Brixton Metals Corp. (TSXV: BBB | OTCQB: BBBXF) has announced that its earn-in partner Pacific Bay Minerals Ltd. (TSXV: PBM) has commenced drilling at the company’s Atlin Goldfields Project 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 must pay Brixton $3.2M in cash, issue 10M shares to Brixton and incur $7M in exploration expenditures over seven 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.”
The initial four drill holes proposed for the fall 2022 diamond drill programme 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.
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