April 10, 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 9 drill holes:
- Drill hole HB18-17 intersected 5.00m of 0.23% cobalt, 2.10% copper and 94.96 g/t silver including 2.00m of 0.55% cobalt, 2.38% copper, 193.50 g/t silver or 0.72% CoEq
- Drill hole HB-18-16 intersected 1.00m of 0.22% Cobalt, 3.99 g/t gold, 76.10 g/t silver or 0.54% CoEq from 26m depth
- Drill hole HB-18-09 intersected 0.04m of 53,053 g/t silver (5.3% Ag), 12.70% copper, 0.91% nickel
Chairman and CEO of Brixton, Gary R. Thompson stated, “We are impressed with such high silver grades in Hole 9, where we hit 5.3% silver and 12.7% copper; albeit narrow, it is very encouraging. We see both disseminated mineralized zones and a series of veins stacked together, as in hole 14 where there are 7 mineralized intervals within 53m inclusive of a 3.5m mined out section and are pleased that these mineralized intervals can reach 9m in width. For reference, 12% copper or 1,600 g/t silver is equivalent to 1% cobalt.”
Holes HB-18-10 and 15 returned no significant results. Results from 5 holes at Hudson Bay are pending.
Cobalt Equivalent values (CoEq) were calculated using the formula CoEq = $17 x Ag g/t ÷ 31.104 +$1200 x Au 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. Silver Equivalent values (AgEq) were calculated using the formula AgEq = 17 x Ag g/t ÷ 31.104 + +$1200 x Au 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 ÷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.
Plan map of the veins drilled:
Fine-to-coarse grained, pink quartz-calcite veins and veinlets are observed between 71-72m and 110-115m, hosted in Keewatin mafic volcanic rocks and graphite-altered sediments, respectively. Chalcopyrite mineralization with lesser pyrite, pyrrhotite and sphalerite ranging from 0.5-4% noted in sample intervals between 110-115m.
All noted intervals are hosted in Huronian conglomerate. Fine-to-coarse grained, pink quartz-calcite veins containing Co/Ag mineralization are observed in intervals 26-27m (vein in contact with lens of semi-massive, coarse-grained pyrite) and 36-37m (veins brecciating host rock).
Centimeter-scale silver-rich veins are hosted in relatively unaltered Huronian conglomerate and chloritized-to-locally silicified Keewatin mafic volcanic rocks at 62.77m-62.80m and 90.25-90.29m, respectively. See picture below:
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 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, and includes 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.backupbrixton.wpengine.com.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO
Tel: 604-630-9707 or email: firstname.lastname@example.org
For Investor Relations please contact Mitchell Smith:
Tel: 604-630-9707 or email: email@example.com
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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.