Brixton Metals receives second cash payment from Ivanhoe

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VANCOUVER, British Columbia, March 03, 2022 (GLOBE NEWSWIRE) — Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce that it has received the second payment in the amount of US$500,000 for the Hog Heaven project which is currently operated under a definitive joint venture agreement with Ivanhoe Electric Inc. (see press release March 2 press releasen/a, 2021). Ivanhoe Electric has the option to acquire up to a 75% interest through an expenditure of US$44.5 million. Hog Heaven is an advanced high sulphidation epithermal copper-silver-gold project with porphyry potential and historic production located in Montana, United States.

Robert Friedland said, “We look forward to better understanding the mineral potential of this high-grade district in our search for critical metals to support the electrification of everything.

On April 30, 2021, High Power Exploration Inc. (“HPX”) transferred its rights and assets, including the assignment of the Hog Heaven Compensation Agreement, to its affiliate, Ivanhoe Electric Inc. pursuant to a contribution agreement.

  • A 2022 drill program will target both extensions of known mineralization and new target concepts from the results of recent geophysical and geochemical surveys
  • Initial drill sites have been cleared and bonded with Montana DEQ
  • Approximately 14,500 m of drill core was re-recorded to update the geological model
  • Sampling of surface rock chips at the Flathead Mine to confirm metal distribution and grades
  • Approximately 2,600 pulp samples were assayed from historic drill holes at the Flathead and Ole Hill mines, as most historic work did not assay for copper.
  • A three-dimensional IP survey was completed over the Hog Heaven project area in the summer of 2021 to further assess target potential and generate new drill targets.
  • A detailed ground gravity survey covering the Hog Heaven project area was completed in September 2021

Click here for Figure 1. The location map of the Hog Heaven Cu-Ag-Au project:
https://brixtonmetals.com/wp-content/uploads/2022/03/Figure-3_HH_1Mar2022.jpg

President and CEO Gary R. Thompson saidWe are thrilled to partner with Ivanhoe Electric to advance the Hog Heaven project. Historically, most previous operators focused on shallow high-grade silver oxide and gold mineralization. Some of the old underground workings graded up to 3,000 ounces per ton of silver. Our belief is that this precious metal enriched shallow sulphidation style mineralization is related to a copper rich porphyry.

About the Hog Heaven Cu-Ag-Au Project – Montana, USA

The Hog Heaven Cu-Au-Ag project is an advanced stage exploration property, which has historically produced high grade silver, gold and copper. Between 1913 and 1975, Anaconda Copper Mining and tenants produced 6.7 Moz Ag, 3,000 oz Au, 23 M lb Pb and 0.6 M lb Cu from 0.23 Mt of directly shipped ore, grading 29 opt Ag. The road-accessible property is located in Flathead County, 55 miles south-southwest of the town of Kalispell, in northwestern Montana, USA.

Qualified person

Mr. Gary R. Thompson, P.Geo., President, Chief Executive Officer and Director of the Company who is a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this press release Press.

About Brixton Metals Corporation

Brixton Metals is a Canadian exploration and development company focused on advancing its mining projects. Brixton wholly owns four exploration projects: the Thorn copper-gold-silver project, the Atlin Goldfields projects located in northwestern British Columbia, the Langis-HudBay silver-cobalt project in Ontario and the Hog Heaven Cu-Ag-Au project in northwestern Montana, USA (optioned to Ivanhoe Electric Inc., see press release dated March 2, 2021). Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBBand on the OTCQB under the stock 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, President and CEO
Tel: 604-630-9707 or email: [email protected]

For Investor Relations, please contact:

Mitchell Smith, Vice President of Investor Relations
Such. 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.

The information contained in this press release may imply forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future and 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 “have the intent”, statements that an action or event “may”, “could”, “could”, “should” or “will” be taken or occur, including statements which address the potential amount and/or the quality of minerals, the potential size and expansion of a mineralized zone, the proposed schedule of exploration and development plans, or other similar expressions. All statements, other than statements of historical facts included herein, including, without limitation, statements regarding product use. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or other future events, to be materially different from the results, performance or future achievements expressed or implied by such forward-looking statements. These factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; commodity price fluctuations; the title matters; and additional risks identified in the Company’s Annual Information Form or other reports and documents filed with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on the beliefs, estimates and opinions of management as of the date the statements are made and the Company undertakes no obligation to update any forward-looking statements if such beliefs, estimates and opinions or other circumstances were to change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d232f9ca-542b-4621-8c2f-45d2a901890c

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