Brixton Metals Corporation (TSXV: BBB, OTCQB: BBBXF) has closed a first tranche non-brokered private placement for combined aggregate proceeds of $6,913,099.84.
The funds raised are:
- $4,718,200, through the issuance of 23,591,000 “flow-through” units at a price of $0.20 per FT Unit.; and
- $2,194,899.84, through the issuance of 12,193,888 units at a price of $0.18.
The First Tranche Private Placement forms a part of a larger offering for an aggregate total of up to $10 million. The Offering will be comprised of a combination of additional FT Units, Units and charity “flow through” units at a price of $0.245.
The second tranche for the balance of the Offering is expected to close on or about December 15, 2021.
The proceeds from the Unit Offering will be used to fund ongoing project development expenditures, and for working capital and general corporate purposes.
The focus of exploration expenditures are planned for the company’s Thorn Project and to a much lesser extent it’s Atlin Goldfields Project. Located in British Columbia, Canada.
Copper and gold targets on the Thorn Project include drilling the Trapper Gold Target for 5000m to 10,000m to expand on the broad intervals of near surface gold mineralization that was discovered in 2021, where hole 186 returned 187.5m of 1.6 g/t Au including 139.0m of 2.14 g/t Au including 11.0m of 19.25 g/t gold.
Up to six thousand meters of drilling are proposed for the Camp Creek Cu-Au-Ag-Mo porphyry Target where hole 184 intercepted 318m of 0.69% CuEq including 14m of 1.04% CuEq, see news release dated October 19, 2021.
Additional geological mapping, soil-rock geochemistry and geophysical surveys are planned for other porphyry targets on the Thorn Project such as the Metla Target where recent surface samples of potassic altered, Triassic aged diorite porphyry returned 4.7% Cu, 1.8 g/t Au, 31 g/t Ag.
Further mapping and sampling at the West Target is planned where Eocene aged copper porphyry style mineralisation has been observed in grab samples yielding multi-percent copper assays. Recent age dating results from the Camp Creek and Trapper porphyries suggests these centres are Cretaceous in age, having implications for the project in that this in a long-lived mineralizing system or more specifically an Eocene to Triassic porphyry belt.
For further information please visit: https://brixtonmetals.com/
