Brixton Metals Provides 2023 Summary and a 2024 Outlook

 

VANCOUVER, British Columbia, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to provide a summary of the past year and an outlook for 2024.

Chairman and CEO Gary R. Thompson stated: “Drilling at the Camp Creek copper porphyry target was successful in expanding the mineralization footprint significantly both on strike and to depth where it remains open for further expansion. We are looking forward to the 2024 drill season where we are targeting new discoveries on the massive Thorn Project and drill testing for the high-grade core of the Camp Creek porphyry.”

2023 Highlights

Camp Creek Copper Porphyry Target, Thorn Project (previously released)

• 10,099.68m of drilling was completed from nine holes
  
• Step-out drilling has expanded Cu-Au-Ag-Mo porphyry mineralization to a strike of 1050m and to a depth of 1650m in hole THN23-261 and molybdenum grade is increasing at depth
  
• THN23-285 intersected 248m of 0.60% CuEq and 150.6m of 0.64% CuEq, and in addition to Cu-Mo porphyry mineralization, near-surface high-sulphidation veins yielded 10.4 g/t Au and 76.8 g/t Ag over 1.0m
  
• THN23-261 returned 1562m of mineralization including 221m of 0.68% CuEq and 109.87m of 0.86% CuEq
  
• Camp Creek drilling results ranked 15th on MinerDeck’s drilling highlights for 2023 global copper Intercepts
  

Trapper Gold Target, Thorn Project 6625m of drilling completed from 23 holes

• Ten visible gold occurrences observed expanding the main zone along strike and at depth
  
• Hole THN23-287 yielded 54.00m of 1.03 g/t Au, including 19.00m of 2.34 g/t Au
  
• Hole THN23-288 yielded 76.50m of 1.08 g/t Au, including 6.00m of 4.58 g/t Au
  
• THN23-270 yielded 98.00m of 0.62 g/t Au from 98.0m depth
  
  • Including 32.00m of 1.15 g/t Au
  • Including 6.00m of 5.07 g/t Au
    
• A new copper showing was discovered with disseminated bornite at South Trapper located 5km south of the Trapper main drilling area and includes 6.5% and 5.3% Cu from rock grab samples
  

New Exploration Targets

A total of 1269 rocks, 1636 soils and 62 talus fine samples were collected across various target areas on the Thorn Project in 2023 which returned up to 33% copper, 52 g/t gold, and 5620 g/t silver. From the 1269 rock grab samples, 91 samples were greater than 1% copper, 20 samples were greater than 5% copper, 87 samples were greater than 1 g/t gold and 17 samples were greater than 10 g/t gold. New surface discoveries were achieved at historically worked zones, including the West Target, East Target, and Chivas, as well as at exciting new target areas such as Metla, North Target and South Target. Follow-up work is being planned for 2024 with the intent to drill test some of these target areas.

VP Exploration Christina Anstey stated: “The Trapper expansion drilling was planned through a combination of mapping, oriented core data analysis, geophysics, and soil geochemistry. Results from the 2023 drill program continue to demonstrate the potential for broad intercepts of near surface gold mineralization which remains open in several directions with the potential of expansion along the 4km surface geochemical anomaly.”

Hog Heaven Project, Montana - Ivanhoe Electric earn in

2023 was a pivotal year for the Hog Heaven Project. Operated by Ivanhoe Electric Inc., the initial drilling returned exciting results. As released October 9, 2023, Hole HHD-005 yielded 311 meters of 1.07 g/t AuEq containing 22.89 g/t silver, 0.35 g/t gold, 0.06% copper, 0.55% zinc and 0.36% lead, including the bottom 8m yielding 1.32% copper, 0.34 g/t gold, and 23.38 g/t silver from 901m depth. The focus of the 2023 drill program was to test for potential extensions of known silver, gold and copper-rich high-sulphidation epithermal mineralization as well as search for a potential copper porphyry source to the epithermal system. Results from the 2023 drill campaign have shown that epithermal mineralization extends significantly beyond the depths of previous and historical mining activities. Additionally, new evidence from drill core includes porphyry-style, early-quartz veins and breccia bearing fragments of quartz-stockwork porphyry clasts, suggesting a potential connection to a deep copper porphyry system. Drilling continues throughout the winter and results are pending.

Ivanhoe Electric holds the Option to earn 75% project interest from Brixton by incurring USD$40 million in expenditures and making cash payments to Brixton in the amount of USD$4.5 million.

2023 ESG Highlights

The implementation of a second fuel bladder system on site and basing a plane at the Atlin Airstrip resulted in 99 fewer flights (approximately 19,657km) during 2023, eliminating the need for 1365 45-gallon fuel drums. These measures have significantly reduced our carbon footprint and the potential for fuel spills while saving a combined total of $472,840 in flights and metal fuel drum costs.

In partnership with the Tahltan and Taku River Tlingit First Nations we are proud to report that in 2023 we attained the greatest number of First Nation employees and contractors on the project to date. On site, a total of 67% of Brixton Metals personnel worked for First Nation contractors or Joint Ventures. First Nations employees, contractors, and management accounted for 22.14% of the seasonal workforce. Female employees, contractors, and management accounted for 23.66% of the seasonal and full-time workforce.

In September 2023, Brixton received its updated multi-year exploration permit.

2024 Outlook

The global requirements for critical metals are high, and with the energy transition in the early stages the exceptional projected growth in the coming decades, especially for copper, provides a tremendous opportunity for stakeholders. Having successfully completed the oversubscribed $14.5 million financing in November 2023, we are fully funded for the 2024 exploration program.

Brixton is in the exploration and discovery stage and we believe the Thorn Project has the potential to deliver a world class deposit that would help meet the global demand for critical metals. Drilling will continue to test for the high-grade core of the porphyry system at the Camp Creek target while also testing additional copper-gold targets to generate new discoveries.

The Company will seek to monetize its non-core assets, which include the Langis Ag-Co-Ni Project and Atlin Goldfields Project, through Option/JV/Sale.

Qualified Person

Mr. Gary R. Thompson, P.Geo., is a Geologist, Chairman, CEO and Director for the Company who is a qualified person as defined by National Instrument 43-101. Mr. Thompson has verified the data disclosed herein and has approved the technical information in this press release.

About Brixton Metals Corporation

Brixton Metals is a Canadian exploration company focused on the advancement of its mining projects. Brixton wholly owns four exploration projects: Brixton’s flagship Thorn copper-gold-silver-molybdenum Project, the Hog Heaven copper-silver-gold Project in NW Montana, USA, which is optioned to Ivanhoe Electric Inc., the Langis-HudBay silver-cobalt-nickel Project in Ontario and the Atlin Goldfields Project located in northwest BC.

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 inquiries, please contact: Mr. Jason Shepherd, VP Investor Relations at jason@brixtonmetals.com or 1-250-212-2122

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 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.