Brixton Metals (TSXV: BBB) announced on Thursday that it has entered into an agreement to acquire Kodiak Copper’s Trapper copper-gold porphyry project, expanding its Thorn project, in northern British Columbia.
The property represents the largest contiguous mineral claim package in the Golden Triangle that includes a major 70km long mineralized mega-trend, said chairman and CEO of Brixton Metals, Gary R. Thompson.
Trapper project drilling highlights include 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.
Midday Friday, Brixton’s stock was up 8% on the TSXV
“This transaction strengthens Kodiak’s focus on our southern projects, in particularly our highly prospective MPD copper gold porphyry project in South-Central BC where we are currently drilling to follow-up on our Gate Zone discovery and are expecting the first results within weeks.” said Kodiak Copper President and CEO Claudia Tornquist.
Under the terms of the agreement Brixton will pay $100,000 cash and 2,324,393 common shares as consideration for Trapper.
Brixton 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.
Midday Friday, Brixton’s stock was up 8% on the TSXV. The company has a C$66 million market capitalization.