VANCOUVER, Oct. 2, 2012 /CNW/ - Brixton Metals Corporation (TSX-V: BBB) (the "Company" or "Brixton") announces the start of its Phase two, 2012 drill program at the Thorn Ag-Au-Pb-Zn-Cu project located in Northwestern British Columbia, Canada.
Crews were mobilzed to the Thorn Project on September 28th, 2012. The current phase of exploration will focus on drilling at the Oban breccia zone and soil sampling in the upper Amarillo creek drainage area.
The Oban breccia zone drill program is designed to test the extension of high grade silver-gold-lead-zinc mineralization and shall consist of 1500m to 2000m of drilling, with holes ranging from 50m to 300m in depth.
The Amarillo area being surveyed will include an area that Brixton has recently acquired multispectral Aster data for, which shows a broad area of alunite and illite alteration. This area is the headwaters for Amarillo creek where prospecting in 2005 discovered a float boulder returning 265 g/t Au and 631 g/t Ag which has not yet been followed up.
Oban Zone Highlights:
- Hole THN11-60 intersected 9.25m of 3,646 g/t AgEg (2,984.40 g/t Ag, 3.04 g/t Au, 11.65% Pb, 3.42% Zn and 0.53% Cu) near surface, within a broader interval of 95.08m grading 904.0 g/t AgEq (628 g/t Ag, 1.71 g/t Au, 3.31% Pb and 2.39% Zn)
- Hole THN11-57 showed increasing Au and Cu grades at depth within the Oban breccia zone, exemplified by the intersection of 7.80m grading 717.0 g/t AgEq (197 g/t Ag, 6.13 g/t Au, and 1.38% Cu) within a broader interval of 18.58m grading 453.0 g/t AgEq (103 g/t Ag , 4.1 g/t Au, and 0.93% Cu) starting at a vertical depth of 201m below surface
- Hole THN12-65 intersected 12.90m of 769.42 g/t AgEq (512.66 g/t Ag, 1.72 g/t Au, 4.24% Pb and 1.54% Zn) with a broader interval of 83.90m grading 296.50 g/t AgEq (161.81g/t Ag, 1.03 g/t Au, 1.29%Pb and 1.49% Zn)
To view a preliminary model of the Oban breccia zone click on http://brixtonmetals.com/videos/ and play the first video on the screen. (Please note that the grade shells in this model were determined using Leapfrog software with a Log-RBF interpolation function and are not to be viewed as a resource estimate at this time.)
Other Significant Highlights at Thorn:
- Mineralization expansion at the Talisker zone from 200m to 500m strike length, where the best intersection found grades of 407.90 g/t Ag, 4.44 g/t Au and 2.95% Cu over 4.20 m in hole THN05-37
- Hole THN11-56 confirmed the presence of unconformity-related mineralization intersecting 0.9m grading 12.35 g/t Au, 138 g/t Ag and 0.49% Cu within 19.78m of 35.5 g/t Ag, 1.02 g/t Au and 0.3% Cu
- Discovery of the Lagavulin Vein where hole THN11-54 intersected 4.85m of 3.13 g/t Au and 122.46 g/t Ag. The Lagavulin Vein has a strike length greater than 2km and crosscuts the Talisker zone trend
- Hole THN11-45 intersected 0.74m of 4.14% Cu, 384 g/t Ag and 1.22 g/t Au on the MP Vein.
Mr. Gary R. Thompson, Chairman & CEO stated, "We are excited to be back on the property continuing our exploration efforts at the Thorn project. While numerous targets remain untested on the property our current focus is the high grade at the Oban breccia zone."
About The Thorn Project
The 25,000-hectare Thorn Property is located in the Sutlahine River area of Northwestern British Columbia, Canada approximately 50km from the past producing Golden Bear Mine. Thorn is a Cretaceous porphyry complex that shares many similarities with other high sulphidation epithermal gold, silver and copper deposits around the world such as Lepanto in the Philippines and El Indio in Chile. There are several separate porphyry intrusive phases and at least one related breccia body outcrop on the property. In addition to the high-grade potential of the Thorn project, the geological setting indicates potential for porphyry type mineralization. The Oban Zone Ag-Au-Pb-Zn-Cu breccia-hosted mineralization is located in the heart of a 6km mineralized corridor within the central portion of the property. Brixton Metals Corporation holds a two-phase option agreement with Rimfire Minerals Corporation (now Kiska Metals Corporation). Brixton can earn either a 51% or 65% interest by making cash and share payments and incurring $5 million and $10 million in exploration expenditures respectively. Kiska may elect to form a Joint Venture with Brixton at the 49/51 or 35/65 stage, or take dilution. Brixton shall be the operator in either case.
About Brixton Metals
Brixton Metals is an exploration company engaged in the acquisition and exploration of precious metal assets. Brixton's main objective of building shareholder value will be executed by identifying projects that exhibit favourable geology, and advancing those projects to feasibility. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB and its warrants trade under the symbol BBB.WT. For more information about Brixton please visit our website at www.brixtonmetals.com.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, P.Geo, Chairman and CEO
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 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.
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SOURCE: Brixton Metals Corporation
For further information:
Carrie Sikman, Investor Relations Manager
604 630 9707