VANCOUVER, BC – January 11, 2011 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce that it has acquired from Millrock Resources Inc. (TSX-V: MRO) 252 claims situated within the area of interest surrounding the Cristo Claim Group (the “AOI Acquisition”), which is subject to the Brixton-Millrock Option Agreement dated October 14, 2010 (the “Option Agreement”).
The AOI Acquisition, together with previous staking by the Company, brings Brixton’s Kahilt District land position to 863 claims (representing approximately 557 square kilometres) which makes Brixton the largest landholder in this emerging gold-copper porphyry district located approximately 160 kilometres northwest of Anchorage, Alaska. The Kahilt District is the name Brixton has given to the vicinity of its lands within the Kahiltna Terrane, a 650 kilometre long section of Alaska that also hosts the Pebble deposit of Anglo-American PLC and Northern Dynasty Minerals Ltd., the Whistler gold-copper deposit being developed by Kiska Metals Corporation, and Millrock Resources Inc.’s Estelle gold property being explored in joint venture with Teck American Incorporated.
Brixton is also pleased to announce that it has filed on SEDAR a National Instrument 43-101 technical report on the Cristo Claim Group. A summary of the report is below.
Brixton’s CEO Mac Bell stated, “We are encouraged by the results of exploration thus far in the Kahilt District of Alaska, which have identified two areas with large scale metal deposit potential. We look forward to unlocking the value of the Cristo property and other lands within the district in the 2011 exploration season.”
Cristo NI 43-101 Summary
The Cristo NI 43-101 report was prepared and authored by Dr. Karsten Eden, CPG, who is a Qualified Person as defined by the NI 43-101. The Cristo report summary in part is as follows:
“During 2009 and 2010, Millrock collected 97 rock samples, 213 soil samples and 9 stream sediment samples on its Cristo Property. The geochemical surveys resulted in the discovery of two distinct mineral systems; coincident gold-copper mineralization at the St. Eugene prospect and gold mineralization at the Monte Cristo prospect. At the Monte Cristo prospect, carbonate stained mountain-sides covering an area of up to 5.3 kilometers by 6.5 kilometres are the immediate targets. Iron and carbonate stained mountain-sides covering an area of up to 4.5 kilometers by 3.5 kilometers are the immediate targets at St. Eugene.
Based on exploration to date, there is no conclusive evidence on the relationship to porphyry systems at either location. However, the Qualified Person believes that mineralization and alteration are suggestive of porphyries at both locations, but should not be entirely limited to this deposit model. Mineralization on the Cristo property also shows some characteristics of the relatively new plutonic-related gold deposits. Gold and copper mineralization at St. Eugene occurs in three separate zones hosted by hornfels and the adjacent diorite intrusion. The largest zone has a 700 metre strike length, defined by rock and soil samples, with rock samples up to 1% copper and 2.1 g/t gold. Gold mineralization at Monte Cristo is hosted in highly altered volcaniclastic and intrusive rocks. Mineralized zones occur on two parallel ridge-backs separated by about 300 meters of shallow glacial debris cover. Rock samples assayed up to 4.2 g/t gold and soil samples (talus fines) assayed up to 3.0 g/t gold. The zone between the two ridges remains untested.
The 2010 field exploration program had the objective to determine the extent of the mineralization and alteration zones on the Cristo Property and to identify drill targets. The Qualified Person believes that the 2010 reconnaissance sampling projects met the original objective. The Cristo property represents an untested copper and gold system. Although exploration is in the very early stages and no drilling has been conducted on the Cristo property the Qualified Person believes that the property has potential to host a copper-gold deposit.”
In addition to the Cristo Claim Group, highlights of Brixton’s other exploration claims in the Kahilt District are as follows:
• B-Block, which targets an area previously reported to contain 30 g/t gold in bulk heavy-mineral concentrate sample from stream sediments, likely sourced from local pluton related altered sediments.
• G-Block, which covers a showing of vein material thought to be related to a porphyry system that returned 4 g/t gold and 1340 g/t silver..
About Brixton Metals Corporation
Brixton Metals Corporation is a Vancouver based mineral exploration company engaged in the acquisition and exploration of precious metals assets. Veterans of exploration and highly respected within the industry, Brixton’s management is focused on advancing large scale deposits to feasibility and is exploring targets in alliance with Millrock Resources Inc. and Kiska Metals Corporation. Brixton’s portfolio is comprised of two properties: Thorn (BC), and its flagship property, Kahilt (Alaska). Kahilt is a large, 100% owned land position in an under-explored district with the potential to host world class ore bodies. Brixton Metals trades on the TSX Venture Exchange under ticker symbol BBB. For more information about Brixton please visit our website at www.brixtonmetals.com.
The technical information in this news release was reviewed by Gary R. Thompson, P.Geo., P.Geol., Brixton’s Executive Chairman and a Qualified Person as defined in NI 43-101.
On Behalf of the Board of Directors
For more information please contact:
Brixton Metals Corporation, Investor Relations
Tel: +1 (604) 630-9707
Toll Free: 1 (888) 863-8601
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, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms of the Option Agreement and exploration potential of the Cristo Claim Group, are forward-looking statements. 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; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange 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 Brixton 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.
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