Brixton Metals Corporation (the
"
Company") (TSXV: BBB) (OTCQB: BBBXF) is pleased
to announce that it has entered into a purchase agreement to
acquire a 100% interest in the Metla mineral claim group of 6,413
hectares from Stuhini Exploration Ltd., TSXV:STU
(“
Stuhini”) for consideration of 1,200,000 common
shares of Brixton and CAD $42,000 in cash (subject to the
acceptance of the TSX Venture Exchange). The Metla claims will be
subject to a 1.0% net smelter royalty interest in favour of
Stuhini.
Chairman and CEO of Brixton Metals, Gary R.
Thompson stated, “We are happy to have reached an agreement with
Stuhini on this high mineral potential tenure as we continue to
consolidate the Thorn project and transform it into a major 70 km
mineralized trend. These Metla claims add an additional 7 km to
this major mineralized trend. As a result of retreating
glaciers, Stuhini geologists discovered new well mineralized
porphyry float rocks. These samples shown below, represent the
center of a porphyry system by the potassic alteration and bornite
mineralization. We believe that the source of these rock samples is
nearby. The hunt is now on to locate the in situ material, through
soil-rock geochemistry, radiometrics and mobile MT geophysical
surveys. The Metla ground provides an exciting new target area
within the Thorn Project.”
Click here for Figure 1. Thorn and Metla Mineral Claim
Map:http://brixtonmetals.com/wp/wp-content/uploads/2020/08/Figure-1-Aug24_2020.jpg
About the Metla Project
Gold mineralization was first discovered on the
Metla property in 1957. Follow up work in 1988 identified a 1200
metre long by 800 metre wide mineralized boulder train with
disseminated to massive sulphide that assayed up to 67 grams per
tonne gold. In 1989, trenching by Cominco Ltd. (“Cominco”) returned
4.6 g/t Au across 9 meters. Retreating glaciers have exposed land
up-ice from early discoveries by Cominco prospectors. In 2019,
Stuhini geologists discovered porphyry style boulders with bornite
and chalcocite mineralization with potassic alteration returning
grades up to 4.7% Copper and 1.8 g/t Au, 31g/t Ag, 0.3 g/t
Pd from sample# ALW19-004, see Figures below.
Click here for Figure 2. Metla Magnetics and
Gold-Copper Rock Geochemcal Results:
http://brixtonmetals.com/wp/wp-content/uploads/2020/08/Figure-2-Aug24_2020.jpg
Click here for Figure 3. Stuhini Rock Float
Sample ALW19-004 of Foliated Diorite Porphyry with
Bornite-Chalcocite returning 4.7% Cu, 1.8 g/t Au, 31 g/t Ag, 0.3
g/t Pd (after HF Acid Staining, Potassic Allteration in
Yellow):
http://brixtonmetals.com/wp/wp-content/uploads/2020/08/Figure-3-Aug24_2020.jpg
Figure 4. Stuhini Rock Float Sample ALW19-004,
Quartz-bornite-chalcocite in Potassic Altered Foliated Diorite
Porphyry which returned 4.7% Cu, 1.8 g/t Au, 31 g/t Ag, 0.3 g/t
Pd:
http://brixtonmetals.com/wp/wp-content/uploads/2020/08/Figure-4-Aug24_2020.jpg
Metla Project History
In 1957, Cominco conducted the first recorded
work at Metla Creek, when exploration crews discovered an
occurrence of pyrite, sphalerite and galena which assayed 11.0 g/t
gold, 45.2 g/t silver, 0.1 % copper, 1.0% zinc, and 0.2 % lead,
near the toe of an icefield.
In the 1980's, Chevron Canada Limited conducted
a precious metal reconnaissance exploration program that included
contour soil sampling and heavy mineral stream sediment sampling
throughout the region. This work ultimately lead to the discovery
of the Golden Bear gold mine 25km to the south of the Metla
property. Chevron prospected and ran contour soil lines on the Rod
prospect, now just within tenure 510284 at the southeast comer of
the Metla property. The work by Chevron identified numerous
coincident gold-arsenic-antimony-silver soil anomalies with values
up to 8,400 and greater than 10,000 ppb gold. One sample assayed
10.3 g/t gold (sample KN2-8).
In 1988, Cominco staked the Metla area when it
was noted that the ice field had retreated over 900 meters during
the preceding 31 years, subsequently revealing widespread
polymetallic sulfide mineralization. During the next three field
seasons, Cominco established a 20 line-km grid, drilled, blasted
and sampled 18 bedrock trenches, conducted detailed bedrock and
boulder train mapping and sampling, a mineralogical study, ground
geophysical surveys (16.3 line-km. of HLEM and 14.1 line km. of
ground magnetics) and some heavy mineral sampling (Mawer, 1988,
1989 & 1990).
In 1990 Cominco produced a highly detailed 1:500
scale geology and sample compilation map of the Metla Creek area
and collected over 400 rock samples. Gold-silver-zinc-lead-copper
mineralization was identified within carbonate hydrothermal breccia
and argillite-hosted bedding parallel silicified breccias and
pyritic stringers in six different areas along a corridor 600
meters wide and 1,200 meters long. Results from a total of 339
glacial float boulder samples ranging from <10 ppb gold to
68,000 ppb gold, had an average of 4.47 g/t gold. Five bedrock
areas hosting significant gold and base metal mineralization were
identified, including Area D where a 9.0 meter chip sample produced
a weighted average of 4.70 g/t gold.
In 1991, Galico Resources Ltd., optioned the
Metla property and from a base camp at Trapper Lake, combined
magnetic, EM and VLF (Aerodat Ltd.) and detailed petrographic study
and 10 diamond drill holes totaling 1,075.0 meters on the property
(Payne, 1991). Unfortunately, little of the Galico work is
available; archived data was discarded and no assessment reports
other than the airborne survey (Dvorak, 1991) were filed either
with the BC government or Cominco.
In 2000, interest in the region was renewed when
Rimfire Minerals Corporation optioned the Thorn property located
19km to the northwest of Metla and began exploration on a high
sulphidation model for the mineralization.
The original Cominco Metla claim lapsed in 2001
and was restaked by Aspinall and Dawson in the spring of 2002. A
brief prospecting program was completed by Aspinall in the 2002
field season.
In 2004, Solomon Resources Limited optioned the
Metla property and compiled the Chevron and Cominco data, assayed
and produced polished samples from a suite of hand specimens
collected by Mr. Tom Schroeter of the B. C. Geological
Survey.
In 2005, Barrick Gold Ltd. formed the Kismit
Joint Venture with Rimfire Minerals Corporation (owner of the Thorn
Property during that time) and staked a large land package
measuring roughly 70 km. (NW-SE) by an average of 18 km wide which
encompassed the Thorn, Metla and other prospects in the newly
recognized Late Cretaceous metallogenic belt.
In 2006, Indico Technologies Ltd collected 129
rock samples and 10 samples for petrographic analysis.
Satellite images at 1:2000 and 1:5000 scale were commissioned for
the purposes of geological mapping.
In 2008, the Aspinall-Dawson partnership
collected a total of 90 soils, 10 silts, 11 float and 8 grab
samples.
In 2011, Ocean Park Ventures (now Kodiak Copper
Corp.) collected 76 rock samples as 25 float and 51 grab
samples. Samples were collected within a 4 square kilometre
area in the glacial valley of the retreating Metla
glacier.
In 2017, Stuhini Exploration acquired the Metla
Project and conducted a small magnetic geophysical survey and
collected 143 rock samples. Highlights returned 21.3 g/t Au, 39 g/t
Ag, 2.18% Cu from sample 1892554.
In 2018, Stuhini obtained drill permits, conducted 419 line
kilometers of airbourne VTEM geophysical survey, built a new camp
and collected 34 rocks samples. Highlights include 9 samples
returning gold values greater than 0.25 g/t with a maximum of 9.96
g/t; 9 samples returning silver values greater than 8 g/t with a
maximum of 45.5 g/t; 11 samples returning copper values greater
than 300 ppm with a maximum of 3284 ppm. Assays of up to 3441 ppm
lead and 6.33% zinc have also been reported.
Source: Technical Report on the Metal Property,
by Litos Geological Inc.,(Wilkins), October 2018; BCMEM Assessment
Reports 19226, 27,145, 34,596, 21,718, 27771A, 4823928, 4983562,
5487177, 5662600, 5567670, 5568009;
http://www.em.gov.bc.ca/cf/minfile/;
https://www.stuhini.com/
Mr. Gary R. Thompson, P.Geo., who is a qualified
person as defined by National Instrument 43-101, reviewed and
approved the information in this press release. However ,the QP has
not done sufficient work to verify the results presented.
About Brixton Metals Corporation
Brixton is a Canadian exploration and
development company focused on the advancement of its gold copper
and silver projects toward feasibility. Brixton wholly owns four
exploration projects, the Thorn copper-gold-silver and the Atlin
Goldfields projects located in NWBC, the Langis-HudBay
silver-cobalt project in Ontario and the Hog Heaven
silver-gold-copper project in NW Montana, USA. Brixton Metals
Corporation shares trade on the TSX-V under the ticker symbol BBB.
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 CEOTel:
604-630-9707 or email: info@brixtonmetals.com
For VP Investor Relations please contact
Mitchell SmithTel: 604-630-9707 or email:
mitchell.smith@brixtonmetals.com
Cautionary Note
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 in respect of TSX Venture Exchange
are 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 statement.
Photos accompanying this announcement are available at:
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