July 5, 2016 – Brixton Metals Corporation (TSX VENTURE: BBB) (the “Company” or “Brixton“) is pleased to announce results of its Annual General Meeting (“AGM“) and provide an update on its two gold-silver projects.
Brixton would like to welcome Mr. Eric Sprott as a shareholder of the Company. As of closing of the previously announced $2.3M financing, the Company has 34,427,675 shares outstanding on a non-diluted basis, Mr. Sprott holds 5%, Mr. McEwen (Evanachan Limited) holds 10%, Hecla Mining holds 7%, CMP holds 7% and management as a group hold 13%.
The Company’s AGM was held on June 30, 2016 and the following people were elected to the Board of Directors for the ensuing year; Gary R. Thompson, Cale J. Moodie, Ian Ball and the newly elected Dr. Carl Hering. The Company wishes to thank Mr. Don Poirier for his contribution to the Company as a member of the Board and wish him all the best in his retirement years.
The shareholders of Brixton also approved at the AGM Mr. McEwen or Evanachan Limited becoming a “control person” of the Company (as defined by the TSX Venture Exchange), should Mr. McEwen or Evanachan Limited acquire additional securities of the Company in the future such that either or both of them hold more than 20% of the outstanding securities of the Company. The Company’s rolling 10% stock option plan was re-approved and KPMG LLP was appointed auditors for the ensuing year at the AGM.
Brixton welcomes Dr. Carl Hering to the Board of Directors of the Company. Dr. Carl Hering, brings extensive mining business acumen as a geologist with over 35 years of diversified technical and managerial experience in mineral exploration and corporate development worldwide. He was instrumental in two major gold discoveries in Latin America, each exceeding 3 million ounces and one in Ontario of over 10 million ounces where Osisko Mining acquired Brett Resources. Most recently, Dr. Hering has worked for many clients as an independent consultant and has been a director of numerous junior resource companies. Dr. Hering previously worked in senior exploration positions for both Noranda Exploration and Placer Dome Inc. He worked for Noranda Exploration from 1978 to 1988, primarily in the western U.S. From 1989 to 1997 he worked for Placer Dome in the U.S. (District Geologist, Western Great Basin), Latin America (Regional Geologist Mexico and Central America), Austral-Asia (Exploration Manager Asia-Pacific) and subsequently in Vancouver, coordinating technical evaluations for major acquisition opportunities worldwide for Placer Dome Inc.
Brixton has commenced a phase one drill program consisting of 2,500 metres of NQ sized core drilling and surface rock geochemical program at its Langis project in Ontario. This program is designed to confirm historic drill results and test new targets. Based on results of this program, further drilling and IP geophysical surveys may be conducted later this year.
Brixton also completed a phase one soil-rock geochemical program at its Thorn project. A total of 981 soils and 159 rock samples were collected and submitted to ALS Minerals for analysis. The majority of samples were collected within in new area of the property which has not seen any previous exploration called the Chivas Zone. Secondary areas sampled were the Outlaw Zone, Aberlour Zone and Amarillo Creek, where follow-up sampling was conducted on encouraging gold results. Based on the results, further exploration may be conducted later this year.
About Brixton Metals Corporation
Brixton is an exploration Company focused on the advancement of its gold and silver projects toward feasibility.
The 100% owned Langis project and lands in the Cobalt Camp is 3,276 hectare in size. The project is located 500 km north of Toronto, Canada. The high-grade silver mineralization occurs as steeply-dipping veins within any of the three main rock types; Archean volcanics, Coleman Member sediments and Nipissing diabase. The unmined zone intersected by historic drilling: 1,550.34 g/t Ag over 9.45 metres and 19,229.13 g/t Ag over 0.49 metres. The Langis project does not currently contain any mineral resources or mineral reserves.
The 28,000 hectare, 100% owned Thorn Project is located in northwestern British Columbia, Canada, approximately 105 km ENE from Juneau, AK. The Thorn project hosts a district scale Triassic to Cretaceous volcano-plutonic complex with many styles of mineralization related to porphyry and epithermal environments. Targets include sediment hosted Au-Ag, Ag-Au-Pb-Zn diatreme-breccia, Au-Ag-Cu veins; and volcanic hosted structurally controlled Au-Ag. Brixton has established a maiden inferred resource of 21.5Moz AgEq from 7.4 Mt at 89.75 g/t AgEq based on limited drilling. Further information regarding the Thorn Project, including resource estimates, can be found in the Company’s technical report prepared by SRK Consulting dated December 12, 2014 and filed on SEDAR.
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
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 drill program at Langis, the soil-rock geochemical program at Thorn and their results.
Mr. Gary R. Thompson
Chairman and CEO