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Brixton Metals Corp (2)
Symbol BBB
Shares Issued 144,080,374
Close 2020-01-08 C$ 0.175
Recent Sedar Documents

Brixton Metals plans surveys at Thorn project

2020-01-08 08:22 ET - Shareholders Letter

Mr. Gary Thompson reports

PRESIDENT'S LETTER TO SHAREHOLDERS

Brixton Metals Corp. has provided a shareholder letter.

Dear shareholders and investors,

The past year was an exciting time for Brixton Metals, where we drilled 9,642 metres between the Thorn and Atlin projects and raised more than $10-million in what remains a challenging market for junior exploration companies. We thank you for your support and sustained optimism as we continue to unlock the mountain of value and generate new discoveries on our wholly owned projects.

Our priority is creating shareholder value, which is steeped in acquiring gold, silver and copper assets at a reasonably low cost. Through a systematic exploration process, we intend to unlock value as we advance them to feasibility.

Highlights from 2019

The Thorn project located in the northern tip of British Columbia's Golden Triangle received most of our attention during the work season, where efforts were made to locate one or more of the porphyry centres. Drill hole THN19-150 was drilled to 829 metres in depth, which returned 554.70 m of 1.97 grams per tonne gold equivalent (0.57 g/t Au, 0.24 per cent copper, 43.18 g/t silver, 0.55 per cent zinc, 0.28 per cent lead), including 135.96 m of 5.00 g/t AuEq (1.35 g/t Au, 0.31 per cent Cu, 133.62 g/t Ag, 1.61 per cent Zn, 0.89 per cent Pb). See Brixton Metal's press release, dated July 15, 2019, for complete results. Hole 150 ranks among the best drill intercepts globally of 2019. The Thorn project mineral claim package was increased to 2,300 square kilometres.

A new camp was established at Brixton Metals' Atlin goldfields project, followed by prospecting, soil geochemical, magnetic geophysical surveys and drilling. This work identified a new area of interest with a 45 g/t Au rock grab sample from Union Mountain and drilling at the LD zone returned two m of 8.5 g/t Au. See Brixton Metals' press release dated Sept. 16, 2019, for complete results.

2020 outlook

We envision a three-pronged approach to unlocking value for shareholders during 2020. We plan to continue exploration activities with our current treasury of $5.5-million, seek M&A (merger and acquisition) opportunities and secure JV (joint venture) partnerships with senior companies:

  1. At the Thorn project we plan to complete the following: the deep-seeing IP-MT geophysical survey (nine line-kilometres over the Camp Creek copper corridor); conduct a broad-scale soil geochemical survey over the southern portion of the property, where a large area of high-porphyry copper indicators were identified; conduct a detailed soil geochemical survey at the Outlaw west area, where 39 g/t Au and 12 g/t Au was returned from rock grab samples in 2018; complete selective drilling based on the results of the above. The Camp Creek blind porphyry target remains a priority with its multikilometre-scale potential.
  2. The most advanced project held by Brixton Metals is the Hog Heaven project located in northwestern Montana. A feasibility study was completed in 1988 on 722 drill holes over 57,498 m. Hole AFR-79-5 returned 12.19 m of 5.97 g/t Au, 1,088.36 g/t Ag, 6.58 per cent Cu and hole AFR-81-38A returned 67.06 m of 2.65 g/t Au, 339.93 g/t Ag. We plan to follow up these intercepts with drilling, in addition to drill testing newly identified targets. Further metallurgical work is planned as we move toward an updated National Instrument 43-101 resource and revised PEA (preliminary economic assessment).
  3. At the Atlin goldfields project we plan to conduct a property-wide soil geochemical survey and prospecting program to generate new drill targets. Brixton Metals has amended and concluded the 2017 option agreement on the Eagle claims of 1,214 hectares. The final consideration to the vendor is the issuance of 165,000 common shares of Brixton Metals.

Two thousand twenty marks Brixton Metals' 10-year anniversary of its TSX Venture Exchange listing. A heartfelt thank you to the people who have contributed to our success. We look forward to generating exciting new results from our high-impact exploration projects this year.

We will be exhibiting at the Vancouver Resource Investment Conference on Jan. 19 and Jan. 20 and will be presenting at 11:20 a.m. on Jan. 20.

Please feel free to reach out to us or visit us at the conference booth.

Thank you,

Sincerely,

Gary R. Thompson, PGeo

President, chief executive officer, chairman, director, founder

Sorin Posescu, PGeo, vice-president, exploration, for Brixton Metals and a qualified person as defined under National Instrument 43-101 standards, has reviewed and approved the technical information in this news release.

We seek Safe Harbor.

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