IE Ivanhoe Electric Inc

Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce exploration results provided by operator Ivanhoe Electric Inc. (“Ivanhoe Electric”) (NYSE American: IE; TSX: IE), on the Hog Heaven Project. The road-accessible project is located in Flathead County, 50 miles southwest of the town of Kalispell, northwestern Montana, USA. Highlights below are sourced and further defined by Ivanhoe Electric’s press release dated January 6, 2025.

Highlights

• Exploration drilling at the Hog Heaven Project in Montana included approximately 14,000 meters in eleven drill holes (Figure 1).

• Exploration drilling in the Battle Butte Area at the Hog Heaven Project intersected a porphyry copper-gold-molybdenum system within a large, deep Typhoon™-identified anomaly.

• Exploration drilling in the Flathead Mine area included drill holes HHD-012 through to HHD-016, which intersected broad intervals of epithermal-type low-grade precious metals-bearing polymetallic sulphide mineralization hosted in veins, breccia matrix fill, and disseminations.

• Ivanhoe Electric has leased a further 4,925 acres of private surface and mineral rights from a private owner, consolidating the district and providing additional access to areas prospective for porphyry systems.

Chairman and Chief Executive Officer, Gary R. Thompson, stated, “Drilling at the Hog Heaven Project continues to deliver highly encouraging copper-gold results. The multiple phases of porphyry at the Battle Butte Area are typical in these types of mineralizing systems and key next steps would be to isolate the high-grade copper-gold porphyry phase.”

Initial drilling at the Battle Butte Area, HHD-017 through to HHD-022, has intersected a porphyry copper-gold-molybdenum system (“Battle Butte Porphyry”) associated with a large, 1,500 meters by 1,000 meters Typhoon™ conductivity anomaly at 1,200 meters depth (Figure 2). Mineralization is related to a series of variably mineralized and altered porphyry intrusives and hydrothermal breccias hosting gold-bearing copper, iron, and molybdenum sulphides as breccia matrix, sheeted to stockwork veining and as disseminations. 

• Hole HHD-018: returned 286.0m of 0.14% copper, 0.14 g/t gold, 0.01% molybdenum, and 1.70 g/t of silver from 947.0m depth.
  • Including 97.9m of 0.21% copper, 0.20 g/t gold, 0.01% molybdenum and 2.79 g/t silver from 947.0m.

• Hole HHD-019 returned 680.0m of 0.09% copper, 0.06 g/t gold, 0.02% molybdenum, and 0.96 g/t silver from 1,172.0m depth. 

Five drill holes intersecting the Battle Butte Porphyry demonstrate a porphyry system believed to be starting at approximately 900 meters depth, with a vertical thickness of 800 meters, at least 600 meters by 400 meters in lateral dimension, and open to the east and northeast. Initial assay results show broad intervals of low-grade mineralization with a gold-to-copper ratio near one-to-one. Narrower but higher-grade sub-intervals are associated with the presence of the higher-grade copper sulphide mineral bornite (approximately 63% copper by weight), where the gold-to-copper ratio starts to increase.

Current evidence suggests that the Battle Butte Porphyry system is open to the east and north, where the Typhoon™ anomaly remains untested at depth. Exploration in 2025 will continue to test the Battle Butte Porphyry, searching for higher-grade copper-gold zones and the presence of additional porphyry centers across the project. 

Figure 1. Plan view map of the Hog Heaven Project showing drill holes and their traces from the 2024 exploration program, newly leased land, and the location of cross-section A to A’. 

Figure 2. Cross-section A to A’ at the Hog Heaven Project, looking northeast, of drilling at the Battle Butte Porphyry, showing Typhoon™ conductivity (left), drill holes, assay results, and simplified geology and alteration (right). 

Table 1. Highlighted new epithermal-type drill intercepts from the Battle Butte Area at the Hog Heaven Project.

Drill Hole	Location	From(m)	To (m)	Interval(m)	CuEq %	Ag g/t	Au g/t	Cu %	Pb %	Zn %
HHD-017	Battle ButtePorphyry	755.49	765.00	9.51	2.17	127.43	0.12	0.45	0.84	1.11

• The following long-term metal prices were used: $3.80/lb Cu, $1,707/oz Au, $22.42/oz Ag, $0.93/lb Pb, and $1.19/lb Zn.
• The specific formula used to report CuEq (%) is Cu% + ((0.655) * Au(g/t)) + ((0.009) * Ag(g/t)) + (0.245) * Pb (%)) + ((0.313) * Zn (%)).
• Flat recoveries of 100% were used for metal equivalency calculations.
• Intervals were derived on a CuEq basis with a cutoff of 0.1% CuEq.
• Maximum internal dilution of 5 meters was applied.
• Copper assays were capped at 10% for interval calculations.
• These are not true widths.

Table 2. Highlighted new porphyry-type drill intercepts from the Battle Butte Area at the Hog Heaven Project.

Drill Hole	Location	From (m)	To (m)	Interval(m)	CuEq(%)	Cu (%)	Au (g/t)	Mo (%)	Ag (g/t)
HHD-018	BattleButtePorphyry	947.00	1233.00	286.00	0.29	0.14	0.14	0.01	1.70
Including		947.00	1044.85	97.85	0.40	0.21	0.20	0.01	2.79
HHD-019	BattleButtePorphyry	1172.00	1852.00	680.00	0.20	0.09	0.06	0.02	0.96

• The following long-term metal prices were used: $3.80/lb Cu, $1,707/oz Au, $22.42/oz Ag, and $16.00/lb Mo.
• The specific formula used to report CuEq (%) is Cu % + ((0.655) * Au(g/t)) + ((0.009) * Ag(g/t)) + ((4.211) * Mo (%)).
• Flat recoveries of 100% were used for metal equivalency calculations.
• Intervals were derived on a CuEq basis with a cutoff of 0.10% CuEq.
• Maximum internal dilution of 5 meters was applied for drill holes HHD-018 and HHD-019.
• Copper assays were capped at 10% for interval calculations.
• These are not true widths.

Quality Assurance and Quality control

Ivanhoe Electric employs industry standard QA/QC and data verification protocols. The diamond drill holes were completed using PQ and HQ diameters. The drill core was cut lengthwise into halves using a diamond-bladed saw, with one-half used for the assay sample and the other half retained in core boxes and archived at site. Pulps and rejects are also stored on site for archival purposes. Mineralized zones were generally sampled at 2m intervals. Each core sample was placed into a bag with a unique numbered sample identification tag. Quality control samples were inserted between core samples using the same numbering sequence. Then samples were grouped into batches for shipping and laboratory submissions. Chain of custody records are maintained for sample shipments and the custody is transferred from Ivanhoe Electric expeditor to the laboratory upon delivery.

Samples were shipped to ALS Laboratories in Twin Falls, Idaho, for sample preparation and analysis. Samples were analyzed using customary four acid digestion and ICP-MS finish. A standard gold fire assay package was used to analyze gold. Silver content was assessed using either HCl leach and ICP-AES finish or fire assay with gravimetric finish depending on silver concentrations. ALS Minerals Twin Falls is an independent laboratory certified under ISO 9001:2008 and accredited under ISO/IEC 17025:2005 by the Standards Council of Canada.

The Hog Heaven copper-silver-gold project is an advanced-stage exploration project, which historically produced high-grade silver, gold, and copper. Between 1913 and 1975, Anaconda Copper Mining and lessees produced 6.7Moz Ag, 3,000 oz Au, 23M lbs of lead, and 0.6M lbs copper from 0.23Mt of direct-ship ore, grading 29 opt silver. The road-accessible property is located in Flathead County, 50 miles southwest of the town of Kalispell, northwestern Montana, USA.

Ivanhoe Electric and Brixton entered into an earn-in agreement in 2021. Under the earn-in agreement, Ivanhoe Electric may earn up to a 75% interest in the Hog Heaven Project by making cash payments totaling USD$4.5 million ($2.5 million paid to date) and incurring an aggregate of USD$40 million in exploration expenditures by 2032.

For additional Hog Heaven Projects details, click here: https://brixtonmetals.com/hog-heaven/

Table 3. Hog Heaven Project Drill Collar information.

DRILL HOLE	STATUS	DEPTH (m)	AZIMUTH (°)	DIP (°)	EASTING	NORTHING	ELEVATION (m)
HHD-001	COMPLETE	580.34	275	-50	678352	5309703	1200
HHD-002	COMPLETE	1001.50	270	70	678317	5309025	1151
HHD-003	COMPLETE	1248.76	65	-85	679760	5309704	1067
HHD-004	COMPLETE	1316.13	305	-55	680093	5308712	1027
HHD-005	COMPLETE	1248.76	185	-80	680725	5310624	1250
HHD-006	COMPLETE	773.58	340	-61	680748	5310254	1210
HHD-007	COMPLETE	824.79	210	-75	680727	5310624	1255
HHD-008	COMPLETE	735.18	0	-60	680752	5310259	1226
HHD-009	COMPLETE	785.47	100	-77	680533	5310551	1206
HHD-010	COMPLETE	1212.49	120	-70	680364	5310565	1214
HHD-011	COMPLETE	633.37	70	-65	680360	5310574	1213
HHD-012	COMPLETE	544.37	285	-75	680458	5310455	1181
HHD-013	COMPLETE	1157.63	240	-70	679768	5310382	1111
HHD-014	COMPLETE	864.72	220	-60	680273	5310468	1192
HHD-015	COMPLETE	594.06	250	-60	680273	5310468	1192
HHD-016	COMPLETE	1343.80	305	-80	680372	5310370	1169
HHD-017	COMPLETE	1394.60	310	-75	679466	5309311	1077
HHD-018	COMPLETE	1488.89	30	-85	679466	5309311	1077
HHD-019	COMPLETE	1852.54	215	-85	679564	5309388	1058
HHD-020	COMPLETE	1571.95	290	-74	679775	5309496	1078
HHD-021	COMPLETE	1441.09	220	-77	679704	5309273	1079
HHD-022	RESULTS PENDING	1753.70	32	-75	679489	5309066	1056

Qualified Person

Disclosures of a scientific or technical nature included in this news release, including the sampling, analytical and technical data underlying the information, have been reviewed, verified, and approved by Shawn Vandekerkhove, P.Geo. of whom is a Qualified Person as defined by Regulation S-K, Subpart 1300 promulgated by the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. Mr. Vandekerkhove is an employee of Ivanhoe Electric Inc.

Corporate Update

Effective January 6, 2025, Christina Anstey has ceased to act as the Company’s VP Exploration. We wish to thank Christina for her service to the Company and wish her all the best in her future endeavors.

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: 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.

Photos accompanying this announcement are available at:

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