Brixton Metals (BBB.V) remains convinced of the potential of its Atlin Gold camp, as the company has entered into several separate agreements to acquire a 100% interest in almost 30,000 hectares of mineral rights in the Atlin Gold Camp, in British Columbia.
To acquire full ownership of the claims, Brixton Metals has agreed to issue 4.3 million shares and making a C$50,000 cash payment to Desert Mountain Energy (DME.V). One part of the property (Spruce) will be subject to a 1% NSR, which could be repurchased for C$1.25M. The Yellowjacket claims have a 2.5% NSR on them, but Brixton is immediately purchasing 1% from a private owner for C$10,000 in cash and 200,000 shares of Brixton. The remaining 1.5% NSR could be repurchased by Brixton as well, for a cash payment of C$1.65M.
On top of this transaction with Desert Mountain Energy, Brixton is also purchasing the smaller McKee and Otter properties from private owners, and is issuing 250,000 shares of Brixton to acquire the 1,019 hectare land package. There’s a 1% NSR on the McKee and Otter claims, of which half could be repurchased for a quarter of a million.
This series of transactions increases Brixton’s land position to almost 1,000 square kilometers, making the company a dominant land owner in the Atlin Gold camp, where placer activities started almost 150 years ago. In fact, the largest gold nugget that was ever found in British Columbia (85 ounces) was discovered on the Atlin gold claims, so there are some good reasons why Brixton was so keen to consolidate the land package. Brixton has now also completed its summer sampling program, and almost 1,900 samples are awaiting assaying. Results should be out soon.
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The author has a long position in Brixton Metals. Brixton is a sponsor of the website. Please read the disclaimer
