VANCOUVER, British Columbia, Aug. 24, 2020 (GLOBE NEWSWIRE) -- 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:
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:
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):
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:
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 CEO
Tel: 604-630-9707 or email: email@example.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 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:Figure 1 Thorn and Metla Mineral Claim MapFigure 2 Metla Magnetics and Gold-Copper Rock Geochemcal ResultsFigure 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).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.