February 20, 2018 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce initial drill results from its wholly owned Hudson Bay Project located in the Cobalt Camp, Ontario.
Highlights from the first three holes drilled
- Drill hole HB18-01 intersected 1.00% Co, 11.10 g/t Ag, 0.95% Cu and 0.72% Ni or 1.25% CoEq over 0.80 metres from 52.20m depth
- Drill hole HB18-03 intersected 0.28% Co (0.34% CoEq) over 1.83 metres from 53.17m depth
A summary table of assay results from the first three holes:
*Cobalt Equivalent values (CoEq) were calculated using the formula CoEq = $17 x Ag g/t ÷ 31.104 + $3 x % Cu ÷ 100 x 2204.63 + $28 x % Co ÷ 100 x 2204.63 + $5.50 x % Ni ÷ 100 x 2204.63 ÷ $28 ÷ 2204.63*100. This method assumes full metal recoveries. Metal prices used in this calculation include: $17 per ounce for Ag, $3 per pound for Cu, $5.5 per pound for Ni and $28 per pound for Co. The true width of the veins has not been determined at this time.
Chairman and CEO of Brixton, Gary R. Thompson stated, “This drill program is our first cobalt targeted campaign and we are encouraged by these initial results. The Hudson Bay Mine was a high-grade silver mine with cobalt produced as a by-product. These early drill results confirm the presence of high cobalt, low silver veins in the area. We are excited to continue our drilling in the Cobalt Camp for both high-grade cobalt and silver.”
To date, the Company has drilled approximately 1,500 metres at Hudson Bay. Drilling was designed to test possible extensions of the previously mined cobalt and silver mineralization. The first three holes have been successful in identifying cobalt and silver mineralization.
The assay results disclosed in this news release represent assays received for the first three holes (489 metres) with the rest of the assays (seven holes) pending.
Hole HB18-01 intersected 1.00% Co, 11.10 g/t Ag, 0.72% Ni and 0.95% Cu over 0.80 metres from 52.20 meters. The hole was drilled to a total depth of 177 metres (Azimuth: 1900, DIP: -400). Mineralization generally consists of cobalt and nickel minerals as disseminated, veinlets to centimetres wide veins and is hosted in locally brecciated and chloritized cherty mafic-intermediate pillows (Archean Volcanics). Locally, pyrite, chalcopyrite and sphalerite are also present.
Hole HB18-02 returned 13.00 metres of 16.20 g/t Ag starting at 18.00 metres. The hole was drilled to a depth of 120 metres (Azimuth: 1650, DIP: -390). Mineralization consists mainly of silver minerals with elevated cobalt values of up to 804 ppm (0.08%) and is hosted by the Huronian conglomerate sedimentary unit.
Hole HB18-03 returned 0.28% Co, 8.30 g/t Ag, 0.15% Ni and 0.18% Cu over 1.83 metres starting at 53.17 metres. The hole was drilled to a total depth of 192 metres (Azimuth: 1850, DIP: -380). The hole was designed to test the extension on strike of the cobalt mineralization intersected in Hole 01. The cobalt mineralization is hosted in locally brecciated and chloritized cherty mafic-intermediate volcanic pillows and consists of disseminated cobalt minerals as well as fine-to-medium grained intergrown cobalt minerals accumulated along pink carbonate-quartz vein walls. Fine grained disseminated chalcopyrite and nickel minerals are observed throughout brecciated and sheared host rock proximal to veinlets.
Hudson Bay Location Map:
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. 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 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 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 and including nickel and copper by-products.
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 Mitchell Smith:
Tel. 604-630-9707 or email: firstname.lastname@example.org
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, TSXV final approval, and the exploration potential of the Hog Heaven project based on historical drill results and 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.