Brixton Metals Consolidates its Thorn Project and Highlights 35% Copper, 26.8 g/t Gold on Acquired Showings

Rhea-AI Summary

Brixton Metals Corporation has announced the acquisition of a new 235 square kilometers mineral claim group, enhancing its Thorn Project to a total of 2,863 square kilometers. Acquired for CAD$75,000, the claims are mostly royalty-free, except for a single claim with a 1.5% net smelter return. The project, located in Northwest British Columbia, showcases promising geological characteristics for copper-gold deposits, highlighted by significant copper grades in recent samples. This strategic consolidation positions Brixton to leverage the increasing demand for copper as industries aim to decarbonize.

Positive

• Acquisition expands Thorn Project to a total of 2,863 square kilometers, enhancing resource potential.
• New claims located in a geologically promising area with high-grade copper and gold samples.
• Royalty-free terms on most of the acquired claims, reducing financial liabilities.

Negative

• One claim is subject to a 1.5% net smelter return, which could impact profit margins if commercial production occurs.

VANCOUVER, British Columbia, April 21, 2022 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce the acquisition of mineral claims contiguous with and further consolidating its Thorn Project to a new total of 2,863 square kilometers of mineral tenure. The Thorn Project is in partnership with Tahltan First Nations and Taku River Tlingit First Nations and is located in Northwest British Columbia, Canada. The new 23,511.21-hectares (235 square kilometers) mineral claim group was acquired from two arm’s length parties (the “Vendors”) for a combined total of CAD$75,000.00 in cash. The new claims are royalty free with the exception of one claim (1,693.5 hectares), where the Vendor was granted a 1.5% net smelter return (“NSR”) and Brixton holds the right to acquire 1.0% of the NSR for CAD$1 million prior to commercial production.

Highlights

• A new 235 square kilometers land package encompassing 35km of the prospective Triassic-Jurassic Red Line, an important marker for copper-gold deposits within the Golden Triangle
  
• The Val Showing yielded up to 35% copper from a rock grab sample of bornite-chalcocite quartz vein material and a 9m rock-chip sample returned 1.18% copper
  
• The Tat polymetallic veins, yielding up to 26.88 g/t Au, 48 g/t Ag and 0.52% Zn from rock grab samples. Porphyritic alteration is observed at the Tat Target area, including a chalcopyrite-bearing grab sample with 3.03% Cu and 1.02 g/t Au
  
• The southern end of the new claims includes several anomalous copper and gold values in rocks and soils expanding the Metla Porphyry Copper-Gold Target area
  

Chairman and CEO Gary R. Thompson stated, “The new Thorn claim group is now the largest contiguous mineral claim block in British Columbia with unmatched copper potential. Brixton is well positioned to benefit from the strong long-term projected demand for new copper deposits, which is largely accelerated by the need to decarbonize and electrify our economies globally.”

Christina Anstey, VP of Exploration stated, “These new mineral claims host favourable geology for copper-gold porphyry targets increasing our odds of economic success including the Redline, an important marker for mineral deposits in the Golden Triangle. Importantly, these new claims expand the Metla surface geochemical anomaly significantly and highlight several new targets like the Val, Tat and Terr. Follow up with boots on the ground exploration work is planned for the 2022 field season.”

Click here for Figure 1. New Consolidated Thorn Claims:
https://brixtonmetals.com/wp-content/uploads/2022/04/Fig-1-April5_2022-final.jpg

Similar to the existing Thorn Property, the new claims are underlain predominantly by Triassic Stuhini Group volcanic rocks, Jurassic Laberge Group sedimentary rocks, in addition to Triassic, Cretaceous and Eocene intrusive rocks. Several mineral occurrences have identified on the property; however, work to date has been minimal. Rock and soil samples collected across the new claims total approximately 440 and 2000 samples respectively, with an additional 300 stream samples. Brixton intends to explore the new ground in 2022, completing in-fill sampling and geologic mapping at the known prospects and reconnaissance sampling work across the claims.

The Red Line (Triassic-Jurassic Unconformity)

Former British Columbia Government Geologists’, Jeff Kyba and Joanne Nelson, theorized that the geological unconformity between Triassic age Stuhini rocks and Jurassic age Hazelton rocks is the key marker for copper-gold mineralization within the region. Most of the Golden Triangle’s deposits are found within 2 kilometers of this marker, which the team dubbed “The Red Line”. *

Fourteen surface rock samples from the new claims have yielded copper values greater than 1% Cu, including a 20cm bornite-chalcocite quartz vein with 35% Cu at the Val prospect. Grab samples returned up to 3.03% Cu at the Tat showing and 2.81% Cu and 2.58% Cu further south (Figure 2). The anomalous samples on the southwest portion of the new claims highlight the expansion of the Metla copper-gold mineralized trend, through to the Plum Target, encompassing a 12.5 by 7.5km or a 94 square kilometer area. The trend generally follows the contact between the Stuhini Group volcanic rocks and Triassic quartz diorite intrusive rocks.

Click here for Figure 2. Copper Geochemistry of the New Claims and Metla Target:
https://brixtonmetals.com/wp-content/uploads/2022/04/Fig-2-April5_2022-Final.jpg

Click here for Figure 3. Gold Geochemistry of the New Claims and Metla Target:
https://brixtonmetals.com/wp-content/uploads/2022/04/Fig-3-April5_2022-Final.jpg

Terms of New Claims Acquisition

Brixton acquired the claims 100% for a one-time cash payment of $70,000 to Terrainplus Exploration Ltd. Terrainplus has been granted a 1.5 percent NSR on the single claim hosting the Tat Target (Figures 1-3). Brixton holds the right to purchase 1.0 percent of the NSR for CAD$1,000,000 prior to commercial production. The balance of the new claims acquired are royalty free. In addition, Brixton acquired two unencumbered small claims located within the newly acquired claim block for a one-time payment of $5000 from prospector Brian Scott.

The consolidated mineral claims and gold-copper geochemistry can be seen in the following two figures.

Click here for Figure 4. Copper Geochemistry of the Newly Consolidated Thorn Project:
https://brixtonmetals.com/wp-content/uploads/2022/04/Fig-4-April5_2022-Final.jpg

Click here for Figure 5. Gold Geochemistry of the Newly Consolidated Thorn Project:
https://brixtonmetals.com/wp-content/uploads/2022/04/Fig-5-April5_2022-Final.jpg

For a map of all of the Thorn Project Target Areas, please visit the website’s Thorn Project page: https://brixtonmetals.com/thorn-gold-copper-silver-project/

*Source: Nelson, J., and Kyba, J., 2014. Structural and stratigraphic control of porphyry and related mineralization in the Treaty Glacier, KSM, Brucejack, Stewart trend of western Stikinia. In: Geological Fieldwork 2013, British Columbia Ministry of Energy and Mines,
British Columbia Geological Survey Paper 2014-1, pp. 111-140.

Mr. Gary R. Thompson, P.Geo., is the Chairman and CEO for the Company who is a qualified person as defined by National Instrument 43-101. Mr. Thompson has verified the data disclosed in this press release, including the sampling, ‎analytical and test data underlying the information and has approved the technical information in this press release.

About Brixton Metals Corporation

Brixton is a Canadian exploration and development company focused on the advancement of its mining projects toward feasibility. Brixton wholly owns four exploration projects, the Thorn copper-gold-silver Project located in NW BC, the Atlin Goldfields Projects located in NW BC under Option to Pacific Bay Minerals, the Langis-Hudbay silver-cobalt Project in Ontario and the Hog Heaven silver-gold-copper Project in NW Montana, USA, under Option 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:

Mitchell Smith, VP Investor Relations
Tel: 604-630-9707 or email: mitchell.smith@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 expiry date of stock options and exploration potential of the Thorn project. 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.

FAQ

What does the acquisition of the new mineral claims mean for BBBXF investors?

The acquisition enhances the resource potential of Brixton's Thorn Project, positioning the company to benefit from future copper demand.

How much did Brixton Metals Corporation pay for the new mineral claims?

Brixton paid a total of CAD$75,000 for the new mineral claims.

What potential does the Thorn Project have after the new acquisition?

The Thorn Project now encompasses large mineral tenure with promising geological features for copper-gold deposits.

What are the financial implications of the net smelter return on the acquired claims?

The net smelter return of 1.5% on one claim could impact future profitability when the project moves to commercial production.

What are the next steps for Brixton Metals Corporation after the claim acquisition?

Brixton plans to conduct boots-on-the-ground exploration and further geological mapping in 2022.