Pacific Bay Minerals Ltd. reported that Pacific Bay has signed a Letter Agreement with Brixton Metals Corp. to acquire an option to purchase up to a 100% interest in the Atlin Goldfields Project, located in Northwest British Columbia. The Agreement is subject to the completion of a definitive option agreement, the completion by PBM of a $500,000 financing, and the approval of the TSX Venture Exchange.

Underexplored, district-scale gold property with 59,154 hectares of mineral tenures. Prospective for high grade orogenic gold deposit systems including the Yellowjacket high grade gold deposit. 200 ton-per-day mining permit and exploration permits already in place Top-tier mining jurisdiction The Property is situated in Northwest British Columbia, east of the town of Atlin, consisting of a district scale 59,154 hectares of mineral tenures in addition to a Mines Act permit over the Yellowjacket zone authorizing a for 200 tons per day operation.

The surrounding infrastructure offers excellent access to the project through its local airstrip, year-round Provincially maintained highway between the town of Atlin and the Property, and gravel roads to the majority of showings on the claim. The property is approximately 175 km by government- maintained highway southeast of Whitehorse, Yukon, which offers daily flights from Vancouver, BC and Calgary, AB; and 249 km east of the Skagway Port. The Atlin gold camp is the second largest gold placer producer in British Columbia with over 600,000 troy ounces of gold produced between 1898 and 1945, predominantly in Pine, Spruce, and Otter creeks.

For decades, the source of the placer gold was not fully understood. In the late 1980's, Homestake Mineral Developments, conducted ground magnetic geophysical surveys over the Yellowjacket zone that outlined a possible fault zone associated with the boundary of the Cache Creek ultramafic complex, which was located directly underneath the placer operations. Subsequently, diamond drilling discovered an orogenic sheared hosted mesothermal gold zone.

This type of mineralization often displays nugget-like gold within quartz-filled shear zones similar to mines such as Bralorne, Cassiar, and Sheep Creek in British Columbia and the Motherlode mine in California. Since then, several exploration companies have explored the area, particularly the Yellowjacket zone, where extensive drilling has taken place. Brixton initially acquired the property in 2016 and over the years consolidated the mineral tenures into one land package while also completing over 5,000 surface and soil samples, property wide high resolution airborne magnetic survey, and 1,599 metres of diamond drilling in 22 holes.

Overall, the Property hosts 24 mineral occurrences of which 17 are associated with gold.