Brixton Metals Enters into Option Agreement to Acquire a 100% Interest in the Silver Focused Silvergruvan Project in Sweden
VANCOUVER, British Columbia, Sept. 23, 2026 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX-V: BBB, OTCQX: BBBXF) (the “Company” or “Brixton”) is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with McKnight Resources AB (“McKnight”), an arm’s length party, pursuant to which McKnight has granted to Brixton the sole, exclusive and irrevocable right and option (the “Option”) to acquire an undivided 100% interest in and to certain mineral exploration permits located in Hällefors Municipality, Örebro County, south central Sweden, commonly known by the names “Silvergruvan 100” and “Silvergruvan 200” (collectively, the “Silvergruvan Property”). The Option Agreement remains subject to the receipt of acceptance from the TSX Venture Exchange (the “TSXV”). No finder’s fees are payable in connection with the Option.
The Silvergruvan Property comprises 1,460 hectares and is prospective for silver, gold, lead, zinc, antimony and indium. The Silvergruvan Property saw historical mining activity spanning from the 1600s to the late 20th century and sits on the western margin of the Bergslagen province, placing the property in immediate proximity to major active polymetallic operations. Silvergruvan shares similar geology to major silver-lead-zinc deposits like Garpenburg(1), Sala, and Zinkgruvan(1) in the region.
Chairman and CEO Gary R. Thompson, stated: “The Silvergruvan Property represents an attractive opportunity for new discoveries in a region that has not seen much modern exploration, yet it shares similar geology to Garpenburg, one of the world’s most productive underground zinc mines. In 2025, Boliden stated most of this mine’s revenue was from silver and is a long-life mine with deep rooted mineralization where mining reaches 1,500 meters depth and remains open.” (1,2)
According to Boliden, in 2025, the most valuable commodity for Garpenberg was silver. Silver accounted for 47% of the revenue, followed by zinc 32%, gold at 11%, lead at 10% and copper at less than 1%.(2)
Silvergruvan History
1635 - silver first discovered.(3)
Tumi Resources (news release, May 15, 2008) stated, " No production figures are available for the eastern silver mines, but during 1878-1896 and 1915-1917, 9,000 tonnes were produced from the western silver mines grading approximately 1,560 g/t Ag, 12% Zn and 38% Pb. Records indicate that between 1639 and 1852, Hällefors produced just over 480,000 oz of silver…".
1892 - From the report, “The Minerals of the Silver Mines of Hällefors”, the average grade of ore from the western fields was 0.156% Ag. In the years of 1639 - 1852, the silver-bearing ore mined was 15 tons.(4)
1977 - Boliden restarts underground mining at eastern fields.
1997 - Boliden forms JV with Lundin Group and drills 2,000 meters at western fields.
2008 - Tumi Resources forms JV with Goldsearch; conducts EM survey, no drilling.
2026 - McKnight acquired Silvergruvan through staking.
2026 - Rock grab samples collected by McKnight with assays in Figure 1 (below).
Figure 1. Select rock grab sample photographs/assays from the Silvergruvan Property 2026.
Sixteen waste dump rock grab samples from the Silvergruvan Project were collected by McKnight and of these; 9 samples were greater than 200 g/t silver including 6 were greater than 500 g/t silver with a high of 800 g/t silver; 5 samples returned greater than 1 g/t gold with a high of 1.8 g/t gold; 8 samples returned greater than 5% lead with a high of 18.4% lead; 8 samples returned greater than 5% zinc with a high of 20.90% zinc; 5 samples returned greater than 1000 ppm antimony with a high of 1480 ppm antimony; and 4 samples returned greater than 100 ppm indium with a high of 188 ppm indium.
Infrastructure and Logistics
The Silvergruvan Property location has year-round heavy vehicle road access, excellent proximity to the national industrial power grid, and an experienced local mining workforce.
Current Mineral Resources
No mineral resource statement has been calculated at the Silvergruvan Property in modern times.
Transaction Highlights
Brixton may exercise the Option on completion of the following:
| Date | Share Issuances(*) | Exploration Expenditures | ||
| On or before the 1st anniversary of the Option effective date | $150,000 | $300,000 | ||
| On or before the 2nd anniversary of the Option effective date | $250,000 | $1,000,000 | ||
| On or before the 3rd anniversary of the Option effective date | $500,000 | $2,000,000 | ||
| Any time following completion of the above Share issuances and exploration expenditures | $600,000 | |||
| TOTAL | $1,500,000 | $3,300,000 | ||
(*) Any common shares in the capital of the Company (the “Shares”) issued pursuant to the Option Agreement shall have an issue price, as and when issued, equal to the 20-day volume weighted average trading price of the Shares on a recognized stock exchange in Canada on which the Shares are then listed, such price being based on the 20 trading days preceding the date the Company elects to issue such Shares; provided, however, that the issue price shall not be less than $0.50 being the ‘Discounted Market Price’ of Shares on the TSXV as of the date of this news release.
Upon Brixton exercising the Option, it shall grant a 2.0% net smelter returns royalty (the “Royalty”) on the Silvergruvan Property in favour of McKnight, subject to a right at any time to reduce the Royalty to 1.0% by paying $1,500,000 or issuing Shares equal to $1,500,000, such Shares shall have an issue price, as and when issued, equal to the 20-day volume weighted average trading price of the Shares on a recognized stock exchange in Canada on which the Shares are then listed, such price being based on the 20 trading days preceding the date the Company elects to issue such Shares; provided, however, that the issue price shall not be less than $0.50 being the ‘Discounted Market Price’ of Shares on the TSXV as of the date of this news release.
All Share issuances and exploration expenditures are at the discretion of Brixton. Brixton may make up any shortfall in exploration expenditures for a period by making a cash payment to McKnight before the end of such period. Brixton may also accelerate the Option by making any Share issuances and exploration expenditures within a shorter period of time. Brixton shall act as operator during the Option period.
All Shares issued pursuant to the Option Agreement and Royalty will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. In addition, each tranche of Share issuance under the Option Agreement will be subject to a voluntary lock-up subject to a release schedule of 25% on issuance, 25% four months from the date of issuance, 25% eight months from the date of issuance and 25% twelve months from the date of issuance.
Reference Sources and Links
(1) https://www.boliden.com/operations/mines/boliden-garpenberg/
(1) https://www.boliden.com/operations/mines/boliden-zinkgruvan/
(2) Mineral Resources and Mineral Reserves Garpenberg 2025-12-31 (click link)
(3) History of Mines in Sweden (click link)
(4) Nils Sundius, Alexander Parwel and Benita Rajandi, Geological Survey of Sweden: “The Minerals of the Silver Mines of Hällefors”, 1966.
Qualified Person (QP)
Mr. Gary Thompson, P.Geo., is the Chairman and CEO and a senior geologist for the Company who is a ‘Qualified Person’ as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Thompson has reviewed and approved the technical information presented herein. The QP conducted a site visit on August 25, 2026 and considers Silvergruvan a property of merit and recommends further exploration. Further, the QP has not completed sufficient work on the historical data to confirm the accuracy of the information provided, and there is no certainty that further exploration will result in a mineral resource.
About Brixton Metals Corporation
Brixton 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 Langis and Hudson Bay silver projects in Ontario, the Hog Heaven copper silver-gold project in NW Montana, USA, which is optioned to Ivanhoe Electric Inc., 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 OTCQX 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
info@brixtonmetals.com
For Investor Relations inquiries, please contact: Mr. Michael Rapsch, Vice President Investor Relations. email: michael.rapsch@brixtonmetals.com or call Tel: 604-630-9707.
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Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this news release may involve forward-looking information under applicable securities laws. Forward-looking information are statements and information that relate to future, not past, events. In this context, forward-looking information often addresses expected future business and financial performance, and often contains words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”; information and statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All information other than information of historical fact included herein are forward-looking information, including, without limitation, information regarding the Company’s business plans and strategies of operations, the Silvergruvan Property and potential for exploration; the Option and TSXV approval of the Option Agreement. By its nature, forward-looking information involves 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 information. 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 information is based on management’s beliefs, estimates and opinions on the date that such information is provided and the Company undertakes no obligation to update forward-looking information 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 information.
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