VANCOUVER, BC, August 19, 2011 – Brixton Metals Corporation (TSX-V: BBB) (the “Company” or “Brixton”) today announced it has initiated exploration work on its Kahilt Property located approximately 160 km northwest of Anchorage, Alaska. Exploration will be focused on the St. Eugene porphyry gold-copper prospect within the Cristo Claims and on the B Block Claims, a large-scale gold target.
The initial program will consist of soil and rock geochemical surveys and geological mapping to further define drill targets. The St. Eugene prospect is a 5 km by 2 km anomaly, as defined by alteration and soil-rock geochemical surveys. Rock grab samples have returned up to 2.2 g/t of gold and 1% copper to date. The B Block Claims cover a bulk heavy mineral concentrate sample taken by Cominco in the 1970’s which returned 30 g/t of gold.
Mr. Gary R. Thompson, Chairman & CEO, commented, “Kahilt’s location in the same Terrane that hosts Northern Dynasty’s Pebble deposit and the fact that it is adjacent to Kiska’s Whistler deposit and the property joint ventured between Millrock and Teck Resources gives us plenty of reason to be excited about this property. We are eager to build on the historic data in this first phase of surveying and sampling.”
Brixton also announced it has entered into an amending agreement (the “Amending Agreement”) with Millrock Resources Inc. (“Millrock”) to the option agreement (the “Option Agreement”) dated October 14, 2010, among the Company, Brixton Alaska Corporation, Millrock Alaska LLC, and Millrock, as amended, pursuant to which Millrock granted the Company an exclusive option to earn and acquire a 100% interest in certain mineral claims in the State of Alaska, known as the Cristo Claims as set out in the Option Agreement (the “Property”). Under the Amending Agreement, Millrock has agreed to extend the deadline by one year for various exploration expenditures to be paid by the Company on the Property. In return the Company has agreed to pay Millrock an additional 500,000 common shares of the Company by December 31, 2011.
The Amending Agreement was approved by the Company’s Board of Directors and the transactions contemplated there under are subject to the final approval of the TSX Venture Exchange