Kodiak Copper Corp (TSXV:KDK) has confirmed that it has signed a definitive agreement to sell a 100% interest in its copper-gold porphyry project, called Trapper, in northern British Columbia. The buyer is Brixton Metals (TSXV:BBB), which will be paying $100,000 in cash and 2,324,393 in common shares as consideration for Trapper.
The common shares are subject to a four month hold period pursuant to applicable securities laws. The transaction is also subject to approval by the TSX Venture Exchange.
“Brixton is ideally placed to take the Trapper project forward as their Thorn project surrounds the Trapper claims,” explained Claudia Tornquist, CEO at Kodiak Copper. “This transaction strengthens Kodiak’s focus on our southern projects, in particular our highly prospective MPD copper gold porphyry project in south-central BC [British Columbia] where we are currently drilling to follow up on our Gate Zone discovery and are expecting the first results within weeks.”
The Trapper project represents a 3,756 hectare copper gold porphyry project in the Northern Golden Triangle, in north British Columbia, Canada. The site sits adjacent to Brixton’s existing Thorn project.
Kodiak is focused on its portfolio of 100% owned copper porphyry projects in Canada and the USA. The company’s most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel Trough in south-central British Columbia, Canada, where the Kodiak Copper made a discovery of high-grade mineralization in 2020. Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, USA, near the world-class Bagdad mine.
In addition, Kodiak holds the advanced stage Kahuna diamond project in Nunavut, Canada, which hosts a high grade, near surface inferred diamond resource and numerous kimberlite pipe targets.
Brixton Metals bullish on Thorn project prospects
Meanwhile Brixtom Metals has been working hard to expand its presence in the Thorn project and the Kodiak purchase can be seen as part of this program. Brixton inked a deal 24 August for 6,413 hectares of the adjacent Metla mineral claim from Stuhini Exploration (TSXV:STU). This went for 1.2m shares in Brixton and $42,000 in cash (Canadian). The Metla claim will be subject to a 1% net smelter royalty interest in favour of Stuhini.
Brixton Metals Corp has also just closed a non-brokered private placement and flow through of common shares for over C$5.5m with a lead order from Palisades Goldcorp, a major Brixton backer. The net proceeds will be going towards further exploration and operating costs.
It should be noted that prior to the private placement, Brixton Metals had reported gold values of up to 68.8g/t Au from ongoing soil geochemical surveys and rock sampling in its West Outlaw target area within the Thorn Project.
Kodiak is focusing on exploration at its MPD site where it has reported that Phase II drilling is progressing well. Just over half the planned meterage has been completed, and Tonrquist reported earlier this month that the results are expected imminently. The sale to Brixton Metals means that Kodiak Copper retains some level of interest in the Thorn project through its acquisition of a stake in Brixton Metals.