April 30, 2018 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce drill results from its wholly owned Hudson Bay project located in the Cobalt Camp, Ontario, Canada.
Highlights from 8 drill holes
- Drill hole HB18-23 intersected 2.00m of 1.38% cobalt, 63.00 g/t silver from 133m depth
- Drill hole HB18-23 intersected 23.00m of 55.55 g/t silver, 1.16% copper from 9.00 m depth including 3.00m of 120.33 g/t Ag, 2.42% copper
- Drill hole HB-18-21B intersected 2.00m of 0.97% cobalt, 40.65 g/t silver, 0.22% copper within 5.00m of 0.42% cobalt, 23.90 g/t Ag and 0.45% copper
Chairman and CEO of Brixton, Gary R. Thompson stated, “These results conclude our phase one drilling program at the Hudson Bay mine area which clearly demonstrates the potential for high grade cobalt and silver with significant base metals as noted in hole 23 where we encountered 1.38% cobalt. A total of 24 holes for 3150 m were drilled at the Hudson Bay site. One of the HB veins has been drilled for 150 m in strike so far. The Company has moved the drill rig to its Langis silver-cobalt project for drilling which is located about 22 km from the Hudson Bay site.”
Cobalt Equivalent values (CoEq) were calculated using the formula CoEq = $17 x Ag g/t ÷ 31.104 + $3 x % Cu ÷ 100 x 2204.63 + $35 x % Co ÷ 100 x 2204.63 ÷ $35 ÷ 2204.63 x 100. This method assumes full metal recoveries. Metal prices used in this calculation include: $17 per ounce for Ag, $3 per pound for Cu and $35 per pound for Co. Silver Equivalent values (AgEq) were calculated using the formula AgEq = 17 x Ag g/t ÷ 31.104 +$3 x % Cu ÷100 x 2204.63 +$35 x % Co ÷ 100 x 2204.63 ÷17 x 31.104. This method assumes full metal recoveries. True width can not be determined at this time and reported widths are drilled intervals.
Holes HB 22 and 24 returned insignificant results. True widths have not been determined at this time.
HB-18-23: (133.00m-135.00m): quartz-carbonate veins and veinlets within sheared graphite-rich sections contain fine-to-coarse grained cobaltite and fine-to-very fine grained native Ag. Cobaltite and disseminated Ag are oriented along stringers parallel to shears, with the majority of coarse-grained cobalt mineralization present along walls of shear veins. This zone is similar to the 4m long mineralized zone observed in Hole 21B (132-136m). Fine-grained pyrite and chalcopyrite are also present over this interval and are locally associated with veining. Core photo:
HB-18-21B: (132.90m-133.10m): Sheared and folded quartz-carbonate-chlorite veining containing fine-grained base metal-sulphide mineralization including chalcopyrite, pyrite, pyrrhotite and possibly very fine-grained silver arsenide. Vein hosted in Keewatin Mafic Volcanics. Core photo:
HB-18-18 (49.00-52.500m) Fault Breccia: White-beige carbonate veins with fine-to-medium grained chalcopyrite and pyrite brecciating graphitic sediments and early coarse-grained quartz veins. Core photo HB-18-18 (51.00-51.50m):
Quality Assurance & Quality Control
Sealed samples were shipped by the Company geologists to ALS Minerals preparation lab in Sudbury, Ontario. ALS Minerals Laboratories are registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Blank, duplicate and certified reference materials were inserted into the sample stream. Analysis for gold was done by Fire Assay with AA finish. All other elements were analyzed by Aqua Regia Digest with ICP-AES finish. Cobalt over-limits were analyzed with Sodium Peroxide Fusion and AES finish. Silver over-limits were analyzed by fire assay with gravimetric finish. Base metal over-limits were analyzed with Aqua Regia Digest and AES finish. A copy of the QAQC protocols can be viewed at the Company’s website.
Mr. G.R. Thompson, P.Geo, is a Qualified Person as defined under National Instrument 43-101 standards and has reviewed and approved this news release.
About the Langis and Hudson Bay Silver – Cobalt Project
Brixton’s wholly owned Langis and Hudson Bay past producing mines are located 500km north from Toronto, Ontario, Canada. The cobalt-silver mineralization occurs as steeply-moderately and in some cases shallow dipping veins and as disseminations within any of the three main rock types: Archean volcanics, Coleman Member sediments and Nipissing diabase. The Langis mine produced 10.4Moz of silver at 25 oz/t Ag and 358,340 pounds of cobalt and the Hudson Bay mine produced 6.4 Moz of silver at 123 oz/t Ag and 185,570 pounds of cobalt. Historically, the Cobalt Camp produced 50M pounds of cobalt as a by-product of 500M ounces of silver production.
About Brixton Metals Corporation
Brixton is a Canadian exploration and development company focused on the advancement of its gold and silver projects toward feasibility. Brixton wholly owns four exploration projects, the Thorn gold-silver and the Atlin gold projects located in NWBC, the Langis-Hudson Bay silver-cobalt project in Ontario and the Hog Heaven silver-gold-copper project in NW Montana, USA. The Company is actively seeking JV partners to advance one or more of its projects. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB. 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
Tel: 604-630-9707 or email: email@example.com
For Investor relations please contact at firstname.lastname@example.org or 604-630-9707
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the use of proceeds, 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; 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 statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company 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.