February 22nd, 2017 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce project updates for its gold-silver properties located in both Ontario and British Columbia, Canada.
The Company has filed with the Mineral Title Division of the Ministry of Energy, Mines and Petroleum Resource the 2016 Assessment report on the Thorn project located in Northwest British Columbia.
The 2016 exploration expenditures at the Thorn project totalled $1,668,622. The Company is planning to drill test the newly defined large scale Chivas gold target at the Thorn Project. The Chivas target was established during the 2016 exploration program by soil geochemistry and IP geophysics and has never been drilled. The Company is planning an exploration program for 2017, subject to funding, which includes geological mapping, soil geochemical, metallurgical tests and 20,000 metres of drilling with a start date of May 1, 2017.
The Company also advises that it has acquired mineral lands in the prospective Atlin gold camp. The Atlin camp is about 130km from the Company’s Thorn project. The claims cover approximately 55,474 hectares (555 SQKM) over favorable geology. The Company staked 33 claims that cover 53,815 hectares (538 SQKM) and also acquired 100% interest in four mineral claims that cover 445 hectares (4.45 SQKM) and signed an option agreement to acquire 100% interest in nine mineral claims that cover 1,214 hectares (12 SQKM).
The Atlin gold camp represents one of the largest producers of placer gold in British Columbia with a reported placer gold production of over 600,000 ounces gold between 1898 and 1946 from creeks in the area. The Atlin gold camp (Spruce Creek) holds the provincial record for the largest nugget, weighing 2.6 kilograms (85 ounces – BCGS Paper 2017-1, p.179-193).
Historically, the primary exploration targets for lode gold have been quartz-carbonate-mariposite-altered (“listwanite”) ultramafic and mafic bedrocks. British Columbia Geological Survey (BCGS) has recently released a paper (BCGS Paper 2017-1, p.179-193) in which the Government geologists recognize that at least some of the placer gold may be related to the Surprise Lake batholith. While over 600,000 ounces of gold was reportedly recovered from placer mining very limited exploration has been conducted in locating the hard rock source of the Atlin gold.
Brixton’s extensive land position covers both Surprise Lake batholith and favorable sedimentary rocks of the Cache Creek terrane. The Company’s plan is to conduct regional exploration work to generate drill targets within this early stage district scale gold play.
A link to the full BCGS report can be found at the following address:
Under the terms of the option agreement for the 1,214 hectares, Brixton shall make the following cash payment and issue Brixton Shares according to the schedule below:
- $5,000 and issue 20,000 Brixton shares on signing the Agreement
- $20,000 and 30,000 Brixton Shares on or before the second Anniversary Date
- $25,000 and 40,000 Brixton Shares on or before the third Anniversary Date
The Optionor retains 2% net smelter royalty (NSR) in the claims. Brixton has the right to purchase 1% NSR for $500,000 any time prior to Commercial Production. The balance of claims 54,260 hectares do not have any NSR.
The Company through its Langis project, participated in the 2016 Ontario Prospectors Association assistance program (Junior Exploration Assistance Program) which provides rebates of up to 33.3% (maximum of $100,000 per project) of the eligible exploration expenditures. The Company submitted the final report and list of expenditures that were required in order to receive the rebate. The report is under review and, if approved, the Company will be eligible to receive $100,000 in rebate. The Company is proposing to conduct 30,000 metres exploration drilling at the Langis project in 2017, subject to funding.
Chairman and CEO of Brixton, Gary R. Thompson stated, “Persistence and perseverance is paying off for the Company as we have shown with continued exploration we now have a new and very large gold target at the Thorn project which is drill ready.” Thompson further stated, “We are looking forward to drilling results on both our Ontario and BC projects during 2017.”
Other Corporate Updates
The Company has no undisclosed material change to report, in response to recent trading activity.
The Company also announces that it has delivered notice of termination to Temex Resources Corp. (“Temex”) in connection with its previously announced purchase agreement for the Gowganda mine (the “Transaction”) (see news release dated December 19, 2016 for additional information). The notice of termination was delivered as the outside date for closing the Transaction had lapsed without Temex receiving the consent of the Government of Ontario for the transfer. However, the Company continues its discussions with Temex to determine if an amicable agreement may be reached.
Mr. Sorin Posescu, P.Geo., VP Exploration, is a Qualified Person as defined under National Instrument 43-101 standards and has reviewed and approved this news release.
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 2 past producers of high-grade silver within the Silver-Cobalt Camp of Ontario. The Langis mine produced 10.4Moz of silver at 25 oz/t Ag and 358,340 pounds of cobalt, the Hudson Bay mine produced 6.4Moz of silver at 123 oz/t. The projects are located 500 km north of Toronto, Canada. The high-grade silver mineralization occurs as moderate-steeply-dipping veins within any of the three main rock types; Archean volcanics, Coleman Member sediments and Nipissing diabase.
The 996 SQ/KM, wholly owned Thorn Project is located in northwestern British Columbia, Canada, approximately 105 km ENE from Juneau, AK. The Thorn project hosts a district scale gold-silver (30km trend) associated with Triassic to Cretaceous volcano-plutonic complex. Many styles of mineralization have been identified related to porphyry and epithermal environments. Targets include high-grade gold-silver underground targets and large-scale open pit gold type targets.
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
Tel: 604-630-9707 or email: email@example.com
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 completion of the acquisition, the anticipated closing of the acquisition, TSXV approval, and the exploration potential of the property based on resources estimates 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.