April 28, 2016 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce that it has acquired 100% control over the past producing Hudson Bay silver mine in the Cobalt mining camp of Ontario. Brixton acquired the remaining interest in the Hudson Bay property through the issuance of 27,300 common shares and a cash payment of $1,000 (as previously disclosed in the Company’s news release dated April 19, 2016).
The Hudson Bay mine operated from 1905 to 1943 and again in 1953 and produced a total of 6,452,266 oz of Silver, Sergiades, 1968. The average grade mined from 1905-1916 was 123 oz/ton Ag, Sergiades, 1968. Production came from primarily two narrow veins systems: Vein #1 and Vein #2 both had a strike length of 400 feet and extended 200 feet vertically, Sergiades, 1968. In the seventh annual report (1915-1916) of Hudson Bay Mines Limited, a 60 foot stope was initiated in the Keewatin sediments which returned a 6 foot wide interval with an average grade of 96.4 oz/ton Ag. Major ore minerals mined were native silver and smaltite with minor minerals such as chalcopyrite, galena and sphalerite with calcite as gangue. The Hudson Bay Mine claims are located to the Northwest of the Town of Cobalt, within the limits of the municipality and are easily accessed by gravel road. The two claims are 83.3 acres in size however the historical mining covered only a few acres.
Sources: Silver Cobalt Calcite Vein Deposits of Ontario, A.O. Sergiades, 1968; Preliminary Report on Part of Colman Township, Robert Thomson, 1961; Hudson Bay Mines Limited, 7th Annual Report, 1916; Assessment Report on Prospecting Conducted on the Hudson Property
Canagco Mining Corporation/Brixton Metals Corporation, 2016.
Sorin Posescu, P.Geo., VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the information contained in this release.
About Brixton Metals Corporation
Brixton is a Canadian exploration and development company focused on the advancement of its projects toward feasibility. Brixton wholly owns two exploration projects, the Langis Silver project and the Thorn gold-silver project.
The Langis project, including other lands in the Cobalt Camp is about 3,200 hectare in size. The project is located 500 km north of Toronto, Canada. The high-grade silver mineralization occurs as steeply-dipping veins within any of the three main rock types; Archean volcanics, Coleman Member sediments and Nipissing diabase. The unmined Langis zone intersected by drilling: 19,229 g/t Ag over 0.49 metres, 1,550 g/t Ag over 9.4 metres and 1,262.80 g/t Ag over 3.9 metres. Past production at Langis was 10.4 Moz Ag at a recovery grade of 25 oz/t Ag. A preliminary video for Langis is at the following link: https://youtu.be/8EvToTSCZTk
The 28,000 hectare Thorn Project is located in the Sutlahine River area of northwestern British Columbia, Canada, approximately 105 km ENE from Juneau, AK. The Thorn project hosts a district scale Triassic to Cretaceous volcano-plutonic complex with several styles of mineralization related to porphyry and epithermal environments. Targets include sediment hosted gold-silver, high-grade Ag-Au-Pb-Zn bearing diatreme-breccia, high-grade Au-Ag-Cu veins and volcanic hosted structurally controlled high-grade gold-silver. Brixton has established a maiden inferred resource of 21.5Moz AgEq from 7.4 Mt at 89.75 g/t AgEq. Further information regarding the resource estimates, can be found on the in the Company’s technical report prepared by SRK Consulting dated December 12, 2014 and filed on SEDAR. Read more at http://brixtonmetals.com/thorn-technical-reports/
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
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 issuance of the Brixton Shares and TSXV approval and the exploration potential of the Langis property based on historical information resources estimates on the Thorn Project 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; 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.