Brixton Metals to Acquire the Trapper Gold-Copper Property and Related Royalties Further Expanding its Thorn Project

VANCOUVER, British Columbia, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (the "Company") (TSXV: BBB) (OTCQB: BBBXF) is pleased to announce that it has entered into separate agreements to acquire a 100% interest in the Trapper mineral claim group (the “Trapper Project”) and its associated royalties, further expanding the Thorn Project. The Trapper claims are adjacent to the Thorn Project and part of a larger district-scale copper-gold trend.

Chairman and CEO of Brixton Metals, Gary R. Thompson stated, “We are happy to have reached an agreement with Kodiak and royalty holders on this high potential project. The Trapper claims are strategic to Brixton’s plans for consolidating the Thorn mineral claim holdings. Currently the Thorn Project represents the largest contiguous mineral claim package in the Golden Triangle forming a mineralized mega-trend under one banner: Brixton Metals.”

The company has entered into a purchase agreement to acquire a 100% interest in the Trapper Project which is 3,756 hectares in size from Kodiak Copper Corp. (TSXV:KDK) (“Kodiak”), for consideration of 2,324,393 common shares and CAD $100,000 in cash (the “Transaction”). In connection with the transaction, the Company has also entered into agreements to terminate net smelter royalties (“NSR”) and other economic interests held by third parties (“Ancillary Transaction”). The Company will pay $20,000 to Constantine Metals Resources Ltd. to terminate its right of first refusal on a 0.5% NSR. The Company has also agreed to terminate the NSR on the Trapper Project held by C.J. Greig Holdings Inc., for $45,000 and 113,924 common shares of Brixton. The Trapper Project, following these transactions, will be unencumbered with respect to any royalty burden. The Transaction and Ancillary Transactions are subject to the acceptance of the TSX Venture Exchange and other customary conditions of closing.

Figure 1. Thorn and Trapper (Kodiak) Mineral Claim Map:

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About the Trapper Project

Drilling Highlight from 2011:

• 22.86m of 2.51 g/t Au, including 4.26m of 9.18 g/t Au, 0.41m of 92.80 g/t Au, with visible gold
• 34.11m of 1.01 g/t Au

True widths can not be determined at this time.

Figure 2. Trapper Magnetics, Copper Rock Geochemical and Drilling Results:

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About the Trapper Project

The Trapper Project covers a large gold-in-soil anomaly that was established with more than 900 soil samples. The gold anomaly is defined by a greater than 2km x 0.2km zone that remains open ended along strike. Gold grades in rocks at surface are up to 33 g/t gold, and were reported to occur in hydrothermal breccias. The gold-in-soil anomaly is thought to be related to mafic volcanic rocks of the Triassic aged Stuhini Group that are intruded by multiple diorite and dacite feldspar porphyry stocks. Evidence of extensive iron oxide and carbonate-silica alteration footprints suggests that the soil anomaly is associated with a large hydrothermal porphyry system.