Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF)(the “Company” or “Brixton”) is pleased to announce additional 2024 drill results from the Trapper Gold Target at its wholly owned Thorn Project. The project is located in Northwest British Columbia, 90km east of Juneau, Alaska.
Highlights
Vice President of Exploration, Christina Anstey, stated, "It’s great to see these high-grade gold intercepts within the broad domain of gold mineralization at the Trapper Gold Target. The main Trapper drill target represents a 600m wide zone within a broader 4km gold on surface geochemical anomaly. The gold mineralization horizon identified with drilling correlates well with the magnetic vertical gradient response and this, in combination with the surface geochemical anomalies, provides many future drill targets to potentially expand the footprint at Trapper. We are looking forward to the next batch of assays from the 2024 drill program at the Trapper Gold Target.”
Figure 1. Gold Geochemistry and Trapper Target Location Map.
Table 1. Select Mineralized Intervals for the Trapper Target Drilling.
All assay values are uncut weighted averages and intervals reflect drilled lengths as further drilling is required to determine the true widths of the mineralization.
Discussion
The 2024 drill campaign at the Trapper Gold Target totaled 2,745.60m of drilling across 11 HQ-sized diamond drill holes of which 331.60m are covered in this release. The program was designed to test the extents and continuity of the main mineralized corridor along the Lawless Fault zone through a combination of infill and step-out drilling. Additional step-out drilling was completed north of the main zone, following-up on undercover mineralized zones that were identified during the 2023 drill program. Drilling was planned through a combination of mapping, oriented core data analysis, geophysics, and soil geochemistry. Additional assays from the 2024 drill campaign will be released as they become available.
Figure 2. Planview Map with Collar Locations and Gold Drill Traces at the Trapper Target.
THN24-304 was drilled at an azimuth of 000 degrees and dip of -45 degrees to a final depth of 291m. Hole 304 was planned as a 65m southwest step out hole to test gold grade continuity to the southwest of the main target location. Hole 304 successfully intercepted broad intervals of gold bearing mineralization which included several high-grade vein intercepts assaying 227.50m of 0.50 g/t Au starting at 40.00m depth, including 82.00m of 1.27 g/t Au, including 27.00m of 3.49 g/t Au, including 8.00m of 11.37g/t Au and including 2.00m of 44.43 g/t Au.
THN24-305 was drilled from the same pad location as hole 304 to test the continuation of the veins targeted in hole THN24-304. Unfortunately, the drill rods became stuck at 40.60 meters and the hole had to be abandoned. No significant results were intercepted.
Gold mineralization at Trapper is structurally controlled along the Lawless Fault, trending northwest-southeast and dipping moderately to the north in the main drilling area. There are multiple CVG features (see news release dated October 10th, 2024) that could reflect similar parallel structures to the Lawless Fault which remain open to test for new gold potential. Mineralization appears to favour the contact between the Cretaceous (85.2 +/- 1.2Ma) quartz diorite and the Triassic lapilli tuffs with broad gold intervals largely hosted along the faulted contact. The gold is associated with silver and base metal veins containing pyrite-galena-sphalerite +/- chalcopyrite +/- bornite, which occur conjugate to the Lawless Fault. Through a combination of oriented core drilling, surface mapping, geochemistry and geophysics, the aim is to achieve predictability of the gold-bearing zones. The current drilling at the Trapper Target is located 7km southeast from the Camp Creek Copper Porphyry Target. At surface, the Trapper Target is expressed as a 4km northwest trending gold and zinc soil geochemical anomaly which is part of the larger 11km gold geochemical anomaly trending from Camp Creek to the Trapper Target. Future drilling at the Trapper Target will focus on identifying new zones of gold-bearing mineralization undercover within the footprint of this larger gold geochemical anomaly.
Figure 3. High Grade Gold Photograph of THN24-304.
Drilling Information
Table 2. Drill Collar and Hole Information of Current News Release.
About the Trapper Gold Target
The geochemical footprint for the Trapper Gold Target was expanded in 2021 to 4km by 1.5km with a gold-in-soil geochemical signature that has a strong positive correlation to zinc and lead. The Trapper Target represents an intermediate-sulphidation epithermal system hosted in volcanic and intrusive rocks. The volcanics are Triassic Stuhini lapilli tuff, while the intrusive phase is a Cretaceous quartz diorite dated at 85.2Ma +- 1.2Ma. Visible gold has been identified in both drill core and surface outcrops across the Trapper Target area and rock grab samples have returned up to 152 g/t Au. Visible gold is recognized in several environments: within base metal veins (sphalerite-galena-pyrite-chalcopyrite), quartz-stockwork, sulphosalt-pyrite veinlets, and rarely disseminated gold in the diorite. In 2021, 2022 and 2023 Brixton drilled 3,107m, 9,119m and 6,625m respectively. In 2011, forty-two drill holes were completed by a previous operator. The Trapper Target is royalty free.
Quality Assurance & Quality Control
Quality assurance and quality control protocols for drill core sampling were developed by Brixton. Core samples were mostly taken at 1.0m intervals. Blank, duplicate (lab pulp) and certified reference materials were inserted into the sample stream for at least every 20 drill core samples. Core samples were cut in half, bagged, zip-tied and sent directly to ALS Minerals preparation facility in Langley, British Columbia. ALS Minerals Laboratories is registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Samples were analyzed at ALS Laboratory Facilities in North Vancouver, British Columbia for gold by fire assay with an atomic absorption finish, whereas Ag, Pb, Cu and Zn and 48 additional elements were analyzed using four acid digestion with an ICP-MS finish. Over limits for gold were analyzed using fire assay and gravimetric finish. The standards, certified reference materials, were acquired from CDN Resource Laboratories Ltd., of Langley, British Columbia and the standards inserted varied depending on the type and abundance of mineralization visually observed in the primary sample. Blank material used consisted of non-mineralized siliceous landscaping rock. A copy of the QAQC protocols can be viewed at the Company’s website.
About the Thorn Project
The wholly-owned 2,945 square kilometer Thorn Project is located in British Columbia, Canada, approximately 90 km east of Juneau, AK. The southern limit of the Thorn claim boundary is roughly 50 km from tide water. The Thorn Project hosts a district-scale 80km megatrend of Triassic to Eocene, volcano-plutonic complex with several styles of mineralization related to porphyry and epithermal environments. Many large-scale copper-gold targets have been identified for further exploration work. Information on each of the targets may be found at the following link: https://brixtonmetals.com/thorn-gold-copper-silver-project/
Qualified Person
Mr. Corey A. James, P.Geo., is a Senior Project Geologist for the company and a qualified person as defined by National Instrument 43-101. Mr. James has verified the data disclosed in this press release, including the sampling, analytical and test data underlying the technical information and has approved this press release.
About Brixton Metals Corporation
Brixton Metals is a Canadian exploration company focused on the advancement of its mining projects. Brixton wholly owns four exploration projects: Brixton’s flagship Thorn copper-gold-silver-molybdenum Project, the Hog Heaven copper-silver-gold Project in NW Montana, USA, which is optioned to Ivanhoe Electric Inc., the Langis-HudBay silver-cobalt-nickel Project in Ontario and the Atlin Goldfields Project located in northwest BC which is optioned to Eldorado Gold Corporation. 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 CEO
For Investor Relations inquiries please contact: Mr. Michael Rapsch, Senior Manager, Investor Relations. email: michael.rapsch@brixtonmetals.com or call Tel: 604-630-9707
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.
Brixton Metals Corporation (TSXV: BBB) (OTCQB: BBBXF) (the " Company " or " Brixton ") is pleased to announce further high-grade silver results from its fallwinter exploration program at its wholly owned Langis Project located in the Cobalt Camp of Ontario, Canada. This news release includes holes LM-21-214 to LM-21-219 and is a total of 1036.3m of NQ size core from the Shaft 6 area at the Langis Project.
Highlights
Chairman and CEO of Brixton, Gary R. Thompson stated, "These recent assay results from hole 219 are some of the most significant silver-cobalt mineralization drilled to date at the Langis Project. We have several more batches of assays yet to come in from the winter program, which totaled 18,583.35m. Once we digest all of the new drilling information, we will plan the next steps for the project."
Click link for Figure 1. Location Maps of the Shaft 6 Area Drilling, Langis Project:
https://brixtonmetals.com/wp/wp-content/uploads/2021/03/Figure-1_24March2021.jpg
Table 1. Drilling Highlights from Holes LM-21-214 to LM-21-219.
| Hole ID | From (m) | To (m) | Interval (m) | Ag (g/t) | Co (%) | Ag (g/t * m) |
| LM-21-214 | 118.10 | 126.10 | 8.00 | 370.82 | 0.02 | 2966.60 |
| including | 120.10 | 121.10 | 1.00 | 1345.00 | 0.04 | 1345.00 |
| LM-21-217 | 119.60 | 121.60 | 2.00 | 158.05 | - | 316.10 |
| LM-21-218 | 121.80 | 122.80 | 1.00 | 274.00 | - | 274.00 |
| LM-21-218 | 134.80 | 139.80 | 5.00 | 65.50 | 0.18 | 327.50 |
| including | 137.80 | 138.80 | 1.00 | 146.00 | 0.84 | 146.00 |
| LM-21-218 | 177.80 | 178.80 | 1.00 | 164.00 | 0.01 | 164.00 |
| LM-21-219 | 117.80 | 148.80 | 31.00 | 272.16 | 0.05 | 8436.90 |
| including | 135.80 | 139.80 | 4.00 | 1186.00 | 0.28 | 4744.00 |
| including | 137.80 | 138.80 | 1.00 | 2160.00 | 0.84 | 2160.00 |
| including | 135.80 | 143.80 | 8.00 | 859.66 | 0.17 | 6877.30 |
| including | 141.80 | 142.80 | 1.00 | 1490.00 | 0.18 | 1490.00 |
Intervals represent drilled lengths, as the true widths of the mineralization have not been determined at this time.
Click here for Figure 2. Long-section Shaft 3 to Shaft 6 Area, Langis Project:
https://brixtonmetals.com/wp/wp-content/uploads/2021/03/Figure-2_24March2021.jpg
Click here for Figure 3. Shaft 6 Drilling Area Cross-section, Langis Project:
https://brixtonmetals.com/wp/wp-content/uploads/2021/03/Figure-3_24March2021.jpg
Click here for Figure 4. Core Photographs of Silver-Cobalt Mineralization from Holes 218 and 219:
https://brixtonmetals.com/wp/wp-content/uploads/2021/03/Figure-4_24March2021.jpg
Click here for Figure 5. Drilling Cross-section East Shaft 3 Area:
https://brixtonmetals.com/wp/wp-content/uploads/2021/03/Figure-5_24March2021.jpg
Quality Assurance & Quality Control
Diamond drill holes were drilled with NQ size core. Samples were collected using 1m average sample length. Three quality control samples (one blank, one standard and one duplicate) were inserted into each batch of 20 samples. The drill core was cut in half and put in batches, sealed and shipped by the Company geologists to ALS Minerals preparation lab in Sudbury, Ontario. ALS Minerals Laboratories are registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Blank, duplicate and certified reference materials were inserted into the sample stream. All elements were analyzed by Aqua Regia Digest with ICP-AES finish. Silver over-limits were analyzed by fire assay with gravimetric finish. Base metal over-limits were analyzed with Aqua Regia Digest and AES finish. A copy of the QAQC protocols can be viewed at the Company's website.
About the Langis Mine Project
Brixton's wholly owned Langis Mine Project is a past producing mine located 500km north from Toronto, Ontario, Canada just north from the northern end of Lake Temiskaming with excellent infrastructure. The silver mineralization occurs as native silver and within steeply-moderately and in some cases shallow dipping veins, veinlets and as disseminations, rosettes and fracture infill and can be associated with calcite, hematite, pyrite, cobaltite, chalcopyrite, niccolite and gold. Mineralization is hosted within any of the three main rock types: Archean volcanics and metasediments, Coleman Member sediments and Nipissing diabase. The Langis Mine produced 10.6Moz of silver at 25 opt Ag and 358,340 pounds of cobalt. Historically, the combined mines in the Cobalt Camp produced over 550 million ounces of silver with 30-50 million pounds of cobalt as a by-product.
Mr. Antonio Celis, P.Geo., who is a qualified person as defined by National Instrument 43-101, 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 CEO
Tel: 604-630-9707 or email: info@brixtonmetals.com
For Investor Relations, please contact:
Mitchell Smith, VP Investor Relations
Tel: 604-630-9707 or email: mitchell.smith@brixtonmetals.com
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.
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/8378b589-8100-4ef0-8295-46cc82767543
https://www.globenewswire.com/NewsRoom/AttachmentNg/ed43bee5-152c-4ce7-9b77-25a3e2137f84
https://www.globenewswire.com/NewsRoom/AttachmentNg/49efe481-1454-4541-8111-5de226fee565
https://www.globenewswire.com/NewsRoom/AttachmentNg/38a461c2-f5a4-4d36-b8e1-4e42a8668ca0
https://www.globenewswire.com/NewsRoom/AttachmentNg/7dc8413c-7031-4ebc-8c22-99ee87f870aa
News Provided by GlobeNewswire via QuoteMedia
Brixton Metals Corporation (" Brixton " or the " Company ") (TSXV: BBB) (OTCQB: BBBXF) announces the grant of incentive stock options to its directors, officers, employees and consultants for an aggregate amount of 3,500,000 (the " Options "). These Options are exercisable at $0.255 per share for a period of 10 years and are subject to provisions of the Company's stock option plan as approved by its shareholders and the Annual General Meeting.
About Brixton Metals Corporation
Brixton is a Canadian exploration and development company focused on the advancement of its gold, copper and silver projects toward feasibility. Brixton wholly owns four exploration projects, the Thorn copper-gold-silver and the Atlin Goldfields Projects located in NWBC with a combined total of 3600sqkm of mineral tenure, the past producing Langis-HudBay silver-cobalt brownfield projects in Ontario and the past producing advanced stage Hog Heaven silver-gold-copper project in NW Montana, USA. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB and in the USA OTCQB market 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, P.Geo., Chairman and CEO
Tel: 604-630-9707 or email: info@brixtonmetals.com
For Investor Relations please contact Mitchell Smith, VP of Investor Relations
Tel: 604-630-9707 or email: mitchell.smith@brixtonmetals.com
News Provided by GlobeNewswire via QuoteMedia
Brixton Metals Corporation (TSXV: BBB) (the " Company " or " Brixton ") is pleased to announce further high-grade drill results from its fallwinter exploration program at its wholly owned Langis Project located in the Cobalt Camp of Ontario, Canada. The fallwinter program consists of 20,000m of drilling, of which 11,533.65m has been completed. Assay results for 4,881.05m has been released previously. This press release includes assays from 14 holes totaling 1,583.2m of NQ size core from shallow drilling.
Highlights
Chairman and CEO of Brixton, Gary R. Thompson stated, "Brixton's Langis Project continues to deliver, near-surface, high-grade silver and cobalt results over intervals of considerable width, demonstrating this project's potential. Drilling will be ongoing over the next few months to complete the planned 20,000m drill program as we continue to advance the Langis Project toward a maiden resource."
Click here for Figure 1. Location Maps of the Shaft 3 Drilling Area Langis Project, February 1, 2021:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-1_1Feb2021.jpg
Table 1. Langis Winter Drilling Highlights Near Shaft 3.
| Hole ID | From (m) | To (m) | Interval (m) | Ag (g/t) | Co (%) | Ag (g/t * m) |
| LM-20-122 | 117.60 | 119.50 | 1.90 | 1,596.60 | 0.03 | 3,033.54 |
| including | 118.60 | 119.50 | 0.90 | 3,180.00 | 0.05 | 2,862.00 |
| LM-20-123 | 94.80 | 101.60 | 6.80 | 20.41 | 138.82 | |
| LM-20-123 | 104.60 | 112.80 | 8.20 | 25.16 | 206.33 | |
| LM-20-128 | 8.00 | 11.00 | 3.00 | 422.33 | 0.05 | 1,267.00 |
| including | 9.00 | 10.00 | 1.00 | 1,115.00 | 0.16 | 1,115.00 |
| LM-20-129 | 8.60 | 11.60 | 3.00 | 280.97 | 842.90 | |
| LM-20-130 | 9.60 | 11.60 | 2.00 | 275.00 | 0.04 | 550.00 |
| LM-20-131 | 8.90 | 15.90 | 7.00 | 962.31 | 0.03 | 6,736.20 |
| including | 10.90 | 11.90 | 1.00 | 2,190.00 | 2,190.00 | |
| including | 12.90 | 13.90 | 1.00 | 3,050.00 | 0.17 | 3,050.00 |
| LM-20-131 | 29.90 | 32.90 | 3.00 | 94.70 | 284.10 | |
| LM-20-132 | 17.00 | 19.00 | 2.00 | 62.25 | 124.50 | |
| LM-20-132 | 26.00 | 36.00 | 10.00 | 70.86 | 0.02 | 708.60 |
| including | 30.00 | 31.00 | 1.00 | 272.00 | 0.03 | 272.00 |
| including | 34.00 | 35.00 | 1.00 | 143.00 | 143.00 | |
| LM-20-133 | 16.60 | 18.60 | 2.00 | 5,847.30 | 0.36 | 11,694.60 |
| including | 17.40 | 18.60 | 1.20 | 11,663.50 | 0.71 | 13,996.20 |
| LM-20-133 | 23.60 | 32.60 | 9.00 | 272.20 | 0.03 | 2,449.80 |
| including | 29.60 | 30.60 | 1.00 | 495.00 | 0.01 | 495.00 |
| including | 30.60 | 31.60 | 1.00 | 1,500.00 | 0.26 | 1,500.00 |
| including | 31.60 | 32.60 | 1.00 | 271.00 | 271.00 | |
| LM-20-134 | 23.40 | 30.40 | 7.00 | 107.71 | 0.06 | 754.00 |
| including | 24.40 | 25.40 | 1.00 | 522.00 | 0.36 | 522.00 |
| LM-20-135 | 4.00 | 6.00 | 2.00 | 425.65 | 0.01 | 851.30 |
Intervals represent drilled lengths and the true widths of the silver and cobalt mineralization have not been determined at this time.
Click here for Figure 2. Cross Section Drilling In This Release Near Shaft 3 Langis Project:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-2_1Feb2021.jpg
Click here for Figure 3. All Drilling with Assays Results Around Shaft 3 Area Langis Project:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-3_1Feb2021.jpg
Click here for Figure 4. Core photographs of Native Silver from Shaft 3 Area Drilling Langis Project:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-4_1Feb2021.jpg
Quality Assurance & Quality Control
Diamond drill holes were drilled with NQ size core. Samples were collected using 1m average sample length. Three quality control samples (one blank, one certified reference standard and one duplicate) were inserted into each batch of 20 samples. The drill core was cut in half and put in batches, sealed and shipped by the Company geologists to ALS Minerals preparation lab in Sudbury, Ontario. ALS Minerals Laboratories are registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. All elements were analyzed by Aqua Regia Digest with ICP-AES finish. Silver over-limits were analyzed by fire assay with gravimetric finish. Base metal over-limits were analyzed with Aqua Regia Digest and AES finish. A copy of the QAQC protocols can be viewed at the Company's website.
About the Langis Mine Project
Brixton's wholly owned Langis Mine Project is a past producing mine with excellent infrastructure, located 500km north from Toronto, Ontario, Canada just north from the northern end of Lake Temiskaming. The silver mineralization occurs as native silver and within steeply-moderately and in some cases shallow dipping veins, veinlets and as disseminations, rosettes and fracture infill and can be associated with calcite, hematite, pyrite, cobaltite, chalcopyrite, niccolite and gold. Mineralization is hosted within any of the three main rock types: Archean volcanics and metasediments, Coleman Member sediments and Nipissing diabase. The Langis Mine produced 10.6Moz of silver at 787 g/t Ag and 358,340 pounds of cobalt. Historically, the combined mines in the Cobalt Camp produced over 550 million ounces of silver with 30-50 million pounds of cobalt as a by-product.
Mr. Antonio Celis, P.Geo., who is a qualified person as defined by National Instrument 43-101, 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. 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 CEO
Tel: 604-630-9707 or email: info@brixtonmetals.com
For Investor Relations, please contact:
Mitchell Smith, VP Investor Relations
Tel: 604-630-9707 or email: mitchell.smith@brixtonmetals.com
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.
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/36182731-86d4-4be0-a71a-b3b5d4468ec9
https://www.globenewswire.com/NewsRoom/AttachmentNg/0dbc79ac-7cb9-4251-a3e7-1a0912ec5e75
https://www.globenewswire.com/NewsRoom/AttachmentNg/8554aaae-5523-41c9-984e-83a7b19a1910
https://www.globenewswire.com/NewsRoom/AttachmentNg/77b609ee-235c-4552-a2ca-7f11ecd3bd2c
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Brixton Metals Corporation (the " Company ") (TSXV: BBB) (OTCQB: BBBXF) is pleased to provide the last batch of 2020 drilling results at its wholly owned Thorn Project, located in the Golden Triangle of Northwestern British Columbia.
Highlights:
Chairman and CEO of Brixton Metals, Gary R. Thompson stated, "We believe that hole 181 is confirmation of a new porphyry discovery at the Camp Creek Target. It's evident from both this hole and the completed IP that most of the previous drilling was not deep enough to effectively test this porphyry target. With our 2021 exploration program at Thorn, we plan on drilling additional deep holes with the goal of locating the center of a potentially very large Cu-Au-Ag-Mo porphyry."
Table 1. 2020 Drill Results from Camp Creek
| Hole | From (m) | To (m) | Interval (m) | Cu (ppm) | Au (g/t) | Ag (g/t) | Mo (ppm) | CuEq (%) |
| THN20-180 | 349.00 | 576.79 | 227.79 | 712.85 | 0.05 | 0.96 | 50.40 | 0.15 |
| Including | 555.00 | 576.79 | 21.79 | 1059.75 | 0.07 | 1.06 | 89.73 | 0.22 |
| THN20-181 | 518.00 | 957.42 | 439.42 | 1889.60 | 0.07 | 2.41 | 139.83 | 0.34 |
| Including | 679.00 | 957.42 | 278.42 | 2347.42 | 0.09 | 2.57 | 195.83 | 0.43 |
| Including | 852.00 | 957.42 | 105.42 | 3201.80 | 0.11 | 3.75 | 335.41 | 0.60 |
| Including | 951.20 | 957.42 | 6.22 | 7745.34 | 0.21 | 7.62 | 2934.77 | 2.27 |
| THN20-182 | 387.00 | 861.00 | 474.00 | 1060.84 | 0.05 | 0.93 | 72.67 | 0.19 |
| Including | 530.98 | 642.00 | 111.02 | 1382.82 | 0.07 | 1.31 | 105.00 | 0.26 |
| Including | 570.00 | 590.00 | 20.00 | 2535.95 | 0.12 | 2.09 | 113.47 | 0.44 |
Copper Equivalent (CuEq_ppm) = [(($Cu/g * Cu ppm) + ($Au/g * Au ppm) + ($Ag/g * Ag ppm) + ($Mo/g * Mo ppm))] / $Cu/g
Using the following metal prices (average daily prices during last 12 months) of Cu US$2.70/lb, Au $1759/oz, Ag $19.60/oz, Mo $11.20/lb.
The three deep Camp Creek holes drilled in 2020 display fairly consistent downhole patterns of mineralization and alteration (please refer to strip log THN20-181 in Figure 3). In the upper sections of the holes (to depths of approximately 300-400 metres), mineralized intervals are thin, reflecting polymetallic veins that are typically rich in pyrite, commonly with galena and sphalerite and the copper-bearing sulphosalt minerals tetrahedrite/tennantite. Only minor quartz veins are present, and chalcopyrite and molybdenite are largely absent. Sericitic alteration dominates the upper parts of the holes, with potassic (biotitic and K-feldspathic) assemblages gradually increasing downhole. Below about 300-400 metres depths, the holes are more consistently mineralized with copper, gold, silver, and molybdenum. The dominant copper mineral is chalcopyrite, not tetrahedrite/tennantite. Quartz veins are ubiquitous; potassic and locally silicic alteration predominate at depth. The overall patterns observed in the Camp Creek holes are consistent with those in a number of porphyry deposit s worldwide that are exposed at a level above a "blind" copper-(gold-molybdenum) ore zones. The well mineralized 6.22m interval of 2.27 CuEq at the bottom of hole THN20-181 is dominated by pyrite and chalcopyrite hosted in a hydrothermal breccia, please see Figure 7 below at 953.11m depth.
Please see video link of Camp Creek drilling and IP Chargeability 3-D model: https://youtu.be/qVAsi7ha7Jg
Click here for Figure 1. Camp Creek Plan Map 2020 Collars and others, Thorn Project:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-1_Jan18-2021.jpg
Click here for Figure 2. Camp Creek Long-Section - CuEq Drill Trace Histogram on Contoured CuEq Background:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-2_18Jan2021.jpg
Click here for Figure 3. Hole THN20-181 Strip Log: Lithology, Porphyry Index, CuEq %, Cu, Au, Ag, Mo:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-3_18Jan2021.jpg
The Mineral Deposits Research Unit (MDRU) Porphyry Index or MPIx is a porphyry geochemical vector index developed by the MDRU at the University of British Columbia. It ratios elements proximal to known porphyry deposits versus more distal elements. The equation is MPIx = [Cu/10 +Mo+(10*W)=(20*Sn)] / [(5*Sb)+(20*Tl)+Ag+AS+Li] (after Bouzari et al., 2019).
Click here for Figure 4. Camp Creek Section Looking North All Drilling Holes:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-4_18Jan2021.jpg
A total of six IP geophysical survey lines were completed between 2020 and 2019. The survey lines were approximately 3km long and 300m apart and cut across Camp Creek. A high chargeability anomaly was identified to about 600-700m depth (maximum range of survey only) across most of the survey area of 25-38 mV and remains open in several directions, see video link above and IP and drilling section in Figure 5 below.
Click here for Figure 5. Camp Creek Drill Hole and IP Chargeability:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-5_18Jan2021.jpg
Click here for Figure 6. Hole THN20-181 Core of Reference Photographs 674-833m:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-6_18Jan2021.jpg
Click here for Figure 7. Hole THN20-181 Core of Reference Photographs 853-953m:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-7_18Jan2021.jpg
Quality Assurance & Quality Control
Quality assurance and quality control protocols for drill core sampling was developed by Brixton Metals Corporation. An independent quality assurance and quality control review for Au, Ag, Cu, Pb, Zn and Mo was completed by Caroline Vallat, P.Geo., Geospark Consulting Inc.,(author) which returned overall strong accuracy and precision of the analytical results. The gold, silver, copper, lead, zinc, and molybdenum duplicate pair assay results are well correlated, and it is the author's opinion that strong precision is inferred within the reported analytical results. Blank, duplicate (lab pulp) and certified reference materials were inserted into the sample stream for at least every 20 drill core samples. Core samples were cut, bagged, zip-tied and sent directly to ALS Minerals preparation facility in Whitehorse, YT. ALS Minerals Laboratories is registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Samples were analyzed at ALS Laboratory Facilities in North Vancouver, British Columbia for gold by fire assay with an atomic absorption finish, whereas over limits for Ag, Pb, Cu and Zn and 48 additional elements were analyzed using four acid digestion with an ICP-MS finish. Standard instances analyzed with the 2020 Thorn samples have been reviewed and the independent author's opinion is that there is inferred strong accuracy within the primary gold, silver, copper, lead, zinc, and molybdenum assays. The 2020 Thorn project analytical results have been determined to be high quality and have passed this QAQC review.
The certified reference materials (standards) were acquired from CDN Resource Laboratories Ltd. of Langley, British Columbia and the standards inserted varied – depending on the type and abundance of mineralization visually observed in the primary sample. Blank material used consisted of non-mineralized siliceous river/landscaping rock. Duplicates amounted to 68 sample pairs allowing for independent review of the sample assay precision. Seventy-three blanks inserted within the sample batches allowed for cleaning of the instrumentation and independent review of low assay grade accuracy, whereas 71 standards inserted allowed for independent review of the local assay accuracy. Secondary lab check sampling will also take place in order to monitor for any bias in the analytical results. A copy of the QAQC protocols can be viewed at the Company's website.
Mr. Antonio Celis, M.Sc., P.Geo . , who is a qualified person as defined by National Instrument 43-101, has reviewed and approved the information in this press release.
Corporate Update
Mrs. Christina Anstey has been appointed Vice President of Exploration for the Company. Mrs. Anstey has a B.Sc degree in Geology from Memorial University of Newfoundland and over 9 years of experience in exploration. Prior to joining Brixton, she held the title of Senior Project Geologist managing the Bowser Regional Exploration Program for Pretivm Resources, an intermediate gold producer located in the Golden Triangle of British Columbia. During her time at Pretivm, Mrs. Anstey was responsible for planning and executing up to $10-million-dollar drilling, prospecting and mapping programs, which lead to several early stage discoveries of epithermal and porphyry targets.
Christina Anstey commented "I am extremely excited to be joining the dedicated management team at Brixton Metals and look forward to contributing to the advancement of multiple highly prospective Gold-Copper-Silver Targets that the Company has assembled over the years. "
About Brixton Metals Corporation
Brixton is a Canadian exploration and development company focused on the advancement of its gold, copper and silver projects toward feasibility. Brixton wholly owns four exploration projects: the Thorn copper-gold-silver and the Atlin Goldfields projects located in NWBC, the Langis-HudBay silver-cobalt projects in Ontario and the Hog Heaven silver-gold-copper project in NW Montana, USA. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB and in the USA OTCQB market 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 CEO
Tel: 604-630-9707 or email: info@brixtonmetals.com
For Investor Relations please contact Mitchell Smith, VP of Investor Relations
Tel: 604-630-9707 or email: mitchell.smith@brixtonmetals.com
Cautionary Note
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. 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 statement.
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/da256d5d-429f-4c3b-855a-74cc4f955ee4
https://www.globenewswire.com/NewsRoom/AttachmentNg/6bb5b7ac-8195-47af-b97d-1a104033565b
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https://www.globenewswire.com/NewsRoom/AttachmentNg/c731bbd0-e05f-4110-a15b-8ddd0912389a
https://www.globenewswire.com/NewsRoom/AttachmentNg/7987e58f-5d16-4cd2-a8e6-4c4b56d0038e
https://www.globenewswire.com/NewsRoom/AttachmentNg/2b29dddb-6374-44a0-8f04-ca6e800dea81
News Provided by GlobeNewswire via QuoteMedia
Brixton Metals Corporation (TSXV: BBB) (the " Company " or " Brixton ") is pleased to announce the second round of drill results from its fallwinter exploration program at the Langis Mine Project located in the Cobalt Camp of Ontario. The assays for this round are from 14 holes totaling 1673.85m of NQ size core. Drill holes follow a fan-type array with depths ranging from 55m to 176m across the Shaft 3 trend.
Highlights
Chairman and CEO of Brixton, Gary R. Thompson stated, "We continue to be pleased with the results from our on-going 20,000m drill program at Langis. Drilling continues to generate high-grade near-surface results that support the potential maiden resource."
Click here for Figure 1. Location of the Shaft 3 Drilling Area:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-1_8Jan2021.jpg
Table 1. Langis Fall 2020 Drilling Highlights near Shaft 3.
| Hole ID | From (m) | To (m) | Interval (m) | Ag (g/t) | Co (%) | Cu (%) | Ag (g/t * m) |
| LM-20-108 | 8.10 | 12.10 | 4.00 | 85.35 | 341.40 | ||
| including | 9.10 | 11.10 | 2.00 | 157.00 | 314.00 | ||
| LM-20-109 | 8.20 | 12.20 | 4.00 | 68.90 | 275.60 | ||
| including | 8.20 | 9.20 | 1.00 | 17.80 | 0.16 | 17.80 | |
| including | 10.20 | 11.20 | 1.00 | 154.00 | 154.00 | ||
| LM-20-110 | 3.60 | 7.60 | 4.00 | 196.60 | 786.40 | ||
| including | 4.60 | 5.60 | 1.00 | 661.00 | 661.00 | ||
| LM-20-110 | 15.60 | 18.60 | 3.00 | 25.67 | 77.00 | ||
| including | 16.60 | 17.60 | 1.00 | 34.40 | 0.14 | 34.40 | |
| LM-20-111 | 0.00 | 3.00 | 3.00 | 28.53 | 85.60 | ||
| including | 0.00 | 1.00 | 1.00 | 47.10 | 0.11 | 47.10 | |
| LM-20-111 | 5.00 | 8.00 | 3.00 | 97.47 | 292.40 | ||
| including | 6.00 | 7.00 | 1.00 | 213.00 | 0.07 | 213.00 | |
| LM-20-111 | 18.00 | 22.00 | 4.00 | 370.28 | 1481.10 | ||
| including | 19.00 | 20.00 | 1.00 | 326.00 | 0.38 | 326.00 | |
| including | 20.00 | 21.00 | 1.00 | 1080.00 | 1080.00 | ||
| LM-20-111 | 113.00 | 114.00 | 1.00 | 27.60 | 0.03 | 7.00 | 27.60 |
| including | 113.00 | 113.50 | 0.50 | 39.60 | 0.05 | 10.85 | 19.80 |
| LM-20-112 | 0.00 | 2.20 | 2.20 | 70.75 | 155.65 | ||
| including | 1.20 | 2.20 | 1.00 | 42.50 | 0.61 | 42.50 | |
| LM-20-112 | 6.20 | 8.20 | 2.00 | 92.90 | 185.80 | ||
| LM-20-113 | 0.00 | 1.80 | 1.80 | 27.20 | 48.96 | ||
| including | 0.00 | 0.80 | 0.80 | 29.00 | 0.68 | 23.20 | |
| LM-20-113 | 3.80 | 7.80 | 4.00 | 366.08 | 1464.30 | ||
| including | 4.80 | 5.80 | 1.00 | 423.00 | 423.00 | ||
| including | 5.80 | 6.80 | 1.00 | 1015.00 | 0.35 | 1015.00 | |
| LM-20-113 | 16.80 | 19.80 | 3.00 | 33.67 | 101.00 | ||
| LM-20-119 | 0.00 | 1.80 | 1.80 | 109.80 | 197.64 |
Intervals represent drilled lengths and the true widths of the silver and cobalt mineralization have not been determined at this time. Results are weighted average grades.
Click here for Figure 2. Pseudo-Cross Section All Drilling near Shaft # 3 with Silver Results:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-2_8jan2021.jpg
Click here for Figure 3. Hole LM-20-113 from 5.9m, Native Silver and Cobaltite in Quartz-Carbonate Veins:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-3_8Jan2021.png
Click here for Figure 4. Hole LM-20-111 at 113.0m to 113.5m, Massive Chalcopyrite, Pyrite, and Pyrrhotite Hosted within Conglomerate, returned 10.85% Cu, 39.6 g/t Ag, 0.05% Co over 0.5m:
https://brixtonmetals.com/wp/wp-content/uploads/2021/01/Figure-4_8Jan2021.png
Quality Assurance & Quality Control
Diamond drill holes were drilled to depth NQ size. Samples were collected using 1m average sample length. Three quality control samples (one blank, one standard and one duplicate) were inserted into each batch of 20 samples. The drill core was sawed, with half of the core batched, sealed and shipped by the Company geologists to ALS Minerals preparation lab in Sudbury, Ontario. ALS Minerals Laboratories are registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Blank, duplicate and certified reference materials were inserted into the sample stream. All elements were analyzed by Aqua Regia Digest with ICP-AES finish. Silver over-limits were analyzed by fire assay with gravimetric finish. Base metal over-limits were analyzed with Aqua Regia Digest and AES finish. A copy of the QAQC protocols can be viewed at the Company's website.
About the Langis Mine Project
Brixton's wholly owned Langis Mine Project is a past producing mine located 500km north from Toronto, Ontario, Canada with excellent infrastructure. The silver mineralization occurs as native silver and within steeply-moderately and in some cases shallow dipping veins, veinlets and as disseminations, rosettes and fracture infill and can be associated with calcite, hematite, pyrite, cobaltite, chalcopyrite, niccolite and gold. Mineralization is hosted within any of the three main rock types: Archean volcanics and metasediments, Coleman Member sediments and Nipissing diabase. The Langis Mine produced 10.6Moz of silver at 787 g/t Ag and 358,340 pounds of cobalt. Historically, the combined mines in the Cobalt Camp produced over 550 million ounces of silver with 30-50 million pounds of cobalt as a by-product.
Mr. Antonio Celis, P.Geo., who is a qualified person as defined by National Instrument 43-101, 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. 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 CEO
Tel: 604-630-9707 or email: info@brixtonmetals.com
For Investor Relations, please contact:
Mitchell Smith, VP Investor Relations
Tel: 604-630-9707 or email: mitchell.smith@brixtonmetals.com
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.
Photo accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/85d9c74d-9c6d-4784-86f2-f0868279e7b0
https://www.globenewswire.com/NewsRoom/AttachmentNg/69f5e00b-abe0-461f-968d-84829e2d63e4
https://www.globenewswire.com/NewsRoom/AttachmentNg/895b2708-0ea2-4e9b-a09f-b95f855138fa
https://www.globenewswire.com/NewsRoom/AttachmentNg/de2e222c-17d0-466d-8471-e458d79da7a5
News Provided by GlobeNewswire via QuoteMedia
All amounts expressed in US dollars
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) ("Barrick" or the "Company") today reported preliminary Q3 production of 943 thousand ounces of gold and 48 thousand tonnes of copper, as well as preliminary Q3 sales of 967 thousand ounces of gold and 42 thousand tonnes of copper. The Company continues to expect a materially stronger Q4 to deliver 2024 production within the range of its full year gold and copper guidance.
The average market price for gold in Q3 was $2,474 per ounce while the average market price for copper in Q3 was $4.18 per pound.
Preliminary Q3 gold production was in line with Q2. Pueblo Viejo delivered a 23% sequential improvement on continued plant optimization, whilst North Mara had a stronger quarter driven by higher grades. At Carlin, the Gold Quarry roaster expansion, completed during a Q3 shutdown, is expected to underpin higher throughput and recoveries in Q4. Turquoise Ridge improved versus Q2, with a stronger underground mining performance more than offsetting a planned shutdown of the Sage autoclave in Q3. At Kibali, underground development during Q3 opened up access to more high-grade underground headings, which are expected to be further supplemented by higher open pit grades and volumes to drive a stronger performance in Q4. Compared to Q2, Q3 gold cost of sales per ounce 1 is expected to be 1% to 3% higher, total cash costs per ounce 2 is expected to be 3% to 5% higher and all-in sustaining costs per ounce 2 are expected to be 0% to 2% higher, in part reflecting higher royalties from the higher gold price received.
As expected, preliminary Q3 copper production was higher than Q2, driven primarily by higher grades and recoveries at Lumwana following improved ore access driven by the ramp up in stripping activities in Q2, with further improvements expected in Q4. Compared to Q2, Q3 copper cost of sales per pound 1 is expected to be 5% to 7% higher, C1 cash costs per pound 2 are expected to be 13% to 15% higher, while all-in sustaining costs per pound 2 are expected to be 2% to 4% lower, primarily due to a decrease in capitalized waste stripping at Lumwana.
Barrick will provide additional discussion and analysis regarding its third quarter 2024 production and sales when the Company reports its quarterly results before North American markets open on November 7, 2024.
The following table includes preliminary gold and copper production and sales results from Barrick's operations:
| Three months ended September 30, 2024 | Nine months ended September 30, 2024 | |||
| Production | Sales | Production | Sales | |
| Gold (attributable ounces (000)) | ||||
| Carlin (61.5%) | 182 | 183 | 589 | 592 |
| Cortez (61.5%) | 98 | 99 | 319 | 321 |
| Turquoise Ridge (61.5%) | 76 | 77 | 210 | 209 |
| Phoenix (61.5%) | 29 | 28 | 88 | 89 |
| Nevada Gold Mines (61.5%) | 385 | 387 | 1,206 | 1,211 |
| Loulo-Gounkoto (80%) | 144 | 135 | 422 | 412 |
| Pueblo Viejo (60%) | 98 | 96 | 259 | 257 |
| North Mara (84%) | 75 | 78 | 175 | 174 |
| Kibali (45%) | 71 | 77 | 229 | 230 |
| Veladero (50%) | 57 | 78 | 170 | 179 |
| Bulyanhulu (84%) | 37 | 37 | 124 | 121 |
| Hemlo | 30 | 28 | 104 | 105 |
| Tongon (89.7%) | 28 | 32 | 109 | 113 |
| Porgera (24.5%) | 18 | 19 | 33 | 31 |
| Total Gold | 943 | 967 | 2,831 | 2,833 |
| Copper (attributable tonnes (000)) | ||||
| Lumwana | 30 | 26 | 77 | 73 |
| Zaldívar (50%) | 10 | 10 | 29 | 28 |
| Jabal Sayid (50%) | 8 | 6 | 25 | 22 |
| Total Copper | 48 | 42 | 131 | 123 |
Third Quarter 2024 Results
Barrick will release its Q3 2024 results before market open on November 7, 2024. President and CEO Mark Bristow will host a live presentation of the results that day in London, UK at 11:00 EST/16:00 UTC, with an interactive webinar linked to a conference call. Participants will be able to ask questions.
Go to the webinar
US and Canada (toll-free), 1 844 763 8274
UK (toll), +44 20 3795 9972
International (toll), +1 647 484 8814
The Q3 2024 presentation materials will be available on Barrick's website at www.barrick.com .
The webinar will remain on the website for later viewing, and the conference call will be available for replay by telephone at 1 855 669 9658 (US and Canada toll-free) and +1 412 317 0088 (international toll), replay access code 8607451.
Enquiries:
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
barrick@dpapr.com
Website : www.barrick.com
Technical Information
The scientific and technical information contained in this news release has been reviewed and approved by: Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive (in this capacity, Mr. Bottoms is responsible on an interim basis for scientific and technical information relating to the Latin America and Asia Pacific region); and Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East—each a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects .
Endnote 1
Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in care and maintenance) divided by ounces sold (both on an attributable basis, based on Barrick's ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis, based on Barrick's ownership share).
References to attributable basis means our 100% share of Hemlo and Lumwana, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu, our 80% share of Loulo-Gounkoto, our 61.5% share of Nevada Gold Mines, our 60% share of Pueblo Viejo, our 50% share of Veladero, Zaldívar and Jabal Sayid, our 24.5% share of Porgera and our 45% share of Kibali.
Endnote 2
"Total cash costs per ounce" and "all-in sustaining costs per ounce" are non-GAAP financial measures which are calculated based on the definition published by the World Gold Council ("WGC") (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and its ability to generate positive cash flow, both on an individual site basis and an overall company basis.
Total cash costs start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and includes by-product credits. All-in sustaining costs start with total cash costs and include sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels.
We believe that our use of total cash costs and all-in sustaining costs will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is being generated by a mine and therefore we believe these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization.
Total cash costs per ounce and all-in sustaining costs per ounce are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently.
"C1 cash costs per pound" and "all-in sustaining costs per pound" are non-GAAP financial measures related to our copper mine operations. We believe that C1 cash costs per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. C1 cash costs per pound excludes royalties and production taxes and non-routine charges as they are not direct production costs. All-in sustaining costs per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. All-in sustaining costs per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties and production taxes, reclamation cost accretion and amortization and write-downs taken on inventory to net realizable value.
Barrick will provide a full reconciliation of these non-GAAP financial measures when the Company reports its quarterly results on November 7, 2024.
Cautionary Statements Regarding Preliminary Third Quarter Production, Sales and Costs for 2024, and Forward-Looking Information
Barrick cautions that, whether or not expressly stated, all third quarter figures contained in this press release including, without limitation, production levels, sales and associated costs are preliminary, and reflect our expected third quarter results as of the date of this press release. Actual reported third quarter production levels, sales and associated costs are subject to management's final review, as well as review by the Company's independent accounting firm, and may vary significantly from those expectations because of a number of factors, including, without limitation, additional or revised information, and changes in accounting standards or policies, or in how those standards are applied. Barrick will provide additional discussion and analysis and other important information about its third quarter production levels, sales and associated costs when it reports actual results on November 7, 2024. For a complete picture of the Company's financial performance, it will be necessary to review all of the information in the Company's third quarter financial report and related MD&A. Accordingly, readers are cautioned not to rely solely on the information contained herein.
Finally, Barrick cautions that this press release contains forward-looking statements with respect to: (i) Barrick's expected fourth quarter production and ability to deliver within the range of its full year gold and copper guidance; and (ii) costs per ounce for gold and per pound for copper.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known or unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information.
Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; the resumption of operations at the Porgera mine and expected ramp up of mining and processing in 2024; risks associated with projects in the early stages of evaluation, and for which additional engineering and other analysis is required; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; whether benefits expected from recent transactions are realized; quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; failure to comply with environmental and health and safety laws and regulations; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; timing of, receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; uncertainty whether some or all of targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; the impact of inflation, including global inflationary pressures driven by supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; fluctuations in the currency markets; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Canada, the United States, and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company's expectations; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with diseases, epidemics and pandemics; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
News Provided by GlobeNewswire via QuoteMedia
During their terms, both the Trump/Pence and the Biden/Harris administrations have increased domestic oil production and increased tariffs on goods from overseas.
In the only debate planned between Harris and Trump, which took place on September 10, 2024, Harris focused on her platform’s key economic policies, including increased support for first-time home buyers, families and small businesses. She was also committed to investing in diverse forms of energy, including renewables and oil and gas, to reduce dependence on foreign oil.
Meanwhile, Trump maintained a focus on the key issues of his base including policing and immigration, but also discussed his economic plan that would see him increase tariffs on goods from China.
When it came to the conflict between Russia and Ukraine, Harris pledged her support for both Ukraine and other US allies in Europe. While Trump did not say he supported Ukraine, he said he was also committed to ending the war, and planned to push Ukrainian funding to European partners while attempting to bring Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy to the negotiating table.
The gold price has climbed significantly under both administrations. It's been holding at historic levels above the US$2,600 mark, reaching an all-time high of US$2,672.51 on September 18, more than double its price when Trump took office in 2017.
Some of the recent rise in gold prices is attributed to a 50-point cut to interest rates following the Federal Open Markets Committee meeting on September 17 and 18. It is the last time the committee will come together before the November 5 election, as the next FOMC meeting is scheduled for November 6 and 7.
How does gold typically perform post-election, and how has it moved during Trump and Biden's presidencies? While the past doesn't necessarily dictate the future, reviewing gold price trends can help investors plan their election strategy.
Looking at past US elections can provide insight on how the gold price may move in the days and weeks following November 5. However, on a broad scale, changes post-election tend to normalize fairly quickly.
In an email to the Investing News Network, Lobo Tiggre, CEO of IndependentSpeculator.com, said he doesn’t see either candidate having a large effect on the price of gold post-election. “The outcome of the election will have ideological consequences, but it’ll make no difference to gold, silver, uranium or the commodities super-cycle,” he said.
In 2016, when Trump ran against Hillary Clinton, the gold price climbed by about US$50 in the weeks leading up to the November 8 election, peaking at just above US$1,300 per ounce on November 4. Following Trump's win gold fell substantially, moving as low as US$1,128 in mid-December. Following that low point, the gold price began to rebound, and by the middle of January 2017 was once again above the US$1,200 level.
Gold price, November 1, 2016, to January 30, 2017.
Chart via Trading Economics.
The 2020 election was on November 3, and in the week leading up to the vote gold was trading at around US$1,900, although it fell as low as US$1,867 on October 30. After the election, the gold price performed positively, spiking from US$1,908 on the day of the vote to US$1,951 on November 6.
However, gold fell back down over the following weeks, and dipped briefly below US$1,800 as vote recounts in Georgia and several districts and legal challenges by Trump’s team dragged on.
Gold price, November 1, 2020, to January 30, 2021.
Chart via Trading Economics.
Gold began to climb again in December ahead of January 6, 2021, when the electoral college met to formalize Biden’s victory. That day, the attack on the US Capitol building, which aimed to stop this process, caused the gold price to plunge from US$1,949 on January 5 to US$1,848 by January 8. The events of January 6 were the start of a decline in the gold price that continued until March 8, when gold bottomed out at US$1,674.80.
Gold's behavior at this time went against the usual trend whereby it performs well amid crisis and turmoil; the decline may been a reaction to the successful affirmation of Biden. Stock markets also reacted opposite to expectations, seeing strong gains on January 6 and 7 as investors and Wall Street believed an economic recovery was in sight.
The gold price rose substantially during Trump's presidency, increasing from US$1,209 when he assumed office on January 20, 2017, to US$1,839 on his final day, which was January 19, 2021.
While these gains can't be directly attributed to Trump, his actions helped shape the geopolitical landscape both in the US and abroad. During his tenure, trade wars with both allies and competitors were in focus.
China was a key target for Trump. While tariffs on Chinese goods were already in place, his administration applied new restrictions to more items, including steel, electric vehicle batteries and consumer goods. Also under Trump's watch, relations with India fractured and the country lost its preferential trade status with the US. He also withdrew from the Iran nuclear treaty and imposed punishments on anyone who traded with Iran.
These and other “America First” protectionist policies and sanctions implemented by the Trump administration tarnished the image of the US as a reliable trade partner, helping to push the BRICS nations — Brazil, Russia, India, China and South Africa — away from the US dollar as a global reserve currency.
The BRICS have since expanded to include Iran, Egypt, Ethiopia and other emerging nations, and have increasingly turned toward gold. China and India in particular have increased purchases of gold through their central banks, leading some to speculate that they are attempting to create a new currency that is at least partially backed by gold.
One other factor that drove the gold price during Trump’s term was the outbreak of the COVID-19 pandemic and government policies put in place to support citizens and the economy. For example, the former president oversaw multiple stimulus efforts, including packages announced in March 2020 and December 2020. These actions led many to turn to gold as a safe haven out of concern for a weakening US dollar.
A second Trump term would likely bring more of the same protectionist policies. Indeed, his 2024 campaign has similarities to his 2016 and 2020 campaigns. He has reused his “America First'' rhetoric and promised a fresh round of tariffs if elected. Singling out China, Trump has said he would look to implement a 60 percent tariff on all goods imported into the US, a move that would likely increase tensions and the likelihood of a widening division between the countries.
Gold has also seen sizable gains during Biden's presidency. The price of gold was US$1,871 when he took over from Trump on January 20, 2021. And while Biden's term as president is not over until January 2025, as of October 15, the gold price was trading at about US$2,665. It reached a new record on September 25 of US$2,672.51.
Again, it's hard to say how many of the Biden administration's policies directly influenced these gains. Geopolitical conflict and black swan events outside of his control all affected the gold market during this time.
For example, Biden and Harris entered office one year after the start of the COVID-19 pandemic. Inflation was ballooning, which typically leads to higher gold prices. The US Federal Reserve has worked to counteract inflation and strengthen the US dollar by raising interest rates beginning in 2022, a move that tempered the gold price for a time. The anticipation of rate cuts and the 50 point cut that came in September were factors in driving gold to its record highs in recent months.
Biden came into office on a promise of restoring the US' place in the global community, and while his administration did close rifts among important trading partners like Canada and the EU, tensions with China remain. This rift is a holdover from the Trump administration's more isolationist policies, but has also been representative of a more competitive global trade landscape as the BRICS nations seek to move away from the US dollar and America’s influence on world economics.
Biden has attempted to at least partially mend the US' relationship with China, including by meeting with President Xi Jinping in the summer of 2023. However, a key sticking point in negotiations between the two has been Biden’s continued stance that the US would support Taiwan if China were to invade it; at the same time, he has said that the US does not support Taiwan’s independence. Both of these stances are in line with the US’ longtime position on the matter, but escalating tensions between China and Taiwan have brought this to the forefront.
Harris is unlikely to shift policy when it comes to Taiwan. In a September 2022 meeting with South Korean President Yoon Suk Yeol, she said the US was committed to opposing unilateral actions by China and would maintain the status quo in the South China Sea. The White House added that peace and stability across the Taiwan Strait was essential to a free Indo-Pacific region.
Harris discussed trade routes in the region again when she attended the ASEAN summit in Jakarta, Indonesia, in September of 2023. She told CBS’s Margaret Brennan that it's not about pulling out of Southeast Asia, but about de-risking the region and ensuring that American interests were protected.
On an economic level, the Biden administration has distanced itself from China with policies such as the Inflation Reduction Act and Chips Act, which support the development of western supply chains for a variety of industries, including clean energy, electric vehicles and semiconductor chips, in part by introducing subsidies for companies that don’t rely on China for their supply chain.
Meanwhile, China has accelerated its de-dollarization efforts, dumping roughly US$50 billion worth of US Treasuries and agency bonds during the first quarter of this year.
Additionally, Biden’s role in implementing a strict set of sanctions against Russia following its invasion of Ukraine in February 2022 deepened a divide between the US and Russia, as well as the other BRICS nations.
Among other sanctions, the US limited Russia's access to SWIFT, a communications network that helps facilitate the global movement of funds. The US Department of the Treasury also implemented controls that effectively cut off Russia’s central bank and key funds and personnel from accessing the US financial system. Some analysts believe the move may work to undermine the US dollar as the global reserve currency in the long term, as it sent a signal to the rest of the world that the US is willing to effectively weaponize the US dollar.
Though this year's presidential election may have a limited effect on the price of gold, a rate decision by the Fed could impact the metal's price in the days that follow the election. Decisions made by the US central bank, which is not controlled by the president, have a strong impact on the US dollar and thus often impact the gold price as well.
The Federal Open Market Committee, which is the board that ultimately decides whether to increase or decrease interest rates, is set to meet from November 6 to 7, just one day after the November 5 election.
Gold tends to rise when rates are lower and fall when they are high, but this year gold has reached all-time highs in the face of elevated rates. While strong expectations for cuts at the beginning of 2024 didn’t pan out, gold prices grew in the lead up to the September meeting of the committee, when the first cut finally came.
So what will happen to gold after the election? A post-election interest rate cut could boost gold, but it's not yet clear how the November meeting will play out.
Historically speaking, returns for gold under Democrat and Republican presidents have averaged 11.2 percent and 10.2 percent, respectively. But that might not be the data point investors should focus on.
Which party controls Congress, which is comprised of the House and Senate, has had a far stronger influence on the gold price. Under Democrat-controlled Congresses, gold has averaged a 20.9 percent gain, compared to just 3.9 percent when Congress is controlled by Republicans. In cases where neither controls Congress, gold has averaged 3.5 percent.
With that in mind, investors should consider the effects of policies enacted not only by the executive branch of the US government, but also by Congress and the Senate. Those hoping to use the immediate aftermath of the election outcome to their advantage should also proceed with caution — when it comes to gold, past elections haven't provided great investment opportunities, with losses and gains typically being short-lived.
This is an updated version of an article first published by the Investing News Network in 2020.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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