Brixton Metals Receives Second Cash Payment from Ivanhoe Electric for the Hog Heaven Copper-Silver-Gold Project Earn-In
VANCOUVER, British Columbia, March 03, 2022 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: 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
Click here for Figure 1. The Hog Heaven Cu-Ag-Au Project Location Map:
https://brixtonmetals.com/wp-content/uploads/2022/03/Figure-3_HH_1Mar2022.jpg
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-Au-Ag 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
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d232f9ca-542b-4621-8c2f-45d2a901890c
Figure 1
