Brixton Metals Samples 68.8 g/t Gold at its Thorn Project in the Golden Triangle and Announces an Upsized and Fully Subscribed $5,500,000 Private Placement
Brixton Metals Samples 68.8 g/t Gold at its Thorn Project in the Golden Triangle and
Announces an Upsized and Fully Subscribed $5,500,000 Private Placement
July 29, 2020 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) provides an
update on its Thorn Project exploration activities . Ongoing soil geochemical surveys and rock
sampling has returned gold values up to 68.8 g/t Au from the West Outlaw target area where
preparation for drilling has started.
Due to strong investor demand Brixton is pleased to announce it has increased its offering and is
now fully-subscribed on its non-brokered private placement of a combination of units and flow -
through shares of the Company for gross proceeds of up to C$5,500,000 (the "Offering") as further
described in its news release dated July 24, 2020.
Since June 2020, Brixton has collected 4,480 soil samples an d 763 rock samples across several
large-scale copper and gold targets on the Thorn Project. The Company completed 12km of IP
geophysical surveys , which is the extension of the 2019 survey and two deep downhole IP
geophysical surveys over the Camp Creek Por phyry target. Gold results to date from the Outlaw
target are reported here and copper results will be reported in a separate news release upon
interpretation of the geophysical and geochemical data and as it becomes available.
So far this season, a total of 972 soils and 39 rocks samples were collected over the Outlaw Target
area. Four of the 39 rock samples returned greater than 2 g/t Au and two rock samples returned
greater than 10 g/t Au, as 14.5 g/t Au and 68.8 g/t Au respectively. No drilling has been done in the
Outlaw West area , which is a 1,000m by 500m gold -in-soil anomaly (see Figure 2 and 3 for soil
contour plots).
Click here for Figure 1. Plan Map of the Outlaw Gold Target Area within Thorn Mineral Claims
From the 972 soil samples collected at the Outlaw zone, 257 samples returned greater than 30 ppb
Au, 96 samples returned greater than 100 ppb Au and 11 samples were greater than 1,000 ppb Au.
All of the 11 soil samples greater than 1,000 ppb Au are concentrated at the West Outlaw area.
Please see gold-in-soil plots in Figure 2 and 3 below.
Chairman and CEO of Brixton, Gary R. Thompson stated, “Our boots on the ground approach this
season at the Thorn project is paying off with strong gold and copper numbers from several new
target areas and the expansion of the Outlaw West target is looking very promising for high grade
gold mineralization. We are now gearing up for drilling at the Outlaw West Gold target as we continue
to generate new large-scale copper-gold targets on the district scale project.”
Click here for Figure 2. Gold-in-soil and (Gold-in-rock greater than 1 g/t Au) at the Outlaw Zone
An estimated 10 drill core holes are planned for 2500m to 3000m at the Outlaw Gold Target. See
Figure 3 below for proposed drill site locations.
Click here for Figure 3. Outlaw Gold Zone Drill Targets 2020
The Company is on track to complete its planned 10,000 soils and 1,000 rock sample program this
season at the Thorn Project. Further geophysical surveys are planned subject to favorable weather
conditions. Further drilling is planned for the balance of the season and is subject to refinement of
field mapping, geochemistry and geophysical surveys. In addition to the blind porphyry target at
Camp Creek which remains to be full y drill tested , the Company believes that multiple new
discoveries can be made within the district scale system.
Private Placement Update
Due to strong demand, Brixton has increased its previously announced private placement to gross
proceeds of $5,500,000, consisti ng of a combination of units and flow -through shares of the
Company (the "Offering"). Each unit (a “Unit”) is being offered at a price of C$0.25 and will be
comprised of one common share of the Company and one common share purchase warrant (a
"Warrant"). Each flow-through share is being offered at a price of C$0.28 and will be comprised of
one common flow-through share of the Company. Each Warrant entitles the holder thereof to acquire
one common share of the Company at a price of C$0.35 for a period of 36 months from the date of
closing of the Offering. The Offering is scheduled to close on or about August 12, 2020, and is subject
to receipt of all necessary approvals including the approval of the TSX Venture Exchange.
About the Outlaw Gold Zone
The Outlaw Zone represents a 4km sediment-hosted gold-silver target. Mineralization is at or near
surface and is hosted within multiple stacked horizons of considerable thickness of sub-horizontal
sediments as interbedded siltstone-graywacke with both stratigraphic and structural controls. The
consistent nature of the gold mineralization is thought to be associated with the Jurassic aged
rhyodacite dykes. Early exploration work on the Outlaw Zone was conducted by Chevron’s Mineral
Division in the 1980’s which entailed soil and rock geochemical surveys, trenching and a few drill
holes. Brixton has drilled a limited number of core holes at broadly spaced centres for about 450m
of continuous strike within the 4km trend with consistent results.
Mr. Gary R. Thompson, P.Geo., who is a qualified person as defined by National Instrument 43-101,
reviewed and approved the information in this press release.
About Brixton Metals Corporation
Brixton is a Canadian exploration and development company focused on the advancement of its
mining projects toward feasibility. 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 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 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: [email protected]
For Investor Relations, please contact:
Mitchell Smith, VP Investor Relations
Tel: 604-630-9707 or email: [email protected]
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, no t 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. Su ch 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.