Vancouver, British Columbia, September 4, 2012 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce the results of the 2012 phase one drilling program at its high grade silver and gold Thorn project, located in Northwest British Columbia.
· Recent drilling has significantly expanded the near surface high grade mineralization at the Oban zone and identified an apparent width of up to 52m and remains open in several directions
· THN12-65 from surface intersected 12.90m of 769.42 g/t AgEq (512.66 g/t Ag, 1.72 g/t Au, 4.24% Pb and 1.54% Zn) within a broader interval of 83.90m of 296.50 g/t AgEq (161.81 g/t Ag, 1.03 g/t Au, 1.29% Pb and 1.49% Zn)
· THN12-63 from surface intersected 13.00m of 668.17 g/t AgEq (402.15 g/t Ag, 1.63 g/t Au, 2.96% Pb and 3.31% Zn) within a broader interval of 80.52m of 264.29 g/t AgEq (140.16 g/t Ag, 0.94 g/t Au, 1.09% Pb and 1.49% Zn)
· THN12-72 intersected 53.00m of 254.29 g/t AgEq (126.54 g/t Ag, 1.57 g/t Au, 0.37% Pb and 1.09% Zn) within a broader interval of 104.85m of 173.66 g/t AgEq (88.01 g/t Ag, 1.10 g/t Au, 0.24% Pb and 0.63% Zn) providing an apparent true width of up to 52m of the broader mineralized zone
Mr. Gary R. Thompson, Chairman and CEO stated, “We are extremely pleased to have successfully expanded the near surface, high-grade mineralization at the Oban breccia zone. This zone remains open in several directions and Brixton is planning an aggressive phase two drilling program this 2012 fall season.” Mr. Thompson further added, “Results to date continue to show that the Thorn project has the potential to host a silver rich, high unit value mineral deposit.”
The phase one 2012 exploration drilling was focused at the porphyry related Oban breccia zone. A total of 1,151m were drilled in 13 NQ diamond drill holes. The depth of the holes ranged from 30m to 153m. The objectives of this program were to confirm the results from the 2011 high-grade discovery of the Oban hole THN11-60 (from surface 95.08m of 904 g/t AgEq [628.30 g/t Ag, 1.71 g/t Au, 3.31% Pb, 2.39% Zn and 0.12% Cu]) and to obtain further geological information regarding the mineralization. These results confirm the strong surface high grade silver and gold mineralization at the Oban zone.
The mineralization occurs as phases of up to semi-massive sulphides and sulphosalts in breccia matrix. Mineralization also occurs as disseminated, veinletto crackle breccia style. The dominant minerals are pyrite, tetrahedrite, sulfosalt, sphalerite with lesser galena and chalcopyrite. Commonly, these minerals form layered rims around breccia fragments.
Hole THN12-63 was collared at an elevation of 920m, located 66m SW from drill hole THN11-60 and was drilled at an azimuth of 20 degrees with a dip of -70 degrees to a depth of 153.31m. THN12-63 intersected 13.00m of 668.17 g/t AgEq (402.15 g/t Ag, 1.63 g/t Au, 2.96% Pb and 3.31% Zn) from 108.50m depth within a broader interval of 80.52m of 264.29 g/t AgEq (140.16 g/t Ag, 0.94 g/t Au, 1.09% Pb and 1.49% Zn) from 67.48m depth.
Hole THN12-65 was collared at an elevation of 917.5m, located 6.5m SW from drill hole THN11-60 and was drilled as a vertical hole to a depth of 151.18m. THN12-65 intersected 12.90m of 769.42 g/t AgEq (512.66 g/t Ag, 1.72 g/t Au, 4.24% Pb and 1.54% Zn) from 6.10m depth within a broader interval of 83.90m of 296.50 g/t AgEq (161.81 g/t Ag, 1.03 g/t Au, 1.29% Pb and 1.49% Zn) from 6.10m depth.
Hole THN12-72 was collared at an elevation of 930m, located 24m SE from drill hole THN11-60 and was drilled at an azimuth of 330 degrees with a dip of -60 degrees to a total depth of 110.95m. THN12-72 intersected 53.00m of 254.29 g/t AgEq (126.54 g/t Ag, 1.57 g/t Au, 0.37% Pb and 1.09% Zn) from 22m depth within a broader interval of 104.85m of 173.66 g/t AgEq (88.01 g/t Ag, 1.10 g/t Au, 0.24% Pb and 0.63% Zn) from 6.10m depth. This demonstrates an apparent width of up to 52m of the broader mineralized zone and 26m width for the high grade zone. The significance of hole THN12-72 is that it was drilled perpendicular to the strike of hole THN11-60 confirming width of the zone.
Summary of assay results:
To view photographs of the core please click on this link
To view a table of individual assay intervals from the complete holes please click on this link
Silver equivalent (AgEq) values were calculated using $1,088 per ounce of gold, $19.62 per ounce of silver, $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)
While the Oban mineralization is polymetallic, silver equivalent is used for the combined metal value. Approximately 20 percent of the equivalent grade is driven by lead and zinc, therefore to date, silver and gold are the primary value drivers for this mineralization.
Quality Assurance & Quality Control
Geologist, 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 of the 2012 analytical results. Sealed samples were shipped by the Company geologists to AGAT Laboratories Ltd.’s preparation lab in Whitehorse, Yukon. AGAT has been certified compliant with ISO9001:2008 requirements and holds an ISO-IEC 17025:2005 Certificate. Blank, duplicate and certified reference materials were inserted into the sample stream. Analysis for gold was done by Fire Assay with ICP-OES finish. All other elements were analyzed by Aqua Regia Digest with ICP-OES finish. Gold and silver over-limits were analyzed by lead fusion fire assay with gravimetric finish. Base metal over-limits were analyzed with peroxide fusion followed by ICP-OES finish. The QAQC review resulted in a statement of overall satisfactory precision and accuracy. Each of the analytical certificates for which results have been reported has passed the QAQC review. Brixton plans to randomly select 5% of the samples for check analysis at a secondary laboratory and will conduct metallic assays for select high grade samples. 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 Thorn Project
The 25,000 hectare Thorn Property is located in the Sutlahine River area of Northwestern British Columbia, Canada. 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. Several porphyry intrusive phases and related breccia zones outcrop on the property. In addition to the high-grade silver-gold deposit of the Thorn project, potential exists for large tonnage porphyry targets. The Oban breccia zone is located in the heart of a 6 km mineralized corridor. 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. 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 and advancing them to commercial feasibility. Brixton’s Thorn Project is centered on a high-grade silver-gold-lead-zinc bearing breccia zone, high-grade veins and porphyry targets. The Thorn property is located in Northwestern British Columbia, Canada, about 50 km from the past producing Golden Bear Mine and 130 km southwest from the village of Atlin. 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, P.Geo., Chairman and CEO,
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.