Brixton Metals Receives Second Cash Payment from Ivanhoe Electric for the Hog Heaven Copper-Silver-Gold Project Earn-In March 3, 2021 – Brixton Metals Corporation (TSXV: BBB) (OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce that it has received the second payment in the amount of USD$500,000 for the Hog Heaven Project which is currently being operated under a definitive earn-in JV Agreement with Ivanhoe Electric Inc. (see news release dated March 2nd, 2021). Ivanhoe Electric holds the option to acquire up to 75% interest through a USD$44.5 million spend. Hog Heaven is an advanced stage high sulphidation epithermal copper-silver-gold project with porphyry potential and historical production located in the state of Montana, USA.
Robert Friedland stated, “We are looking forward to further understanding the mineral potential of this high-grade district in our pursuit of critical metals to support the electrification of everything.“
On April 30, 2021, High Power Exploration Inc. (“HPX”), transferred its rights and assets, including assigning the Hog Heaven Earn-In Agreement, to its affiliate company, Ivanhoe Electric Inc. under a contribution agreement. - A 2022 drill program will target both extensions to known mineralization and new target concepts from the results of the recent geophysical and geochemical surveys
- Initial drill sites have been permitted and bonded with Montana DEQ
- Approximately 14,500m of drill core was re-logged to update the geologic model
- Surface rock chip sampling at the Flathead Mine to confirm metal distribution and grades
- Approximately 2,600 pulp samples were assayed from historic drill holes at the Flathead and Ole Hill Mines as most of the historic work did not assay for copper
- A three-dimensional IP survey was completed over the Hog Heaven Project area in the summer of 2021 to further assess target potential and to generate new drill targets
- A detailed ground gravity survey covering the Hog Heaven project area was completed in September of 2021
Figure 1. The Hog Heaven Cu-Ag-Au Project Location Map.
Chairman and CEO, Gary R. Thompson, stated, “We are excited to be partnered with Ivanhoe Electric to advance the Hog Heaven Project. Historically, most of the previous operators focused on the shallow high-grade silver and gold oxide mineralization. Some of the old underground workings assayed up to 3000 ounces per ton silver. Our thinking is that this shallow precious metal enriched high-sulphidation style mineralization is related to a copper rich porphyry.”
About the Hog Heaven Cu-Ag-Au Project – Montana, USA
The Hog Heaven Cu-Ag-Au Project is an advanced stage exploration property, which historically produced high-grade silver, gold, and copper. Between 1913 and 1975, Anaconda Copper Mining and lessees produced 6.7Moz Ag, 3,000 oz Au, 23M lbs Pb, and 0.6M lbs Cu from 0.23Mt of direct -ship ore, grading 29 opt Ag. The road accessible property is located in Flathead County, 55 miles south-southwest of the town of Kalispell, northwestern Montana, USA.
Qualified Person
Mr. Gary R. Thompson, P.Geo., Chairman, CEO and Director of the Company who is a qualified person as defined by National Instrument 43-101, has reviewed, and approved the technical information in this press release.
About Brixton Metals Corporation
Brixton Metals 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 Projects located in NW BC, the Langis-HudBay silver-cobalt Project in Ontario, and the Hog Heaven Cu-Ag-Au Project in NW Montana, USA (under option to Ivanhoe Electric Inc., see March 2, 2021 news release). 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 |