VANCOUVER, British Columbia, May 08, 2020 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce the results from its Annual General Meeting of Shareholders held on April 30, 2020 and plans for the upcoming 2020 exploration program at its Hog Heaven and British Columbia Projects.
Highlights of AGM 2020
- The number of Directors was fixed at five (5), of which four (4) Directors were re-elected, being Gary R. Thompson, Ian Ball, Cale Moodie and Randall Thompson (Randall and Gary are not related) and one new Director was elected, being Ms. Rita Adiani.
- Davidson & Company LLP, Chartered Professional Accountants was re-appointed auditors for the ensuing year.
- The Company’s Stock Option Plan was approved allowing the granting of up to 10% of the Corporation’s issued and outstanding common shares at any time.
Brixton Welcomes Rita Adiani
Ms. Adiani is currently Executive Vice President of Xiana Mining Inc. (a copper producer with operations in Chile). Prior to Xiana, Ms. Adiani was a Managing Director in the mining team at NRG Capital Partners in London. She was also previously Vice President within the investment banking department (M&A) at Société Générale in London. Ms. Adiani has advised a range of corporates on various M&A, fund-raising and other corporate transactions in excess of USD$3 billion. She also held the position of Corporate Finance Manager for the private gold mining investment vehicle, La Mancha Resources (current AUM of USD$1.1billion) from 2013 to 2015. She has also practiced as a M&A and equities English law solicitor at Linklaters LLP where she advised and was involved in transactions exceeding USD$50 billion. Ms. Adiani is a law graduate from the University of Oxford and University of Sheffield. She also has a Certificate in Mining Studies – Mining & Minerals Engineering from the University of British Columbia (Norman B. Keevil Institute of Mining Engineering).
Chairman and CEO of Brixton, Gary R. Thompson stated, “We are delighted to have Rita Adiani join Brixton’s Board of Directors. Rita’s finance, mining & minerals engineering and legal background most certainly adds strength to our team.” Mr. Thompson further stated, “Dr. Carl Hering was not nominated for re-election to the Board; however, he will remain as an Advisor to the Company. On behalf of the Company I wish to thank Dr. Hering for his service as a meaningful contributor to Brixton’s success.”
2020 Budget and Operational Plan:
The Board approved a 2020 exploration budget which will be funded from existing cash reserves, of which USD$500,000 will be allocated at the Company’s Hog Heaven Project and CDN$2,000,000 of flow through funds will be allocated at the Company’s British Columbia Projects.
COVID Management Plan:
The Company is planning to engage consultancy firm Ethos Geological Inc., which is based in Bozeman, Montana in order to carry out the proposed exploration program at the Hog Heaven project and follow the State of Montana COVID-19 safety guidelines.
In British Columbia the Company will follow WorkSafe BC Guidelines as well as orders and recommendations issued by the Provincial Health Officer, the Office of the Chief Inspector of Mines and First Nations Governments, stakeholders and local communities in preparedness and management prior to the commencement of any field program.
Vice President of Exploration Mr. Sorin Posescu, P.Geo, stated, "We are excited to embark on the first drill campaign on the Hog Heaven Project since 1992. This initial exploration program is aimed at confirmation of some of the historical data with the objective of enhancing our understanding of the geological setting of the project and the resource potential. We believe this will set the stage for a larger exploration campaign with the objective to unlock the excellent potential of the project providing a pathway towards a resource estimate.”
The phased budget for the Hog Heaven program will include, amongst other activities, validation and exploration core drilling, metallurgical assessment (including assaying for base metals which is largely absent in historical assays), and geological and geochemical surveys. The program is anticipated to begin in mid-May with expected completion toward the end of June. The purpose of validation drilling is to improve our understanding of the mineralized system as the project appears to have the affinity for both strataform copper-silver to high sulphidation and a porphyry copper-gold type system. The drill program is also expected to target new primary mineralization beyond the current drill holes which ended in mineralization, showing the potential continuity of the system at depth. As an example of a follow up hole is hole ARF-79-5 which returned 12m of 6 g/t Au, 1,089 g/t Ag and 6.5% Cu within a broader 198m interval that ended in mineralization. Historic drill hole AFR-81-8 returned 67m of 2.6 g/t Au, 340 g/t Ag but is without base metals assays. The ability to assay for base metals that were previously excluded is expected to contribute to the overall value of these targets.
Exploration work in British Columbia is anticipated to begin in June or July and is largely a boots on the ground approach, followed by drilling later in the season. The main focus for 2020 in BC is on its Thorn Project to discovery new large scale gold targets as volcanic to sedimentary hosted and copper-gold porphyry targets. Some of the specifics that we have planned for the Thorn Project include 9km of IP and downhole IP over the Camp Creek blind porphyry target, where the 2019 drilling encountered porphyry style mineralization. We plan to re-assay select historic cores around the Camp Creek target and collect new rock samples along Camp Creek and La Jaune Creek and analyze both old core and new rocks using 4-acid digestion to refine the porphyry vectors. We plan to follow up the 2018 soil-rock geochemical surveys and mapping at the Outlaw West area where rock grab samples returned up to 39 g/t Au in preparation for drilling. On the broader Thorn property Brixton has acquired ASTER and SENTINEL-2 satellite data and processed it for alteration minerals over the 2300 square kilometer property which has identified several new large areas of interest. The Company recently compiled further historic assessment reports for geochemical-geophysical-geological data. The plan is to conduct regional prospecting combined with soil-rock geochemistry for the collection of up to 10,000 samples. Combined with the regional work we plan to include radiometric surveys using a backpack unit to identify new porphyry targets on the Thorn Project.
The program at the Atlin Goldfields Project consists of soil geochemical surveys for several thousand samples, prospecting and geological mapping.
The Company also announces that it has granted incentive stock options in the cumulative amount of 2,650,000 options at an exercise price of $0.17 to employees, consultants and Directors of the Company. The option grants vest immediately and are in effect until May 5, 2030.
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 gold-copper-silver Project, 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 CEO
Tel: 604-630-9707 or email: email@example.com
For Investor Relations please contact Mitchell Smith at firstname.lastname@example.org or 604-630-9707
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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.