VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 29, 2014) - Brixton Metals Corporation (TSX VENTURE:BBB) (the "Company" or "Brixton") is pleased to announce its independent maiden resource estimate of 21.5 million ounces of silver equivalent as an inferred resource at its 100% owned Thorn project located in northwestern B.C. SRK Consulting (Canada) Inc. (SRK), has prepared the inferred resource estimate in a National Instrument 43-101 ("NI 43-101") technical report (that will be filed on SEDAR within 45 days) based on approximately 15,160 metres of drilling. The resource estimate combines three mineralized zones; Oban, Talisker and Glenfiddich.
Highlights of 2014 Results
- The 3 zones combined total 21.5Moz AgEq of inferred resource
- All mineralized zones remain open for expansion
- Most of the inferred resource is open pit material
- The sediment-hosted gold discovery, not part of the current resource, in 2014 provides significant upside potential
- Abundant high-grade gold-silver targets remain to be tested
Chairman and CEO of Brixton Metals, Gary Thompson, stated: "We are excited to have completed our first resource estimate at the Thorn project. This inferred resource is based on limited drilling and importantly, all mineralized zones remain open for expansion. In addition, during 2014, Brixton discovered a sediment hosted-gold zone which represents a large scale gold target as previously stated in the Company's News Release dated July 29, 2014 and in general has had a high rate of discovery on the project." Mr. Thompson further stated that, "The Company currently has approximately $1.2 million in working capital."
Table 1.1: Inferred Mineral Resource Statement, Thorn Project, British Columbia, SRK Consulting (Canada) Inc., October 28, 2014.
| |
In-Situ Grade |
Contained Metal |
| Deposit |
|
Tonnage
x 1000 |
Grade
AgEq
(g/t) |
Grade
Ag
(g/t) |
Grade
Au
(g/t) |
Grade
Cu
(%) |
Grade
Pb
(%) |
Grade
Zn
(%) |
Metal
AgEq
Oz x
1000 |
Metal
Ag Oz
x 1000 |
Metal
Au Oz
x 1000 |
Metal
Cu Lbs
x 1000 |
Metal
Pb Lbs
x 1000 |
Metal
Zn Lbs
x 1000 |
| Oban |
In-Pit |
3,700 |
105.07 |
50.82 |
0.40 |
NA |
0.31 |
0.58 |
12,500 |
6,000 |
50 |
NA |
25,200 |
47,500 |
| Underground |
500 |
113.84 |
50.51 |
0.46 |
NA |
0.37 |
0.67 |
1,900 |
800 |
10 |
NA |
4,100 |
7,600 |
| Glenfiddich |
In-Pit |
1,100 |
57.78 |
16.01 |
0.48 |
0.13 |
NA |
NA |
2,100 |
600 |
20 |
3,200 |
NA |
NA |
| Talisker |
In-Pit |
2,100 |
73.77 |
15.29 |
0.75 |
0.13 |
NA |
NA |
5,000 |
1,000 |
50 |
6,100 |
NA |
NA |
| |
Total |
7,400 |
89.75 |
35.54 |
0.51 |
0.13 |
0.32 |
0.59 |
21,500 |
8,400 |
130 |
9,300 |
29,300 |
55,100 |
| |
|
| 1. |
The in-pit portion is reported at a dollar equivalent cut-off value of US $15 per tonne within a Whittle shell and $50 per tonne for an underground portion of the Oban deposit. The Whittle shells were designed based on a slope angle of 55 degrees and 90% recovery for all metals. The block models are 10 x 10 x 10 m, 5 x 10 x 5 m, and 5 x 10 x 5 m for Oban, Glenfiddich, and Talisker respectively. The Whittle shell for Oban does not include Copper. The Whittle shells for Glenfiddich and Talisker do not include Lead or Zinc. |
| 2. |
Dollar and Silver Equivalents are based on US $20 Silver, $1200 Gold, $3 Copper, $1 Lead, and $1 Zinc, with metal recoveries of 90%. Copper is not included in the Oban estimates. Lead and zinc are not included in the Glenfiddich and Talisker estimates. |
The resource model is based on 35 historical drill holes and 64 recent drill holes completed by Brixton. Most of the drilling by Brixton has concentrated on the Oban Zone with the majority of this taking place during the 2012-2013 exploration programmes. Of the total drilling, 11,000 metres was directed to the Oban deposit, 2,160 metres was within the Talisker Zone and 2,000 metres in the Glenfiddich Zone.
SRK states in conclusion, "that the Thorn Project has future potential for developing additional mineral resources. A careful drill program could identify additional inferred mineral resources and possibly upgrade some of the inferred resources to an indicated category."
SRK recommends the following:
- Continued specific gravity sampling.
- Continued careful monitoring of QA/QC sample results.
- Additional drilling to extend the open pit resource for the Oban Zone, especially to the south east.
- Additional drilling to extend the Glenfiddich and Talisker Zones.
- Metallurgical testing for all zones with the focus on the Oban Zone.
SRK has classified the mineral resources into the Inferred category (Table 1.1). For both the Talisker and Glenfiddich zones, the drill hole spacing, at approximately 75 metres, is too widely spaced to support resource classification higher than inferred. In addition, a part of the resource in those two deposits is based on historic drilling, for which there is no documentation of sampling practices or analytical quality control procedures. For all zones, including the Oban deposit, there has not been metallurgical work to determine metal recoveries. In particular, and with requisite metallurgical testwork, SRK believes that a portion of the Oban resource could upgrade in classification to indicated in the future. Until completing additional exploration work, the Company cannot guarantee that any such upgrade will occur.
A copy of the NI-43-101 technical report shall be made available on the Company's website and SEDAR profile at www.sedar.com upon receipt.
The technical report was prepared in accordance with NI 43-101 Standards of Disclosure for Mineral Projects and Form 43-101F1 by Tessa Scott under the supervision of Marek Nowak, P.Eng. APEGBC#119958 of SRK, an independent Qualified Person as defined by NI 43-101, who has also reviewed and approved this news release.
About Brixton Metals and its Thorn Project
Brixton is an exploration company focused on the advancement of high-grade precious metal assets to feasibility. Brixton's Thorn project hosts a district scale Triassic to Cretaceous volcanoplutonic complex with several styles of mineralization related to porphyry and epithermal environments. Targets include sediment hosted gold, high-grade silver-gold-lead-zinc-bearing diatreme-breccia zones, high-grade gold-silver-copper veins and porphyry copper-gold-silver. The 28,000-hectare Thorn Project is located in the Sutlahine River area of northwestern British Columbia, Canada, approximately 105 km ENE from Juneau, AK.
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, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the proposed exploration, sampling and drilling at Thorn and statements concerning the anticipated results of such exploration work, 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; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSX-V 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.