Vancouver, British Columbia, November 26, 2012 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce the balance of its phase two, 2012 drilling results at the Thorn project, located in Northwest British Columbia, Canada. This latest phase of drilling has culminated in the assaying of one of the best drill intercepts to date at Oban, expanding the zone to depths previously untested.
- THN12-84 intercepted 123.00m of 402.52 g/t AgEq (190.68 g/t Ag, 1.19 g/t Au, 3.25% Zn, 1.74% Pb and 0.06% Cu) within broader intervals of 201.00m of 303.64 g/t AgEq and 310.00m of 223.52 g/t AgEq
- The interpreted apparent width of the Oban zone has increased up to 140m, depth to 325m and strike of 130m
- THN12-85 combined with hole THN11-57 show a zonation in metal content with increasing copper grades at depth
Mr. Gary R. Thompson, Chairman and CEO stated, “The Oban zone continues to display outstanding drill results. This latest spectacular intercept is a testament to the project’s potential, setting the stage for further volume building with high grade metal content.” Mr. Thompson further added, “I believe our intercepts reported this year have given us a reasonable number of data points at the zone which allow us to calculate an apparent thickness of up to 140m and a depth in excess of 325m. The high grade zone remains open to further expansion and we plan to aggressively drill test the Oban zone in 2013”.
Hole THN12-84 was collared at an elevation of 894m and drilled at an azimuth of 170 degrees with a dip of -63 degrees to a depth of 337.72m. Hole THN12-84 intersected 17.00m of 526.14 g/t AgEq (251.47 g/t Ag, 1.45 g/t Au, 3.99% Zn, 2.78% Pb and 0.05% Cu) within 123.00m of 402.52 g/t AgEq (190.68 g/t Ag, 1.19 g/t Au, 3.25% Zn, 1.74% Pb and 0.06% Cu) from 44m depth and within 201.00m of 303.64 g/t AgEq (145 g/t Ag, 0.95 g/t Au, 2.35% Zn, 1.26% Pb and 0.05% Cu) within a broader interval of 310.00m at 223.51 g/t AgEq (105.82 g/t Ag. 0.71 g/t Au, 1.76% Zn, 0.90% Pb and 0.03% Cu) from 26m depth.
The mineralization occurs as phases of up to semi-massive sulphides and sulphosalts in breccia matrix. Mineralization also occurs as disseminated, veinlet to crackle breccia style. The dominant minerals are pyrite, tetrahedrite, sulfosalt, sphalerite with lesser galena and chalcopyrite. Within the breccia matrix infill these minerals form layered rims around breccia fragments.
Hole THN12-85 was collared at an elevation of 894m and drilled at an azimuth of 170 degrees with a dip of -75 degrees to a depth of 337.72m. The interval from 261m to 294m had increasing chalcopyrite mineralization.
Hole THN12-81 and THN12-82 were drilled from the same pad at an elevation of 915m, an azimuth of 325 degrees, a dip of -60 and -45 degrees and drilled to a depth of 95.10m and 83.47m respectively. The mineralized zone remains open to the North.
Hole THN12-86 and THN12-87 were drilled as a Northeast step to test for surface extension. These holes were collared at an elevation of 911m, were drilled at an azimuth of 145 degrees, dips of -75 and -55 degrees and drilled to depths of 130.45m and 118.26m respectively. Holes 86 and 87 were drilled into Thorn stock and did not encounter Oban Breccia. THN12-86 intersected 4.00m of 78.33 g/t AgEq (31.98 g/t Ag, 0.27 g/t Au, 0.15% Cu, 0.35% Zn and 0.18% Pb) from 42.50m depth. THN12-87 did not return significant results.
Quality Assurance & Quality Control
Mr. Sorin Posescu, P.Geo., VP Geology 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 which returned strong accuracy of the analytical results. Sealed samples were shipped by the Company geologists to ALS Minerals preparation lab in Whitehorse, Yukon. 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. Silver over-limits were analyzed by fire assay with gravimetric finish. Base metal over-limits were analyzed with Aqua Regia Digest and AA finish. A copy of the QAQC protocols can be viewed at the Company’s website.
Silver equivalent (AgEq) values were calculated using $1,088 per ounce of gold, $19.62 per ounce of silver, $3.20 per pound for copper $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) + (Cu% x 70.55/0.63)
Mr. Sorin Posescu, P.Geo., VP Geology, 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 26,000 hectare Thorn Property is located 130 km southwest from the village of Atlin in Northwestern British Columbia, Canada, between the past producing Golden Bear Mine and Chieftain Metals’ Tulsequah Chief Mine development. 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. The Oban breccia zone is located in the heart of a 6 km mineralized corridor which is within the central portion of the property. 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 where Brixton may increase its ownership. 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 with the intention of advancing any properties of merit to commercial feasibility. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB. For more information about Brixton please visit our website at brixtonmetals.com.
On Behalf of the Board of Director
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.