zone collected by Homestake 1991 (Hamilton, 1994). In 1984, Chevron collected a rock grab from the Spire Zone that returned 14.00 g/t gold (Bruaset, 1984). The Honk Showing is a shear hosted quartz-pyrite vein along a north-trending splay of the Ophir Break returned 18.07 g/t gold and 64.80 g/t silver from a rock grab sample (McBean, 1990). Limited drilling has returned mixed results. One of the best values obtained from drilling was 1.1 g/t gold and 30.3 g/t silver over 4.0m from drillhole R90-7 (Allen, 1990).
Gold was mined from the Golden Bear Mine from 1990-2001 and is currently held by Newmont Corporation and the site is under remediation and reclamation. The Golden Bear deposits, located south and southeast from these newly acquired claims, are Carlin-type and low sulphidation type gold deposits.
The 1987 Reserve Estimate for the Bear Main Zone, which was one of six deposits, was proven and probable of 1.2 MT at 12 g/t gold.
Source: https://minfile.gov.bc.ca/Summary.aspx?minfilno=104K++079
On October 17, 1994, the owners of the Golden Bear Mine announced the discovery of the Grizzly zone where it had drilled 27 g/t Au over a true width of 3.9m and a 15.5m intersection grading 14.4 g/t Au. Source: The Northern Miner news publication, 1994.
Gold mineralization in the mine area is structurally controlled as north-south to northwest structures. A major north to northwest trending fault, known as the Ophir Break Zone, extends through the area for over 10km and is defined by areas of intense fracturing with abundant slickensides, areas of carbonaceous and siliceous black siltstone and gouge, and linear quartz-iron carbonate-pyrite- listwanites and quartz-dolomite alteration zones.
Mineralization consists of pyrite, trace arsenopyrite and scorodite, native gold, pyrrhotite, chalcopyrite, stibnite and tetrahedrite. Pyrite occurs as late-stage veinlets and as earlier breccia matrix filling, fragments within breccias.
Source: https://minfile.gov.bc.ca/Summary.aspx?minfilno=104K++079
These newly acquired claims do not contain any reserves or resources and are considered early-stage exploration targets for its high-grade underground potential. There are no assurances that future work will define resources or reserves.
Qualified Person (QP)
Mr. Gary Thompson, P.Geo., is Chairman and CEO for the Company who is a qualified person as defined by National Instrument 43-101. Mr. Thompson has verified the referenced data but not the analytical results 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.
Links:
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FAQ
What is the size of the mineral claims Brixton Metals (BBBXF) acquired for its Thorn Project?
How much did Brixton Metals (BBBXF) pay for the new mineral claims?
What geological features make the newly acquired claims by Brixton Metals (BBBXF) promising?
What was the highest gold grade reported from historical rock samples on Brixton Metals' (BBBXF) new claims?
