March 15, 2018 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce additional drill results from its wholly owned Hudson Bay project located in the Cobalt Camp, Ontario.
Highlights from 6 drill holes
- Drill hole HB18-06 intersected 6.70 metres of 625.80 g/t Ag, 0.26% Cu, 0.45% Zn and 0.12% Pb (937.29 g/t AgEq) from 36.00m depth
- Drill hole HB-18-04 intersected 3.00m of 0.22% Co and 0.48% Cu, 17.3 g/t Ag (0.25% CoEq) from 46.00m depth
- Drill hole HB-18-05 intersected 0.71% Co, 10.3 g/t Ag, 0.46% Ni, 0.37% Zn (0.80% CoEq) over 1.00 metres from 56.00m depth
- Drill hole HB18-07 intersected 5.00m of 236.36 g/t Ag, 0.04% Co including 2,050 g/t Ag and 0.42% Co (2.24% CoEq) over 0.50 metres from 56.00m depth
Chairman and CEO of Brixton, Gary R. Thompson stated, “We continue to have success from our first drill campaign at the Hudson Bay project. The intercepts are at shallow depths 36 to 57 metres deep. For reference 1% cobalt is equivalent to 12% copper or 1,600 g/t silver. We see the potential for both high grade narrow veins and broad low-moderate grade disseminated mineralized zones.”
The reported drill holes have confirmed the presence of additional cobalt and silver mineralization at the Hudson Bay project. Significant cobalt mineralization was intersected in drill holes HB-18-04 and HB-18-5 and consists of cobalt, nickel and copper minerals as disseminated and centimeters wide veinlets. The mineralization is hosted in locally brecciated and chloritized cherty mafic-intermediate pillows (Archean Volcanics). It appears that the cobalt mineralization intersected in drill holes 04 and 05 are part of a northwest trending cobalt mineralization system that was also intersected in holes 01 and 03 (February 20, 2018 news release) that wasn’t previously mined out.
*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. **Silver Equivalent values (AgEq) were calculated using the formula AgEq = 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 ÷17 x 31.104. This method assumes full metal recoveries.
Drill hole HB-18-06 was drilled 76 metres northwest from drill hole HB-18-01 (1% Co over 0.8m reported on February 20, 2018 news release) and was successful in identifying silver and copper mineralization. See below highlights of the assays results from drill hole HB-18-06.
Drill hole HB-18-07 was designed to test the extension to the south of the silver-cobalt mineralization historically mined by previous operators. The drill hole intersected significant silver-cobalt mineralization and consisted of 2,050 g/t Ag and 0.42% Co over 0.5 metres. The mineralization consists of cobalt and silver minerals associated with chalcopyrite and arsenopyrite hosted in Huronian conglomerate.
Assays highlights from holes HB-18-07 to HB-18-10.
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.brixtonmetals.com.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO
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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.