Brixton Metals Announces Pacific Bay Minerals Starts Drilling at the Atlin Goldfields Project
VANCOUVER, British Columbia, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce that its Earn-In partner Pacific Bay Minerals Ltd. (TSXV: “PBM” or “Pacific Bay”) has commenced drilling at the Company’s Atlin Goldfields Project (“the Property”) near the town of Atlin in northern British Columbia. Pacific Bay has contracted Diamondhead Drilling to complete a series of drill holes targeting the Yellowjacket high-grade gold vein system. Pacific Bay holds an option to acquire up to a 100% interest in the Property from Brixton Metals Corporation. To earn a 100% interest, Pacific Bay shall pay Brixton $3.2 million in cash, issue 10 million shares to Brixton and incur $7 million in exploration expenditures over 7 years. If Pacific Bay completes the Option and acquires 100% of the Property, Brixton will retain a 2% Net Smelter Royalty, which one percent is purchasable by Pacific Bay for $2,500,000.
Chairman and CEO Gary R. Thompson stated, “We are delighted that Pacific Bay has commenced drilling at the Atlin Goldfields Project and we look forward to their exploration results in the months to come.”
Click here for Figure 1. Pacific Bay Drill at Yellowjacket Target, Atlin Goldfields Project, BC:
The initial four drill holes proposed for the fall 2022 diamond drill program are aimed at confirming historical results and expanding upon the Yellowjacket mineralization. The Yellowjacket Zone consists of orogenic gold mineralization confined along the distinctive Pine Creek Fault system and is located immediately below significant placer gold production.
About the Atlin Goldfields Project
The Atlin Goldfields region has been a source of active placer production for the last 125 years, with gold production continuing to this day. The 566 km2 land package underlies the majority of the Atlin placer gold producing creeks including Spruce Creek, which is the source of Canada’s largest gold nugget, weighing 85 ounces. The Atlin Goldfields Project is an orogenic and an intrusion-related gold property with several promising targets that have been outlined by geology, soil and rock sampling, geophysics and diamond drilling. Previous exploration has focused on gold hosted within the mafic and ultramafic rocks of the Cache Creek Complex, including drilling at the Yellowjacket Target which intersected 95.1 g/t Au over 32.84m. Approximately 1,000 ounces of gold were produced from the Yellowjacket Mine from 2007-2010, including a 2,880 tonne bulk sample that recovered 599 ounces of gold grading 6.5 g/t Au. Recent studies indicate that the origin of the Atlin placer gold is not limited to the ultramafic rocks but also includes veins hosted within sedimentary rocks and within the Surprise Lake Batholith. The Yellowjacket site has a BC Ministry of Mines Small Mine Permit (75,000 tonnes per year) in place, currently under care and maintenance.
About Brixton Metals Corporation
Brixton is a Canadian exploration and development company focused on the advancement of its mining projects. Brixton wholly owns four exploration projects, the Thorn copper-gold-silver Project, the Atlin Goldfields Project (Optioned to Pacific Bay Minerals) both located in NW BC, the Langis-Hudbay silver-cobalt Projects in Ontario and the Hog Heaven silver-gold-copper Project in NW Montana, USA (Optioned 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: firstname.lastname@example.org
For Investor Relations, please contact:
Mitchell Smith, VP Investor Relations
Tel: 604-630-9707 or email: email@example.com
Stay connected with us:
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/95df2dbf-0e1d-40c1-aee4-a07b17e5a809