Brixton Metals Closes Acquisitions in the Atlin Gold Camp and Provides Highlights for Three Gold Zones
VANCOUVER, British Columbia, Sept. 06, 2018 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce it has closed a series of separate asset purchase and sale agreements to acquire a 100 percent interest in 29,608 hectares of mineral rights in the Atlin Gold Camp of British Columbia (the “Atlin Properties”) and related transactions.
Highlights of the Yellowjacket Property include:
- Historical estimate of 453,500 tonnes grading 10.26 g/t(1)
| Table 1. Select historical drill intercepts of the Yellowjacket Zone | ||||
| Historic Yellowjacket Zone Drill Results Pre-2018 | ||||
| Hole ID | From (m) | To (m) | Length (m) | Gold (g/t) |
| YJ03-01 | 13.94 | 19.51 | 5.57 | 509.96 |
| TW05-02 | 10.67 | 13.29 | 2.62 | 853.29 |
| MET06-02 | 12.00 | 15.00 | 3.00 | 111.41 |
| YJ04-07 | 53.40 | 54.45 | 1.05 | 221.13 |
| L100E-60B | 13.23 | 15.27 | 2.04 | 78.71 |
| TW05-02 | 22.00 | 35.50 | 13.50 | 11.21 |
| YJ04-20 | 138.00 | 141.00 | 3.00 | 47.90 |
| MET06-03 | 36.00 | 42.00 | 6.00 | 21.07 |
| MET06-01 | 12.00 | 14.00 | 2.00 | 60.42 |
| YJ03-01 | 35.97 | 39.01 | 3.04 | 35.12 |
| YJ03-01 | 21.64 | 26.82 | 5.18 | 19.17 |
| TW05-02 | 37.50 | 38.50 | 1.00 | 86.83 |
| YJ04-22 | 106.80 | 108.30 | 1.50 | 55.04 |
| YJ88-57 | 93.00 | 97.00 | 4.00 | 17.99 |
| YJ03-01 | 42.98 | 44.20 | 1.22 | 57.41 |
| YJ86-07 | 41.61 | 44.50 | 2.89 | 23.41 |
| YJ04-01 | 92.50 | 94.50 | 2.00 | 32.66 |
| L064E-42A | 25.64 | 28.69 | 3.05 | 21.24 |
The gold mineralization at the Yellowjacket target is hosted within an intense 80 metre wide regional shear zone oriented 65o and steeply dipping to the south. Mineralization occurs mainly as free gold hosted in intensely sheared, altered and silicified ultramafic and mafic rocks.
Click link to see Figure 1. Plan Map of Drilling at The Yellowjacket Mine site:
http://brixtonmetals.com/wp/wp-content/uploads/2018/09/Fig-1-nr-09-2018.jpg
Chairman and CEO of Brixton Metals, Gary R. Thompson stated, “We are excited to have completed this transaction which now has Brixton in control over a very large area that is highly prospective for gold mineralization. We welcome Desert Mountain Energy as a significant shareholder of the Company as we look to unlock the potential in the Atlin Camp through systematic exploration. Brixton’s focus will be on further advancing the high-grade gold vein showings, like the Yellowjacket, LD and Pictou targets where previous drilling has encountered grades up to 16 ounce per tonne gold over 5m or 2500 grams per tonne per metre.”
| Table 2. LD Target Historical Drilling and Surface Geochem Highlights | ||
| LD Showing Results Pre-2018 | ||
| Sample ID | Interval (m) | Gold (g/t) |
| DDH-84-01 | 3.05 | 9.39 |
| DDH-84-14 | 3.05 | 4.46 |
| Grab | Surface | 1615.00 |
| Grab | Surface | 293.00 |
| Grab | Surface | 88.10 |
| Grab | Surface | 24.20 |
| Grab | Surface | 24.20 |
| Grab | Surface | 24.00 |
| Grab | Surface | 23.40 |
| Trench 3 | 15 KG | 45.87 |
| Trench 3 | 15 KG | 81.01 |
| Trench 3 | 15 KG | 95.55 |
| Trench 6 | 15 KG | 16.59 |
| Trench 6 | 15 KG | 6.31 |
| Trench 7 | 15 KG | 330.34 |
| Trench 7 | 15 KG | 182.88 |
| Trench 7 | 15 KG | 99.19 |
| Trench 7 | 15 KG | 46.46 |
| Trench 7 | 15 KG | 14.71 |
| Trench 7 | 15 KG | 10.35 |
| Trench 7 | 15 KG | 7.23 |
| Trench 7 | 15 KG | 6.85 |
Gold mineralization at the LD Showing is associated with drusy, intensely fractured quartz veins hosted within a shear zone. Along the western margin of the shear zone, gold mineralization and veining appears to be focused along the lithological contact between a limestone unit and a listwanite-altered ultramafic. The eastern margin of the shear zone has been intruded by felsic dykes that have been cut by similar quartz veins with gold mineralization.
Click link to see Figure 2. Sample location Map, LD Showing:
http://brixtonmetals.com/wp/wp-content/uploads/2018/09/Fig-2-nr-09-2018.jpg
During 2018 the Company completed geologic mapping, rock sampling, and soil sampling to continue investigating historic trenches where Brixton’s geologists previously sampled boulders assaying up to 293 g/t Au (see press release November 8, 2017). The 2018 program successfully delineated a gold-in-soil anomaly 1200 metres wide by 1600 metres in strike length. The anomaly is open to expansion along strike and a soil sampling crew is being mobilized to conduct additional sampling this fall. Please see Figure 2 for the location of rock, trench and drill samples and Figure 3 for the soil anomaly.
Clink link to see Figure 3. LD Showing, Soil Anomaly:
http://brixtonmetals.com/wp/wp-content/uploads/2018/09/Fig-3-nr-2018.jpg
| Table 3. Pictou Target Historical Drilling and Surface Geochem Highlights | |||
| Pictou Showing Results Pre-1988 | |||
| Sample Type | Interval (m) | Gold (g/t) | Silver (g/t) |
| Trench | 2.00 | 14.29 | 183.80 |
| Trench | 2.00 | 7.66 | 69.10 |
| Trench | 2.00 | 7.26 | 130.40 |
| Grab | - | 48.00 | 1968.00 |
| Grab | - | 52.80 | 2684.60 |
| Grab | - | 52.10 | 1793.10 |
| Trench | - | 61.00 | 4649.10 |
| Trench | - | 74.10 | 7107.40 |
| Drill RDH87-25 | 1.53 | 10.00 | - |
The gold mineralization at the Pictou target is hosted in listwanite with quartz veining and arsenopyrite mineralization. Geologic mapping has shown the pervasive iron-carbonate alteration zone is over 30 metres wide and has a strike length of over 1 kilometre.
Brixton acquired the claims comprising the 28,589 hectare Spruce and Yellowjacket properties by paying to Desert Mountain Energy Corp., formerly African Queen Mines Ltd., $50,000 in cash and issuing 4,300,000 common shares of Brixton (the “Consideration Shares”). The Consideration Shares will be subject to voluntary trading restrictions and released over a period of 24 months. In addition, Brixton has granted a 1.0 percent net smelter returns royalty, subject to a buyback right for $1.25 million at any time up to 90 days following commercial production. Brixton has also acquired the 1,019 hectare McKee and Otter properties, which are subject to a 1.0 percent net smelter royalty where Brixton holds the right to purchase 0.5 percent of the royalty for $250,000 from private sellers.
The Qualified Person (“QP”) for Brixton cannot verify the drill and surface geochemical results reported in the table above or the other technical information set out in this news release. The precise location of the drill cores from the program is presently unknown and they have not been inspected by the QP, and therefore Brixton has not undertaken any re-logging, resampling or check assays; however, Brixton has no reason to doubt the results and considers the results relevant and suitable for disclosure. The QP also advises that true width of the above results cannot be determined at this time. The results disclosed above are selected intercepts or other highlights from historical work at the Atlin Properties and none of this information is supported by a technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and the Company cautions readers that there is no certainty that these results are indicative of future exploration at the Atlin Properties and there is no certainty of similar grades from future drilling.
Note 1: In 1988, Homestake Mineral Development Company (“Homestake”) outlined the Yellowjacket gold zone by drilling 58 diamond drill holes of which gold was intercepted to 140m depth. Homestake delineated a historical non-compliant resource estimate of 453,500 tonnes grading 10.26 g/t gold (British Columbia Department of Mines Open File 2000-2 page 41). These are historical figures and do not comply with the CIM reporting standards National Instrument 43-101 for mineral resources or reserves and should not be relied upon. While Brixton considers these historical estimates to be relevant to investors as it may indicate the presence of mineralization, a QP for Brixton has not done sufficient work to classify the historical estimates and Brixton is not treating these historical estimates as a current mineral resource.
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 Atlin Gold Project
The wholly-owned Atlin Gold Properties is located in Northwest British Columbia east from the town of Atlin. The property is mostly accessible by road and the outer reaches are accessible by helicopter. More information about Brixton’s Atlin Gold Project can be found at: www.brixtonmetals.com/properties/atlin-gold-project/
About Brixton Metals Corporation
Brixton Metals Corporation is a gold-silver exploration & development company focused in Canada and USA. Brixton wholly owns 4 projects. The advanced stage, Hog Heaven silver-gold-copper project in NW Montana, USA is a past producer of direct ship ore. Two district scale gold projects, "Thorn (Golden Triangle)" and "Atlin" in British Columbia, Canada, have generated excellent results to date. Lastly, two past producing high-grade silver-cobalt mines, the Langis-Hudson Bay projects, are brownfield projects with excellent infrastructure and are located in Ontario, Canada. The Langis and Hudson Bay mines produced at 25 and 123 opt silver, respectively. 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
Tel: 604-630-9707 or email: info@brixtonmetals.com
For Investor Relations, please contact Mitchell Smith:
Tel: 604-630-9707 or email: mitchell.smith@brixtonmetals.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 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.
