August 8, 2013 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce that it has completed its phase one exploration program at its 100 percent owned Thorn project. Brixton also reports that the recently announced financings were fully subscribed and are now closed.
Brixton completed 28 drill holes for a total of 4,617 metres of NQ sized core diamond drilling, collected 1,264 soil samples, 7 rock grab samples and undertook structural geological mapping. Drilling was focused on the Oban diatreme-breccia zone. The soil sampling was conducted in the Oban-Camp Creek, Outlaw, Amarillo and the West La Jaune areas. The structural geology work covered an area of 8 km x 3 km within the southern portion of the property. All core samples have now been submitted to ALS Minerals for analysis and will be released upon receipt and QAQC review.
Chairman and CEO of Brixton, Gary Thompson stated “This phase of exploration was successful in reducing drilling exploration costs from $400 per metre to $300 per metre on an all in cost basis, leaving Brixton with a healthy treasury of approximately $1.2M going into the fall season. An extended thank you goes out to all of our contractors and service providers who made this possible.” Mr. Thompson further added “The drilling was successful in identifying new zones of mineralization in the Oban area ranging up to 250 metres from the discovery hole 60. Results are pending. The soils were effective in identifying new soil anomalies from previously untested ground with a high of 207 g/t Ag located southeast of Oban and 13.5 g/t Au located northeast of the Oban zone. The structural work has increased our understanding substantially, showing an abundance of fault networks that provide new targets for future drilling”. See the photograph below for an example of core from 2013. Please note the core shown here does not represent all core drilled this season.
Highlights of Soil Sampling Results
A total of 1,264 soil samples were collected during the phase one 2013 exploration program. Soil samples were collected from the B-horizon or talus fines where poor soil development was present. Soil samples were submitted to AGAT Laboratories preparation lab in Whitehorse, Yukon and were analyzed by Aqua Regia Digest with ICP/ICPMS finish. AGAT Laboratories is recognized to meet international standards ISO 9001:2000.
Outlaw Area
A total of 673 samples were collected in the Outlaw area. Sampling was conducted as infill to historical sampling at 25 metre stations and 50 metre line spacing in a north-south direction. Sampling was also conducted along ridge lines at 100 metre spaced stations. Results from Outlaw this season returned 226 samples greater than 30 ppb Au, 132 samples greater the 100 ppb Au, 18 samples greater than 500 ppb Au and 5 samples greater than 1,000 ppb Au with a high of 2390 ppb Au. The gold in soil geochemical anomaly at Outlaw is 2.5 km x up to 0.9 km in an east-west direction.
Oban-Camp Creek Area
A total of 296 samples were collected in the Oban-Camp Creek Area.
Results from this area returned 56 samples greater than 30 ppb Au, 41 samples returning greater the 100 ppb Au, 9 samples returned greater than 500 ppb Au and 9 samples returned greater than 1000 ppb Au with a high of 13,500 ppb Au and 81.1 ppm Ag., located 550 metres northeast of the main Oban area.
Structural Geology Summary
Structural geology conducted by SRK Consultants Canada Inc., identified a consistent structural network of faults with the 8 km x 3 km area. Areas with a high degree of cross faulting have shown to be of importance for mineralization. The preliminary interpretation suggests that the master faults trend north-south to north northeast with subordinate northeast–southwest, and east-west faults.
It appears that the maximum and favourable dilation occurs in the northwest-southeast direction as evidenced by veining in several rock outcrop locations. Based on this structural work a high number of targets have been identified for further testing.
About Brixton Metals and its Thorn Project
Brixton Metals is an exploration company focused on the advancement of high-grade precious metal assets to feasibility. The primary focus at the Thorn project is high-grade silver-gold-lead-zinc-bearing diatreme-breccia zones and high-grade gold-silver-copper veins. Secondary targets include porphyry, skarn, replacement, and bulk tonnage gold targets. The Thorn project covers a Jurassic to Cretaceous volcanic-porphyry complex that shares many similarities with other high sulphidation deposits around the world such as Lepanto-FSE in the Philipplines, Penasquito in Mexico and El Indio in Chile. The 27,000-hectare Thorn Project is located in the Sutlahine River area of Northwestern British Columbia, Canada, apporximately 40 km from Chieftain`s Tulsequah Chief mine development.
Mr. Sorin Posescu, P.Geo., VP Geology, is a Qualified Person as defined under National Instrument 43-101 standards and has reviewed and approved this news release.
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
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, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the closing date and use of proceeds 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 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 regulations. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and Excelsior 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.