Brixton Metals Commences its Fully Funded 2024 Drill Season at its Thorn Copper-Gold Porphyry Project

Rhea-AI Summary

Brixton Metals has commenced its fully funded 2024 drill season at the Thorn Copper-Gold Porphyry Project. The exploration plan includes drilling 12,000-17,000 meters across multiple targets, collecting 2,500 rock and soil samples, and conducting a ~90 sq km ground MT Geophysics survey. Initial drilling is focused on the Camp Creek Porphyry Target, testing for high-grade copper cores. Brixton aims to test new targets: Trifecta, Cirque, and North Copper, with significant copper and molybdenum potential. The company has a $12.5 million budget for the Thorn Project.

Positive

• Brixton Metals is fully funded for its 2024 exploration program.
• The 2024 plan includes 12,000-17,000 meters of drilling, a substantial exploration effort.
• The project budget is set at $12.5 million, indicating strong financial backing.
• Plans to test multiple new copper targets could lead to significant discoveries.
• The first hole at Camp Creek showed increasing copper and quartz vein density, indicating potential high-grade copper ore.

Negative

• Previous drilling at Camp Creek did not reach target depth due to poor ground conditions.
• Results from previous holes showed modest copper concentrations (e.g., 0.25% copper, 0.09 g/t gold).
• Exploration remains high-risk with no guaranteed discoveries.
• Financial outlay of $12.5 million, while significant, may not yield proportional returns if exploration is unsuccessful.

Three New Copper Targets to Be Drill Tested

VANCOUVER, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce that its Thorn exploration camp is now open for the season and drilling has commenced. Brixton is fully funded for the 2024 exploration program with plans to drill test several new copper porphyry targets, including the Trifecta, Cirque, and North Copper Targets, in addition to further drilling at the Camp Creek Porphyry Target. The Thorn Project is situated within the traditional territory of the Tahltan and Taku River Tlingit First Nations.

2024 Thorn Exploration Plan Highlights:

• The 2024 exploration plan consists of 12,000-17,000 meters of drilling across several target areas, collecting 2500 rock and soil samples, as well as a ~90 sq km ground MT Geophysics survey.
  
  
• Drilling has begun at the Camp Creek Copper Porphyry Target to test for a high-grade copper core to the Camp Creek porphyry. This first hole THN24-286 is being drilled from the same pad as the 2023 hole, THN23-277, where copper abundance as chalcopyrite and quartz vein density are increasing downhole. The bottom 84 meters of hole 277 (957-1041m) returned 0.25% Copper, 0.09 g/t Gold, 3.78 g/t Silver and 142 g/t molybdenum, including 2m of 0.66% copper, 0.24 g/t gold, 12.0 g/t silver from 1032.88m. Hole 277 did not reach its target depth due to poor ground conditions.
  
  
• The second Camp Creek hole is planned as a northwest step out from holes 184 and 201. Hole 184 ended at 1198m in strong copper mineralization with the bottom of the hole returning 318m of 0.42% copper, 0.17 g/t gold, 3.87 g/t silver, and 294 g/t molybdenum, and hole 201 intersected 150m of 0.60% copper, 0.19 g/t gold, 5.12 g/t silver and 391 g/t molybdenum. The objective is to test for a high-grade copper core to the Camp Creek porphyry.
  
  
• The Trifecta Copper Target is located 1.5km southeast of Camp Creek and may be drill tested based on recent surface copper-in-rock and soil results and historical drilling, which returned encouraging copper-molybdenum results. The objective of this work is to search for a new porphyry copper center.
  
  
• The Cirque Copper-Molybdenum Target is located 3km east of Camp Creek where drilling will test for a potential new porphyry center.
  
  
• The North Copper Target area is located 15km northwest of Camp Creek, centered on a large surface copper anomaly. Drilling is planned upon completion of the MT survey and additional mapping and sampling with the objective of confirming a new copper porphyry center.
  

Watch Chairman and CEO, Gary Thompson, provide a summary of the 2024 drill program.

Chairman and CEO Gary R. Thompson stated: “The Brixton team is excited to kick off the 2024 season. The Company has $12.5 million budgeted for the Thorn Project in exploration expenditures with the focus on new copper-gold porphyry mineralization. The scale of surface copper-gold mineralization is remarkable and Brixton is well positioned to generate new discoveries.”

Figure 1. Thorn Project, Copper Geochemistry and 2024 Target Areas.

About Camp Creek Porphyry Target  

The original discovery of the Camp Creek Corridor was made by Cominco geologists in 1952 who identified the intense acid sulphate alteration in the area. However, it was not until 2019 when chalcopyrite-molybdenum veined clasts were observed below 400m depth within drill hole 150 on the Oban diatreme breccia which cut 554.70m of 0.57 g/t Au, 0.24% Cu, 43.18 g/t Ag, 0.55% Zn, and 0.28% Pb from 97.00m depth, providing evidence for a porphyry at depth. In addition, A-type porphyry veins were identified from relogging hole 121. Drill hole THN13-121 at the Glenfiddich Zone (located one kilometer west from hole 150) cut 2.21m of 10.62% copper, 583.05 g/t silver, and 2.55 g/t gold from a massive enargite-tetrahedrite-pyrite vein. The copper porphyry at Camp Creek was a blind discovery confirmed in 2021 when holes 183 and 184 were drilled below 1000m. The Camp Creek porphyry-style mineralization generally starts 300-400 meters below the surface level and remains open in all directions including at depth. Hole THN23-261 ended in mineralization at 1650m depth.

Learn more about the Camp Creek Porphyry Target from Senior Project Geologist, Corey James.

Figure 2. Drill Targets, Previous Collar Locations, and Copper-Gold Geochemistry.

Figure 3. Hole THN23-277 photograph of mineralized core at 1032.88m depth from a 2.00m Interval that assayed 0.66% Cu, 112 ppm Mo, 12.0 g/t Ag, 0.24 g/t Au.

About the Trifecta Target

The Trifecta Target lies between the Camp Creek porphyry target, the Outlaw Sediment-hosted Gold Target, and the Chivas Porphyry Target. Surface mineralization is expressed as structurally controlled narrow quartz veining with pyrite and chalcopyrite. A massive magnetite-pyrite-chalcopyrite vein in outcrop with a sericitic halo surrounded by strong silicification was found during the 2023 field program that returned 2.46% Cu, 71.4 g/t Ag, and 0.36 g/t Au. The mineralization style at the Trifecta Target is thought to be related to a copper porphyry at depth.

About the Cirque Target

The Cirque Target area, located 3km northeast from the main Camp Creek drilling, was revisited in 2023, which identified a 1km by 2km northwest trending area of pyrite-chalcopyrite mineralization. Historic drilling in the Cirque area by Julian Mining in 1965 intercepted sporadic copper mineralization throughout thirteen holes. The best hole from the 1965 program returned 0.19% Cu and 710 ppm Mo over 10.67m. Quartz-chalcopyrite veins were sampled in the area to the northwest of this historic drilling returned 1.6% copper. Mineralization is hosted primarily in Windy-Table volcanics and associated intrusions. Silica-sericite-pyrite alteration throughout the target area and the widespread pyrite-chalcopyrite mineralization in conjunction with favorable magnetic signatures and anomalous porphyry-index indicators suggest that a potential Cu-Mo porphyry system at Cirque remains untested.

About the North Copper Target Area

In the northwest corner of the Thorn Project, the Copper Target comprises a 15km by 5km area located 15km northwest of Camp Creek. Mineralization consists of broad, pervasive zones of disseminated and vein-hosted pyrite with localized areas of chalcopyrite and molybdenite that may represent the periphery of a porphyry system, as well as higher-grade narrow polymetallic vein zones and skarn-style mineralization that are more representative of distal environments.

Widespread mineralization at the main gossan consists of a large area with abundant pyrite, locally up to 15%, and smaller areas of increased chalcopyrite, molybdenite, and magnetite coincident with a quartz-biotite-feldspar porphyry of undetermined age. Copper-molybdenite mineralization is found in quartz veins and as fracture-fill with samples in 2023 returning up to 0.7% Cu and 2,290 ppm Mo. The north gossan is comprised of extensive pyrite with lesser chalcopyrite and distal galena with up to 5% pyrite and trace molybdenite in a hornblende granodiorite directly east of the area. Mineralization at the south gossan is predominantly associated with trace pyrite, chalcopyrite, and magnetite mineralization within a potassium feldspar megacrystic porphyry.

Higher-grade polymetallic mineralization is generally concentrated along the margins of Late Cretaceous dykes with silicified vein breccias extending 5-10 meters into the surrounding Laberge Group country rocks. The breccias are composed of sandstone and conglomerate of the Jurassic Laberge Group with quartz-pyrite-galena-sphalerite and trace sulfosalt and chalcopyrite filling the matrix.

A ground magnetotelluric (MT) geophysical survey of approximately 90 square kilometer in area is planned prior to drilling the King Copper Target.

2024 Gold Targets

While the dominant focus for 2024 at the Thorn Project is to drill test copper porphyry targets for new discovery, the Company continues to review gold targets for drill testing in 2024. These may include selective drilling at the Trapper Epithermal Gold Target (best intercept to date: 64m of 5.7 g/t Au), the Outlaw Sediment-hosted Gold Target (best intercept to date: THN-14-128 returned 59.65 meters of 1.15 g/t Au and 5.64 g/t Ag from a depth of 76 meters) and/or the Metla Target where surface rock grab samples to date returned up to 62.7 g/t Au.
MDRU Collaboration
Brixton Metals is collaborating with the University of British Columbia’s Mineral Deposit Research Unit as part of the BC Porphyry Study. An M.Sc. research project has commenced on the Camp Creek Porphyry Target with the goal of establishing geochemical and alteration vectors towards blind porphyry mineralization. In addition, an alteration mapping project is underway to characterize and map the large 4.1km x 3.9km alteration footprint centered around Camp Creek. With porphyry deposits frequently found in clusters, the use of petrographic, geochemical, and mineral spectrometer analyses will aid with vectoring outside of the currently drilled areas in order to identify additional potential porphyry centers.
Qualified Person
Mr. Corey A. James, P.Geo., is a Senior Project Geologist for the Company who is a qualified person as defined by National Instrument 43-101. Mr. James has verified the referenced data disclosed in this press release and has approved the technical information presented herein.

Corporate Update

The Company announces that the Board of Directors, on receipt of a recommendation from the Compensation Committee, has granted an aggregate of 7,950,000 incentive stock options (the “Options”) to officers, directors, employees and consultants to the Company at a per share exercise price of $0.13 for a period of 10 years from the date of grant. The total number of optionees is 25. The Options will vest immediately with the exception of Options granted to investor relations personnel, which will vest in stages over 12 months from the date of grant with no more than one-quarter of the Options granted to investor relations personnel vesting in any three-month period in accordance with the policies of the TSX Venture Exchange. The Options represent 1.7% of the issued and outstanding shares in the capital of the Company. The total options granted to date including this new grant is 5.94% of the issued outstanding shares in the capital of the Company.

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

Michael Rapsch, Senior Manager, Investor Relations
Tel: 604-630-9707, email: michael.rapsch@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:

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FAQ

What is Brixton Metals' 2024 exploration plan?

Brixton Metals plans to drill 12,000-17,000 meters across multiple targets, collect 2,500 rock and soil samples, and conduct a ~90 sq km ground MT Geophysics survey at the Thorn Project.

What are the new targets for Brixton Metals' 2024 drill season?

The new targets include the Trifecta, Cirque, and North Copper targets, along with further drilling at the Camp Creek Porphyry Target.

What is the budget for Brixton Metals' 2024 Thorn Project?

Brixton Metals has allocated $12.5 million for the 2024 exploration program at the Thorn Project.

What were the results of the previous drilling at Camp Creek?

Previous drilling at Camp Creek showed copper concentrations, including 0.25% copper, 0.09 g/t gold, 3.78 g/t silver, and 142 g/t molybdenum over the final 84 meters of hole THN23-277.

What is the significance of the Camp Creek Porphyry Target for Brixton Metals?

The Camp Creek Porphyry Target is significant due to its potential high-grade copper core, as indicated by increasing copper and quartz vein density in previous drill holes.