Brixton Metals Options its Atlin Goldfields Project to Eldorado Gold
Brixton Metals Options its Atlin Goldfields Project to Eldorado Gold
VANCOUVER, British Columbia, Ju ly 16, 202 4 (GLOBE NEWSWIRE) - Brixton Metals
Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce
that it has entered into a d efinitive option agreement (the “Option Agreement”) with Eldorado Gold
Corporation (“Eldorado”), whereby Eldorado has been granted the option to acquire 100% -
ownership (the “Option”) of the Company’s Atlin Goldfields Project (the “Project”). The Project is a
road accessible, 579 square kilometer mineral claim group located near the town of Atlin, British
Columbia and is located within the traditional territory of the Taku River Tlingit First Nation. All dollar
figures are in Canadian dollars, unless otherwise stated.
Highlights of the Option Agreement
• During the 5- year o ption period (the “Option Period”) , Eldorado shall fund $1,000,000 in
exploration expenditures per year beginning September 30th, 2024, for an aggregate spend
of $5,350,000; including an additional minimum commitment to fund $350,000 of exploration
expenditures on or before September 30th, 2024;
• Eldorado shall make cash payments to Brixton of $250,000 per year for aggregate payments
of $1,100,000 during the Option Period; i ncluding an additional minimum payment of
$100,000 within 10 days of signing the Option Agreement;
• In addition, at the end of the Option Period, Eldorado shall have the right to exercise the
Option to acquire 100%-ownership of the Project by making a cash payment to Brixton in the
amount of $7,000,000; where Brixton, at its election, may receive up to 50% of such payment
in the form of common shares of Eldorado, subject to the prior attainment of the customary
requisite regulatory approvals;
• Eldorado may, in its sole discretion, elect at any time during the o ption period to accelerate
the payments or funding timetables for any of the earn-in requirements of the Option;
• Upon exercise of the Option by Eldorado, Brixton shall be granted a 1.0% (one percent) net
smelter return royalty (“NSR”), with Eldorado retaining an option to purchase half (0.5%) of
Brixton’s NSR for $2,000,000 prior to the commencement of commercial production at the
Project; and
• During the Option Period, Brixton shall be the Operator of the Project with Eldorado approving
all work programs and budgets relating to the Project. Eldorado will also work closely and
support Brixton with respect to ongoing environmental monitoring and com munity
engagement efforts.
Chairman and CEO, Gary R. Thompson stated, “We are delighted to have attracted Eldorado Gold,
a well-established miner, to the Atlin Goldfields Project. We look forward to working with Eldorado in
advancing this exciting gold project.”
Figure 1. Atlin Goldfields Project Location Map.
About the Atlin Goldfields Project
The Atlin Goldfields Project is road accessible near the town of Atlin, BC and about a 2- hour drive
from Whitehorse, Yukon. Since 2016, and over a 3-year period, Brixton has consolidated its wholly
owned 579 square kilometer claim group with a focus on locating the hard rock source of the placer
gold within the mining camp. The Atlin Goldfields Project covers several orogenic and intrusion -
related gold targets. The Atlin gold camp has been producing gold for 125 years and is the second
largest placer gold producer in British Columbia with a reported 600,000 ounces of gold produced
between 1898 and 1945. An estimated additional 400,000 ounces of gold have been produced since
the record keeping ceased in 1946 (Ash 2001). The two major placer producing creeks (Pine and
Spruce) and many of the other productive creeks are located within the Atlin Goldfields Project. The
Atlin gold camp holds the provincial record for the largest gold nugget, which weighed 2.6 kg ( 85
ounce) and was discovered on Spruce Creek (BCGS Paper 2017-1, p.179-193).
Brixton’s rock samples of coarse -grained quartz veins have returned values of up to 293 g/t gold
from the LD Showing in 2017 and 53.60 g/t gold from the Union Mountain Showing in 2020. Historical
diamond drilling at the Yellowjacket T arget has returned up to 509.96 g/t gold (16.39 oz/ton gold)
over 5.57m. Brixton’s drilling in 2023 returned 35.00m of 0.77 g/t gold i ncluding 19.00m of 1.34 g/t
gold including 0.45m of 38.10 g/t gold at the Yellowjacket Target. In 2019, Brixton drilled 8.53 g/t
gold over 2.00m at the LD showing.
The Atlin Goldfields Project is located on the margin of a deep- seated structural and terrane
boundary. The Project is underlain primarily by Mississippian to Triassic -aged volcanic and
sedimentary rocks of the Cache Creek Complex, including quartz -carbonate-mariposite-altered
ultramafic to listwanite and mafic rocks, which are commonly associated with the gold mineralization
in the region. The Cache Creek Complex is intruded by the Middle Jurassic Fourth of July batholith
and the Late Cretaceous Surprise Lake batholith.
Over 39,500m of drilling has been completed across the property including 1,599m in 2019 at LD
and Pictou (22 collars), 292m in 2022 at Yellowjacket (2 collars), and 350m in 2023 at Yellowjacket
(1 collar)
Brixton has collected and compiled thousands of surface samples: 2,140 rock samples, 12,650 soil
samples, 210 silt samples and 23 associated bulk leach extractable gold samples (BLEG) and 161
biogeochemical samples.
A total of 6,563-line kms of magnetic geophysical surveys have been completed across the project
area.
Figure 2. Atlin Goldfields Project, Targets on Gold Geochemistry.
Qualified Person (QP)
Mr. Corey A. James, P.Geo., is a Senior Project Geologist for the Company who is a qualified person
as defined by National Instrument 43-101. Mr. James has verified the referenced data disclosed in
this press release and has approved the technical information presented herein.
About Eldorado Gold Corporation
Eldorado is a gold and base metals producer with mining, development and exploration operations
in Turkiye, Canada, and Greece. Eldorado has a highly skilled and dedicated workforce, safe and
responsible operations, a portfolio of high- quality assets, and long -term partnerships with local
communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the
New York Stock Exchange (NYSE: EGO).
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 which is o ptioned to Eldorado Gold Corporation.
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
For Investor Relations inquiries please contact : Mr. Michael Rapsch, Senior Manager, Investor
Relations. email: [email protected] or call Tel: 604-630-9707
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.
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“should”, or “will” be taken or occur, including statements that address potential quantity and/or grade of minerals, potential
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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
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