VANCOUVER, British Columbia, Aug. 27, 2019 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSXV: BBB) (OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce that it has commenced phase two exploration program at its Thorn Project located in Northwest British Columbia consisting of approximately 7,000 to 10,000 metres of HQ and NQ size core drilling with two drills on 2 distinct porphyry targets within the Camp Creek Copper Corridor and the Chivas zone. The Company will also conduct approximately 25 line kilometers Titan DCIP and MT geophysical survey at the Camp Creek Corridor with the objective of imaging a target depth of 1.0 to 1.5km.
Chairman and CEO of Brixton Metals, Gary R. Thompson stated previously, “We look forward to unlocking the mountain of value at the Thorn Project.”
The Company staked an additional 862 square kilometres of mineral claims for a new total mineral claim area of 1,858 square kilometres of wholly owned tenure.
Click here for link to Figure 1. Brixon’s Updated Claim Block
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/df0c8c5c-5dfe-4f4f-9f4b-c57bc93aa6bd
Update on the Atlin Goldfields Project
During May 2019 to July 2019, Brixton Metals completed a drilling program at the Pictou and LD Zones, rock sampling and prospecting.
Summary of work completed
- 22 shallow NQ sized core holes were completed for a total of 1,618m with 4 holes at the Pictou showing and 18 at the LD showing area
- 1,965 line-kilometres of helicopter-borne magnetic geophysical survey
- Construction on a new 35-person exploration camp located at the Yellowjacket Mine
- A total of 1,395 soil samples and 139 rock samples were collected
The results will be released as they become available. Crews have been moved to the Thorn Project.
Mr. Sorin Posescu, P.Geo, Vice President Exploration for Brixton Metals and a Qualified Person as defined under National Instrument 43-101 standards and has reviewed and approved the technical information in this news release.
Corporate Update
The Company also announces the grant of incentive stock options to its directors, officers, employees and consultants for an aggregate amount of 4,300,000 (the “Options”). These Options are exercisable at $0.30 per share for a period of 10 years and are subject to provisions of the Company’s stock option plan as approved by its shareholders and the Annual General Meeting.
Members of the Compensation Committee and Board of Directors approved the Stock Option grant in order to:
1) Reward long serving members of the Brixton team for new discoveries at the Thorn Project, which the Company has owned for 9 years;
2) Retain the required talent that will be needed to advance the Company’s exploration projects. With the rise in gold prices, the Compensation Committee and Board of Directors believe there appears to be a tightening in the mining labour market and wanted to ensure the Company has the required skilled personnel to advance the project in a professional and responsible manner;
3) The Company granted options to individuals that will have a direct impact on the potential growth of new discoveries. Every person who received options will be directly involved in the potential growth and de-risking of Brixton’s assets. The decisions of these individuals will have a direct impact on the value of each shareholders’ investment.
About Brixton Metals Corporation
Brixton is a Canadian exploration and development company focused on the advancement of its gold 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-Hudson Bay 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 and on the OTCQB under 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
Tel: 604-630-9707 or email: mitchell.smith@brixtonmetals.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 regarding the exploration potential of the Thorn project and the Atlin Goldfields project and the proposed work programs at its Thorn and the Atlin Goldfields projects. 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.
Figure 1
Brixon’s Updated Claim Block