Brixton Metals Corporation (TSX-V: BBB | OTCQB: BBBXF) has announced that Pacific Bay Minerals Ltd. (TSX-V: PBM), its earn-in partner for the Atlin Goldfields Project located in British Columbia, Canada, has completed the first phase of their closing agreement. This includes an initial C$500,000 in financing, a NI-43-101 Technical Report by Pacific Bay, and regulatory approvals.
“We are delighted that Pacific Bay has completed the first step in our agreement and look forward to their exploration results in the years to come,” stated Gary R. Thompson, Brixton’s chairman & CEO.
Under the Definitive Agreement, Pacific Bay has the Option to acquire up to a 100% interest in the Atlin Goldfields Project by paying Brixton C$3,225,000 in cash, issuing to Brixton 10,250,000 common shares of Pacific Bay, incurring C$7,000,000 in exploration expenditures over 7 years and if completed Brixton shall retain a 2% NSR.
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 Yellowjacket Target which intersected 95.1 g/t Au over 32.84m.
Approximately 1,000 oz Au were produced from the Yellowjacket Mine from 2007-2010, including a 2,880-tonne bulk sample that recovered 599 oz Au grading 6.5 g/t Au. Recent studies indicate that the origin of the Atlin placer gold is not limited to the ultramafic rocks but also includes veins hosted within sedimentary rocks and within the Surprise Lake Batholith.
Brixton Metals wholly owns four exploration projects: the Thorn copper-gold-silver project and the Atlin Goldfields project (now under LOI with Pacific Bay Minerals (TSXV: PBM)), both located in north-west British Columbia; the Langis-Hudbay silver-cobalt projects in Ontario; and the Hog Heaven silver-gold-copper project in north-west Montana, U.S. (under Option Agreement to Ivanhoe Electric In (NYSEAM: IE)).
For further information please visit: https://brixtonmetals.com/
