VANCOUVER, BC--(Marketwired - January 09, 2018) - Brixton Metals Corporation (TSX VENTURE: BBB) (the "Company" or "Brixton") is pleased to announce that, following the completion of its $3 million private placement, the Company has commenced drilling at its Langis and Hudson Bay projects located in the Cobalt Camp of Ontario, Canada. Drilling is currently underway and is focusing on high grade cobalt and silver targets as extension of the underground workings and newly identified structural targets. The Company is planning to drill 10,000 to 15,000 metres on the two brownfield mine projects combined.
Target Highlights
- Historically the Langis Mine produced 0.36M pounds of cobalt and 10.4Moz silver to depths of 150 metres;
- Historically the Hudson Bay Mine produced 0.186M pounds of cobalt and 6.4Moz of silver to depths of only 60 metres;
- Assays from 4 samples in 2017 returned 10 to 16 percent cobalt and 2 to 18 percent silver as disclosed in Brixton's News Release dated August 17, 2017;
- Past production was focused on high grade silver veins and the high-cobalt low-silver veins that were encountered underground, and were not mined in many areas of the Langis mine;
- The project has excellent local infrastructure; year-round road access, close proximity to power, railway, gas-pipeline, small scale mills, a refinery and assay lab.
Chairman and CEO of Brixton Metals, Gary R. Thompson stated, "We believe that these high potential brownfield projects provide a very interesting opportunity for shareholders of Brixton to benefit from the strong demand for battery metals. The Company anticipates a good amount of news flow in the coming months from its activities."
About the Langis and Hudson Bay Silver - Cobalt Project
Brixton's wholly owned Langis and Hudson Bay past producing mines are located 500km north from Toronto, Ontario, Canada. The cobalt-silver mineralization occurs as steeply-moderately and, in some cases, shallow dipping veins within any of the three main rock types: Archean volcanics, Coleman Member sediments and Nipissing diabase. The Langis mine produced 10.4Moz of silver at 25 oz/t Ag and 358,340 pounds of cobalt and the Hudson Bay mine produced 6.4 Moz of silver at 123 oz/t Ag and 185,570 pounds of cobalt. Historically, the Cobalt Camp produced 50M pounds of cobalt as a by-product of 500M oz of silver production including nickel and copper by-products.
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.
The Company granted 2,015,000 incentive stock options to directors, employees and consultants to the Company under the Company's stock option plan at exercise price of $0.30. The term of the options is 10 years and all options vest immediately.
About Brixton Metals Corporation
Brixton Metals Corporation is a gold-silver exploration & developing 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 and lastly, two past producing high-grade silver-cobalt mines, the Langis and Hudson Bay projects, are brownfield projects with excellent infrastructure and are located in Ontario, Canada. 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
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 amount of drilling to be completed 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.