Vancouver, British Columbia, November 5, 2012 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce the completion of the phase two, 2012 drill program and soil sampling program at its Thorn project, located in Northwest British Columbia. A total of 1,738m were drilled in 13 NQ diamond drill holes. The depth of the holes ranged from 45m to 338m. Additional drill results from holes THN12-81,82 and 84 – 87 as well as soil sample results are pending and shall be released upon receipt from the laboratory.
Highlights
- THN12-83 intersected 73.70m of 466.28g/t AgEq (284.15g/t Ag, 1.49g/t Au, 1.31% Pb and 1.78% Zn) within a broader interval of 150.50m of 314.59g/t AgEq (165.30g/t Ag, 1.37g/t Au, 0.92% Pb and 1.25% Zn)
- Established a newly interpreted true width zone of 100m, a depth of 300m and a minimum strike length of 130m
- Recent drilling has expanded the high-grade mineralization at the Oban breccia zone at depth to the south-southeast by 70m
Mr. Gary R. Thompson, Chairman and CEO stated, “Drilling continues to produce high-grade intercepts near surface and at depth at the Oban breccia zone, with hole THN12-83 returning impressive gold-silver results. The Oban zone appears to be developing into a zone with a much larger scale potential than previously thought and clearly remains open in several directions.”
The high grade mineralization occurs as phases of up to massive sulphides and sulphosalts as breccia matrix. Mineralization also occurs as disseminated, veinlet to crackle style breccia. The dominant minerals are pyrite, tetrahedrite, sulfosalts, sphalerite, galena and chalcopyrite. Within the breccia matrix these infill minerals form layered rims around breccia fragments. The nature of the mineralization appears to be sub-vertical to sub-horizontal and locally structurally controlled.
Hole THN12-83 was collared at the Oban breccia zone at an elevation of 894m and drilled at an azimuth of 170 degrees with a dip of -50 degrees to a depth of 209.70m. Hole THN12-83 extended mineralization by approximately 70m in a south-southeast direction from any previously known mineralization and established a true thickness of approximately 100m, based on its position relative to previous intercepts. Grades are uncut and include up to 2,650g/t Ag and 9.21g/t Au.
Hole THN12-80 was collared near the boundary of the Oban breccia zone at an elevation of 915m and drilled at an azimuth of 325 degrees with a dip of -80 degrees to a depth of 166.62m. Hole THN12-80 encountered new mineralization to the northeast of the Oban breccia zone. Interestingly this new mineralization is hosted within the Thorn porphyry which extends beyond the Oban breccia zone.
THN12-75 to THN12-79 returned no significant results. These holes were designed to test easterly extension of surface mineralization and were only drilled into the Thorn porphyry to a maximum depth of 57m; however, based on the results encountered at Hole THN12-83 we now realize that deeper drilling was required to further test mineralization at depth.
A total of 362 soil samples were collected in the drainage area of the Amarillo Creek where a float boulder of 265g/t Au and 631g/t Ag was discovered.
Soil location/alterations map:
Corporate Update
Brixton has appointed Mr. Sorin Posescu, P.Geo., as Vice President of Geology. Mr. Posescu had been working for Brixton as a consulting geologist since 2010 and brings 17 years of exploration experience to the group. Mr. Posescu was a former project geologist for NovaGold Resources, Sierra Geothermal Power and OMV-Petrom.
Quality Assurance & Quality Control
Mr. Sorin Posescu, P. Geo., prepared a QAQC protocol for the Company and oversaw sampling procedures. Ms. Caroline Vallat, P.Geo., from GeoSpark Consulting Inc. conducted an independent QAQC review which returned strong accuracy of the analytical results. Sealed samples were shipped by the Company geologists to ALS Minerals preparation lab in Whitehorse, Yukon. 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. Silver over-limits were analyzed by fire assay with gravimetric finish. Base metal over-limits were analyzed with Aqua Regia Digest and AA finish. A copy of the QAQC protocols can be viewed at the Company’s website.
Silver equivalent (AgEq) values were calculated using $1,088 per ounce of gold, $19.62 per ounce of silver, $3.20 per pound for copper $0.80 per pound of lead, $0.80 per pound of zinc, all with 100% metal recoveries assumed.
AgEq = Ag g/t + (Au g/t x 34.98/0.63) + (Pb% x 17.64/0.63) + (Zn% x 17.64/0.63) + (Cu% x 70.55/0.63)
Mr. Sorin Posescu, P. Geo., is a Qualified Person as defined under National Instrument 43-101 standards and has reviewed and approved this news release.
About The Thorn Project
The 28,000 hectare Thorn Property is located 130 km southwest from the village of Atlin in Northwestern British Columbia, Canada, between the past producing Golden Bear Mine and Chieftain Metals’ Tulsequah Chief Mine development. The geology of the Thorn project straddles a bimodal Late Cretaceous to Eocene volcano-plutonic complex and Upper Triassic to Middle Jurassic Stuhini Group submarine volcanic and sedimentary rocks. The Oban breccia zone is located in the heart of a 6 km mineralized corridor which is within the central portion of the property. Brixton Metals Corporation holds a two-phase option agreement with Rimfire Minerals Corporation (now Kiska Metals Corporation). Brixton can earn either a 51 percent or 65 percent interest by making cash and share payments and incurring five million dollars and ten million dollars in exploration expenditures respectively. Kiska may elect to form a Joint Venture with Brixton at the 49/51 or 35/65 stage, or take dilution where Brixton may increase its ownership. Brixton shall be the operator in either case.
About Brixton Metals Corporation
Brixton is an exploration company engaged in the acquisition and exploration of precious and base metal assets with the intention of advancing any properties of merit to commercial feasibility. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB. For more information about Brixton please visit our website at brixtonmetals.com.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, P.Geo., 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 planned exploration programs and uncertainties related to the outcome of exploration programs, 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 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.