MP Materials posts smaller-than-expected loss on higher output, sales
The company sold 9,729 metric tons of that concentrate during the quarter, 6% higher than the year-ago period.
VANCOUVER, British Columbia, May 26, 2021 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce that its 2021 exploration program has begun on its wholly owned Thorn Cu-Au-Ag-Mo Project located in the Golden Triangle of Northwest British Columbia, Canada. The Project is within the Taku River Tlingit First Nations and the Tahltan First Nations traditional territory. Brixton is committed to supporting the local economies where we operate and maintaining a low environmental impact exploration strategy.
2021 Exploration Targets
The focus of this year’s program is to advance exploration on the numerous large-scale copper-gold-silver targets with a goal to generate new discoveries and move them into resource categories. In 2020, the Company intercepted porphyry-style mineralization within the Camp Creek corridor in hole 181; expanded the Central Outlaw Gold Target to 600m in strike; drilled near surface gold mineralization at the West Outlaw target; pulled some of the highest-grade gold-in-rock samples at the Trapper Gold Target to date; and significantly expanded the Metla copper-gold geochemical anomaly.
In addition, several new large areas of interest have emerged from the 2020 work, including the West, East and South Copper Targets; the Moly Valley Cu-Mo-Au Target; and the Gold Bee Gold Target, which is on trend with the past-producing Golden Bear Mine.
Brixton’s phase one program at Thorn in 2021 includes:
Vice President of Exploration, Christina Anstey stated, “As we embark on the largest field programs to date at the Thorn Project, we are excited to expand on our many strong copper and gold geochemical anomalies and prove the potential of porphyry and epithermal targets throughout the 2600 square kilometer Thorn property”.
Click here for Figure 1. Thorn Project Location Map:
https://brixtonmetals.com/wp/wp-content/uploads/2021/05/Figure-1_26May2021.jpg
Camp Creek Cu-Au-Ag-Mo Porphyry Target:
The Camp Creek Corridor is a porphyry-epithermal system with a strike length of greater than 2km and a width of 1km. This target includes the shallow, high-sulphidation Glenfiddich and Talisker veins-breccia and the Oban diatreme, which contain an inferred resource of 21.5Moz AgEq (see October 29, 2014 News Release or SEDAR). Deeper drilling encountered porphyry-style Cu-Au-Ag-Mo mineralization in holes 162 and 181 in 2019 and 2020, respectively.
Hole THN20-181 (see Figure 2) was collared between holes 150 and 162. Hole 181 shows an increase in potassic alteration and Cu-Mo grades down hole. Hole 181 intercepted 439m of 0.34% CuEq including 106m of 0.6% CuEq, where the bottom 6m of the hole returned 2.2% CuEq (see January 18, 2021 news release). A geochemically distinct porphyry phase “Porphyry X” was identified in hole 181 through MDRU’s geochemical analysis which appears to correlate well with the Cu-Mo mineralization. Porphyry X is a crowded plagioclase porphyry characterized by well-defined “stacked” biotite, a feature typical of mineral-related porphyry phases.
In 2020, drill hole 150 was drilled to 829m and ended in a diatreme where an increase in mineralized porphyry fragments were noted. As previously released, hole 150 returned 554m of 1.97 g/t AuEq from 100m depth (see July 15, 2019 news release and Figure 2 below). Hole 162 was collared about one kilometer west from hole 150. THN19-162, which ended in mineralization, intersected 230.82m of 0.27% CuEq from 323.00m depth with increasing Cu and Mo grades with depth (see December 19, 2019 news release and Figure 2 below).
Click here for Figure 2. Camp Creek Corridor Drilling:https://brixtonmetals.com/wp/wp-content/uploads/2021/05/Figure-2_26May2021.jpg
Trapper Gold Target
The Trapper Gold Target is located about 8km southeast from the Camp Creek Target. Brixton consolidated the Trapper target through the deal with Kodiak Copper Corp (see August 27, 2020 news release). The Trapper Target represents a volcanic hosted epithermal gold system where soil and rock sampling have identified a 7.5km long northwest trending gold anomaly (see Figure 3 below).
Surface rock sampling in 2020 identified a new area of in-situ high-grade gold, where ten samples ranged from 6.0 g/t Au to 47.0 g/t Au. The previous operator drilled forty-two drill holes for 8581m in 2011 along a multi-kilometer trend, where many holes returned broad intervals of gold mineralization including some narrow high-grade sub-intervals. Some of the previous drilling highlights include: TG11-11 intersected 34m of 1.7 g/t Au including 0.4m of 93 g/t Au; TG11-40 intersected 27.5m of 1.2 g/t Au including 2.5m of 11.2 g/t Au.
Click here for Figure 3. Drilling and Surface Gold-soil/rock Geochemical Highlights Trapper Gold Target:https://brixtonmetals.com/wp/wp-content/uploads/2021/05/Figure-3_26May2021.jpg
The Outlaw Gold Target
Outlaw Target Series video clip: https://youtu.be/Egh1JBxAa_U
The Outlaw Target represents an east west trending 4km long sediment-hosted gold-silver anomaly. Mineralization is at or near surface and is hosted within multiple stacked horizons of north dipping sub-horizontal sediments as interbedded siltstone-graywacke with both stratigraphic and structural controls. Early exploration work on the Outlaw Target was conducted by Chevron’s Minerals in the 1980’s which entailed soil and rock geochemical surveys, trenching and a few drill holes. Previous drilling by Brixton at the Outlaw Central Zone includes 59.6m of 1.2 g/t Au (THN14-128), and 52m of 0.9 g/t Au including 18m of 1.6 g/t Au (THN16-132). The East Outlaw area is about 0.8km to the east of the Central Zone and returned 37.78m of 1.23 g/t Au from hole THN19-159.
Click here for Figure 4. Outlaw Gold Target, Drilling and Rock Sampling:
https://brixtonmetals.com/wp/wp-content/uploads/2021/05/Figure-4_26May2021.jpg
Metla Copper-Gold Porphyry Target
The Metla Target is a newly consolidated camp scale copper-gold porphyry target or more likely multiple targets (see August 24, 2020 news release). In 2019, Stuhini Exploration’s geologist discovered new porphyry style float boulder at the toe of a receding glacier. The rock sample ALW19-004 was a potassic altered foliated diorite porphyry with bornite, chalcocite and chalcopyrite mineralization returning 4.7% Cu and 1.8 g/t Au, 31 g/t Ag, 0.23 g/t Pd. Brixton’s 2020 rock and soil sampling focused around this new area and eastward, where anomalous copper values up to 3.4% copper have been sampled over a very large area. In 1990, Cominco collected over 400 rock samples 600m by 1,200m ranging from less than 10 ppb gold to 68,000 ppb gold. Cominco identified five bedrock areas hosting significant gold and base metal mineralization, including Area D where a 9.0m chip sample returned 4.70 g/t gold.
Chairman and CEO Gary R. Thompson stated, "We are excited to have the camp open early this year so that we can get the jump on the season. Brixton has significantly increased its odds of success at the Thorn Project with the vast number of large-scale copper-gold-silver-moly targets that have been recently developed. The recent surge in commodity demand and pricing has put pressure on miners to develop new long-lived assets. We believe that Brixton’s Thorn project offers great potential to provide the materials needed for the future."
Atlin Goldfields Project Update
The Atlin Goldfield Project is an orogenic gold and intrusion-related gold project covering a 935 square kilometer land position. The company has a non-drilling exploration program for 2021 at its Atlin Goldfields Project including core re-logging from the Yellowjacket Gold Target where historical drilling returned 104 g/t Au over 30m; geological and structural mapping; soil and rock geochemical surveying on the Union showing and the LD Target, where rock grab samples returned up to 53.6 g/t Au and where float boulders returned up to 293 g/t Au, respectively.
Hog Heaven Project Update
High Power Exploration has conducted a re-logging of core and cuttings on the project and plans to complete a large Typhoon geophysical survey. Further details will be provided as they become available.
Mr. Gary R. Thompson, P.Geo., who is a qualified person as defined by National Instrument 43-101, has reviewed and approved the information in this press release.
About Brixton Metals Corporation
Brixton is a Canadian exploration and development company focused on the advancement of its mining projects toward feasibility. Brixton wholly owns four exploration projects, the Thorn copper-gold-silver Project, the Atlin Goldfields Projects located in NWBC, the Langis-HudBay silver-cobalt Project in Ontario and the Hog Heaven silver-gold-copper Project in NW Montana, USA now under JV with HPX. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB, and on the OTCQB under the ticker symbol BBBXF. For more information about Brixton, please visit our website at www.brixtonmetals.com.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEOTel: 604-630-9707 or email: [email protected]
For Investor Relations, please contact:
Mitchell Smith, VP Investor RelationsTel: 604-630-9707 or email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the use of proceeds. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
