Brixton Metals Corporation

10/30/2019 | Press release | Distributed by Public on 10/30/2019 08:42

Brixton Metals Drills 2.3 g/t AuEq over 257m, Including 10m of 13.5 AuEq (4.6 g/t Au, 248 g/t Ag, 0.4% Cu, 8% Zn+Pb) at its Thorn Project

October 30, 2019 - Brixton Metals Corporation (TSXV: BBB) (OTCQB: BBBXF) (the 'Company' or 'Brixton') is pleased to announce initial and preliminary results from its phase two exploration program at its wholly owned Thorn Project located in the Golden Triangle of British Columbia. Brixton completed 3 lines for a total of 9.1 line km of Titan24 DCIP-MT (induced polarization-magnetotelluric) geophysical survey across the Camp Creek Copper Corridor. The 2019 phase two drilling consisted of a total of 7,213m within 13 holes. The depths of the holes varied from 308m to 862m. Two core holes were drilled at the Outlaw sediment hosted gold-silver zone (assays pending), six core holes were drilled at the Chivas Porphyry target, four holes were drilled at the Camp Creek Copper Corridor target (Oban diatreme breccia pipe and Glenfiddich Zone - two holes have assays pending and holes 151 and 153 are released herewith) and one hole at the Talisker Zone. The combined phase one and phase two drilling at the Thorn Project for 2019 is 8,042m.

Highlights and Key Findings

  • Drilling of hole 151 and 153 was from drill pad 150 which has extended the Oban Zone polymetallic mineralization:
    • THN19-151 returned 256.87m of 0.61 g/t Au, 50.18 g/t Ag, 1.20% Zn, 0.41% Pb or 2.31 g/t AuEq over 256.87m
    • Including 24.40m of 2.42 g/t Au, 128.22 g/t Ag, 3.05% Zn, 1.02% Pb or 6.91 g/t AuEq over 24.40m
    • Including 10.00m of 4.60 g/t Au, 248.12 g/t Ag, 0.42% Cu 6.11% Zn, 1.99% Pb or 13.47 g/t AuEq over 10.00m
    • THN19-153 returned 87.27m of 0.19 g/t Au, 79.43 g/t Ag, 0.49% Zn, 0.26% Pb or 1.65 g/t AuEq over 87.27m.
  • The geophysical survey produced a chargeability high anomaly at the Oban Zone, which appears to form a northeast trend for 600m and remains open ended (see Figure 5 and link to the preliminary 2D inversion results report below).
  • New and very large porphyry target areas were generated through the re-analysis of regional stream sediment geochemical data by the BC Geological Survey, resulting in new mineral claims being staked by Brixton (see Figures 6 and 7).

Chairman and CEO of Brixton Metals, Gary R. Thompson stated, 'Brixton continues to unlock a mountain of value at the wholly owned Thorn Project in the prolific Golden Triangle of BC. The Camp Creek geophysical anomaly suggests that we have a large untested target to the northeast from the Oban Zone. Further geophysical survey lines are planned for next season to map the extent of the anomaly'.

Table 1. Composite Assays for THN19-151

Table 2. Composite Assays for THN19-153

All reported assays are uncut weighted averages and represent drilled core lengths. The true width of reported mineralization is unknown at this time. Gold Equivalent values (AuEq) were calculated using the formula AuEq = ($1,250.00 x Au g/t ÷ 31.10 + $15.40 x Ag g/t ÷ 31.10 + $2.80 x % Cu ÷ 100 x 2204.63 + $0.90 x % Pb ÷ 100 x 2204.63 + $1.25 x % Zn ÷ 100 x 2204.63) ÷ $1,250 x 31.10 This method assumes full metal recoveries as metallurgical work has not been conducted.

Figure 1. Plan Map of the Camp Creek Corridor Drill Hole Locations and Geophysical Anomaly.

Figure 2. Cross Section Camp Creek and Hole THN19-151 and THN19-153.

Figure 3. THN19-151 HQ core from 142.19m depth, matrix filled pyrite-sulphosalts-sphalerite.

Figure 4. THN19-151 HQ core from 127.23m to 133.74m matrix filled pyrite-sulphosalts-sphalerite which returned 10.00m of 4.60 g/t Au, 248.12 g/t Ag, 0.42% Cu 6.11% Zn, 1.99% Pb from 123.32m.

Table 3: THN19-151-153 Collar Information.

Hole THN19-151 was drilled to a depth of 475 metres and hole 153 was drilled to a depth of 724m. Both holes were drilled at the Oban diatreme breccia pipe and were designed as a follow up of hole 150 and to test for the extent of the mineralization in southeast and northwest directions (see Company's news release dated July 15, 2019 for analytical results in hole 150).

The mineralization in drill holes THN19-151 and 153 occurs as phases of sulphides and sulphosalts cementing the breccia matrix. Mineralization also occurs as disseminations, veinlets and cement to crackle style breccia. The dominant minerals are pyrite, tetrahedrite, sulphosalts, sphalerite, galena and chalcopyrite. Within the breccia matrix, these infill minerals form layered rims around breccia fragments.

Geophysical Survey over Camp Creek Thorn Project

Brixton contracted Quantec Geoscience Ltd to conduct a TITIAN 24 DCIP & MT Survey centered over Camp Creek. The IP array was Dipole-Dipole with 100m stations and 100m Dipole size. The lines were oriented at 320 degrees and were 300m apart. Three of the six lines were completed for a total of 9.1 line kilometres. However, due to the early snowfall in October, the balance of the geophysical survey was postponed until the summer of 2020.

Preliminary Report: TITAN 24 DCIP-MT (click to view).

Highlights from the Preliminary Report

  • Preliminary Results Line 1500E: a strong IP (HS referenced) chargeability anomaly of greater than 30 mrads is centered on 1350N and a second anomaly centered at 2000N with a high of 24 mrads.
  • Preliminary Results Line 1800E: a strong IP (HS referenced) chargeability anomaly of 30 mrads is centered on 1550N, which is below Camp Creek.
  • Preliminary Results Line 2100E: a strong IP (HS referenced) chargeability anomaly is partially imaged (inferred) 24plus mrads centered on 1700N, which is below and north of Camp Creek.

Figure 5. Geophysical Anomaly Map Camp Creek Thorn Project.

New Porphyry Targets and New Mineral Claims

Brixton staked an additional 977 square kilometers of mineral claims in 2019. The new claims were based on the British Columbia Geological Survey re-analysis of stream sediment data. The data was from the Geoscience BC Report 2018-14, 18 May 2018: Porphyry Copper Weighted Sums using residuals following multiple regression analysis against principal components. Figures 6 and 7 show the high porphyry potential areas.

Figure 6. Multiple Regression Analysis - Porphyry Copper (BCGS, 2018).

Figure 7. Principal Component Analysis - Porphyry Copper (BCGC, 2018).

Quality Assurance & Quality Control

Ms. Caroline Vallat, P.Geo., from GeoSpark Consulting Inc. conducted an independent QAQC review, which returned overall strong accuracy and precision of the analytical results.

Sealed samples were shipped by the Company geologists to ALS Minerals preparation lab in Whitehorse, Yukon. ALS Minerals Laboratories is registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Blank, duplicate and certified reference materials were inserted into the sample stream. Analysis for gold was done by Fire Assay with AA finish. All other elements were analyzed by Four Acid Digestion with ICP-MS finish. Silver and base metal over-limits were analyzed by Ore Grade Four Acid Digestion with ICP-AES finish. A copy of the QAQC protocols can be viewed at the Company's website.

Mr. Sorin Posescu, P.Geo, Vice President Exploration for Brixton Metals and a Qualified Person as defined under National Instrument 43-101 standards has reviewed and approved the technical information in this news release.

About the Thorn Project

The wholly owned Thorn Project is a 1,973 square kilometer claim group located in northwestern British Columbia, Canada, approximately 90 km ENE from Juneau, AK with the southern claim boundary located near the Alaskan border and tide water. The project is within the traditional territory of the Taku River Tlingit First Nation (TRTFN), where in 2013 an Exploration Agreement was signed between the Company and the TRTFN. The Company has also engaged with the Tahltan First Nations Central Government.

The Thorn Project hosts a district scale Triassic to Eocene volcano-plutonic complex with many styles of mineralization related to porphyry and epithermal environments. The three main targets include the Chivas Zone, which is an important new, large scale porphyry target and the Outlaw Zone, which is a large scale clastic sediment hosted Au-Ag target. Lastly, the Camp Creek porphyry target includes the Oban Zone, Talisker Zone and Glenfiddich Zone. 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. The original discovery at the Thorn Project dates back to 1959 by the Kennco team.

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 four exploration projects, the Thorn copper-gold-silver and the Atlin Goldfields projects located in NWBC, the Langis-Hudson Bay silver-cobalt project in Ontario and the Hog Heaven silver-gold-copper project in NW Montana, USA. 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 protected]

For Investor Relations please contact Mitchell Smith

Tel: 604-630-9707 or email: [email protected]

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 use of proceeds, 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.