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Brixton Metals Announces Pacific Bay Minerals Starts Drilling at the Atlin Goldfields Project
VANCOUVER, British Columbia, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to
About this update from Brixton Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce that its Earn-In partner Pacific Bay Minerals Ltd. (TSXV: “PBM” or “Pacific Bay”) has commenced drilling at the Company’s Atlin Goldfields Project (“the Property”) near the town of Atlin in northern British Columbia. Pacific Bay has contracted Diamondhead Drilling to complete a series of drill holes targeting the Yellowjacket high-grade gold vein system. Pacific Bay holds an option to acquire up to a 100% interest in the Property from Brixton Metals Corporation. To earn a 100% interest, Pacific Bay shall pay Brixton $3.2 million in cash, issue 10 million shares to Brixton and incur $7 million in exploration expenditures over 7 years. If Pacific Bay completes the Option and acquires 100% of the Property, Brixton will retain a 2% Net Smelter Royalty, which one percent is purchasable by Pacific Bay for $2,500,000. Chairman and CEO Gary R. Thompson stated, “We are delighted that Pacific Bay has commenced drilling at the Atlin Goldfields Project and we look forward to their exploration results in the months to come.” Click here for Figure 1. Pacific Bay Drill at Yellowjacket Target, Atlin Goldfields Project, BC: The initial four drill holes proposed for the fall 2022 diamond drill program are aimed at confirming historical results and expanding upon the Yellowjacket mineralization. The Yellowjacket Zone consists of orogenic gold mineralization confined along the distinctive Pine Creek Fault system and is located immediately below significant placer gold production. About the Atlin Goldfields Project The Atlin Goldfields region has been a source of active placer production for the last 125 years, with gold production continuing to this day. The 566 km2 land package underlies the majority of the Atlin placer gold producing creeks including Spruce Creek, which is the source of Canada’s largest gold nugget, weighing 85 ounces. The Atlin Goldfields Project is an orogenic and an intrusion-related gold property with several promising targets that have been outlined by geology, soil and rock sampling, geophysics and diamond drilling. Previous exploration has focused on gold hosted within the mafic and ultramafic rocks of the Cache Creek Complex, including drilling at the Ye...