Brixton Metals Corporation has signed separate agreements to acquire a 100pc interest in Kodiak Copper Corp’s Trapper Copper-Gold Porphyry Project and its associated royalties to expand its Thorn Project in northern British Columbia, the company said in a statement.
The Trapper claims, which are 3,756 hectares in size, are adjacent to the Thorn Project and part of a larger district-scale copper-gold trend.
As per the agreement, Brixton will pay CAD100,000 cash and 2,324,393 common shares as consideration to Kodiak. The common shares are subject to a four-month hold period according to applicable securities laws.
The company has also signed a number of deals to end net smelter royalties (NSR) and other economic interests held by third parties.
The company said that the Thorn Project represents the largest contiguous mineral claim package in the area, including a major 70km long mineralized mega-trend.
With an existing camp at Thorn, Brixton will be able to explore Trapper cost-effectively, Kodiak said in a statement.
Kodiak said that it will now focus on its MPD Copper-Gold Porphyry Project in south-central British Columbia where it is currently drilling to follow-up on its Gate Zone discovery and expecting the first results within weeks.
Brixton is a Canadian exploration and development company focused on the advancement of its gold, copper, and silver projects toward feasibility, while Kodiak owns copper porphyry projects in Canada and the USA.