According to an update made by Brixton Metals Corporation, it has now received the third payment for the Hog Heaven Project, which is currently being run in accordance with a definitive earn-in JV Agreement with Ivanhoe Electric Inc., in the amount of USD 500,000.
The Hog Heaven Cu-Ag-Au Project Location Map. Image Credit: Brixton Metals Corporation
Ivanhoe Electric has the option to purchase up to a 75% stake by paying the full project spending of USD 44.5 million. Located in Montana, the United States, Hog Heaven is an advanced-stage, high-sulfidation epithermal copper-silver-gold project with the potential for porphyry.
Hog Heaven Project Update
At Hog Heaven, recent work has concentrated on analyzing the historic drill hole database. 3,600 drill core pulps were analyzed for processing using the most recent mineral assay methods, and 14,500 m of drill core were re-logged as part of this effort.
Terraspec Halo (NIR & SWIR), a portable mineral analysis device that enables the identification and assessment of alteration minerals and alteration mineral zoning, has been used to perform selective analysis on historical drill cores. Additionally, 3D IP, expanded soil, and gravity surveys were finished.
Future Exploration Plans for Hog Heaven
The company is aware that Ivanhoe Electric Inc. will keep gathering data and building a thorough geological model for the property. Drill target identification is currently being made using the results of the identification of geochemical and geophysical anomalies.
This summer, a drilling program to identify porphyry copper-gold mineralization is expected to start. Future efforts will depend on how well the next program performs.
We are delighted to see the continued interest by Ivanhoe Electric on the Hog Heaven Project. With the momentum in electrification of the economy, we believe projects like Hog Heaven have the potential to be a significant contributor to the supply of critical minerals in the USA.
Gary Thompson, Chairman and Chief Executive Officer, Brixton Metals Corporation
Summarized Terms of The JV Earn-In Agreement
Ivanhoe Electric has the option to acquire a 51% stake in the Hog Heaven Project by spending $15 million on exploration expenditures over the course of six years and paying a total of $4.5 million in cash.
Additionally, by spending $25 million extra on exploration expenditure, Ivanhoe Electric could acquire a further 24% stake in the Hog Heaven Project, giving them a total of 75% interest over 11 years.
Ivanhoe Electric, the project’s operator, has given Brixton $1.5 million in cash and has already spent over $3 million on exploration expenditures.
About the Hog Heaven Cu-Ag-Au Project–Montana, USA
The Hog Heaven copper-silver-gold Project is an advanced-stage exploration project that has generated high-grade silver, gold, and copper in the past. Anaconda Copper Mining and lessees produced 6.7M oz Ag, 3,000 oz Au, 23M lbs Pb, and 0.6M lbs Cu from 0.23 Mt of direct-ship ore grading 29 opt Ag between 1913 and 1975.
The property is situated in Flathead County, 55 miles south-southwest of Kalispell in northwestern Montana, USA. Previous workers finished over 700 drill holes on the Main Mine and Ole Hill Targets.