Brixton Metals expands Thorn project
TSX-V-listed Brixton Metals will acquire fellow-listed Kodiak Copper’s Trapper mineral claims, expanding its Thorn project, in northern British Columbia.
The Trapper claims are adjacent to the Thorn project and form part of a larger district-scale copper/gold trend.
The Thorn project represents the largest contiguous mineral claim package in the Golden Triangle that includes a major 70-km-long mineralised mega-trend, says chairperson and CEO of Brixton, Gary Thompson.
The company has entered into a purchase agreement to acquire a 100% interest in the Trapper project which is 3 756 ha in size, for consideration of 2 324 393 common shares and C$100 000 in cash.
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. The company will pay $20 000 to Constantine Metals Resources 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, for $45 000 and 113 924 common shares of Brixton.
"Brixton is ideally placed to take the Trapper project forward as their Thorn project surrounds the Trapper claims. With an existing camp at Thorn they will be able to explore Trapper cost-effectively," adds Kodiak Copper president and CEO Claudia Tornquist.
"This transaction strengthens Kodiak's focus on our southern projects, in particular our highly prospective MPD copper gold porphyry project in south-central British Columbia, where we are currently drilling to follow up on our Gate Zone discovery and are expecting the first results within weeks."
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