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Be the first with the news that moves the market- Brixton Metals (BBB) has purchased the Metla mineral claims package off fellow TSXV-listed explorer Stuhini Exploration (STU)
- In exchange for the properties, Brixton will pay Stuhini C$42,000 in cash and issue 1.2 million shares
- The Metla claims have recently become more highly sought, as retreating glaciers on the property have exposed land up-ice from previous gold intercepts
- The Metla minerals properties will be added to Brixton’s nearby Thorn project, extending its land holdings in the area to 70 kilometres of measured strike
- Brixton Metals (BBB) is down 6.9 per cent and is trading at 34 cents per share
Brixton Metals (BBB) has purchased the Metla mineral claims package off fellow TSXV-listed explorer Stuhini Exploration (STU).
The Metla claims have recently become more highly sought, as retreating glaciers on the property have exposed land up-ice from previous gold intercepts.
Stuhini geologists recently explored the newly revealed area, returning samples up to 4.7 per cent copper, 1.8 grams per tonne gold and 31 grams per tonne silver.
In exchange for the properties, Brixton will pay Stuhini C$42,000 in cash and issue 1.2 million shares. Stuhini will also retain a net smelter fee should any of the sites prospective areas advance to production.
Brixton called the property a high mineral potential tenure that would consolidate its adjacent Thorn project. With the Metla minerals properties added to the Thorn project, Brixton will be sitting on 70 kilometres of measured strike.
Exploration at the properties began in the 1950’s and uncovered numerous boulder trains on the surface that assayed up to 67 grams per tonne gold. Trenching work conducted in the 1980’s returned 4.6 grams per tonne gold across nine metres, however these historic results are not as accurate as modern testing techniques.
Gary Thompson, Chairman and CEO of Brixton Metals said he was happy that the company had reached an agreement with Stuhini.
“These metal claims add an additional seven kilometres to this major mineralised trend as a result of retreating glaciers, Stuhini geologists discovered new well mineralised porphyry float rocks.
“We believe that the source of these rock samples is nearby. The hunt is now on to locate the in situ material, through soil-rock geochemistry, radiometries and mobile MT geophysical surveys.
“The Metla ground provides an exciting new target area within the Thorn project,” he said.
Brixton Metals (BBB) is down 6.9 per cent and is trading at 34 cents per share at 12:45 pm EDT.
