Brixton Metals Provides Project Updates
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Brixton Metals Provides Project Updates
February 22nd, 2017 – Brixton Metals Corporation (TSXV: BBB) (the “ Company” or “ Brixton”) is
pleased to announce project updates for its gold-silver propert ies located in both Ontario and
British Columbia, Canada.
The Company has filed with the Mineral Title Division of the Mi nistry of Energy, Mines and
Petroleum Resource the 2016 Assessment report on the Thorn proj ect located in Northwest British
Columbia.
The report can be found at the following link:
http://brixtonmetals.com/wp/wp-content/uploads/2017/02/Thorn-2016-Assessment-Report-
FINAL.pdf
The 2016 exploration expenditures at the Thorn project totalled $1,668,622. The Company is
planning to drill test the newly defined large scale Chivas gol d target at the Thorn Project. The
Chivas target was established during the 2016 exploration progr am by soil geochemistry and IP
geophysics and has never been drilled. The Company is planning an exploration program for 2017,
subject to funding, which includes geological mapping, soil geo chemical, metallurgical tests and
20,000 metres of drilling with a start date of May 1, 2017.
For more information on the Chivas gold target please see the f ollowing link:
http://brixtonmetals.com/properties/thorn-project/chivas-zone/
The Company also advises that it has acquired mineral lands in the prospective Atlin gold camp.
The Atlin camp is about 130km from the Company’s Thorn project. The claims cover approximately
55,474 hectares (555 SQKM) ov er favorable geology. The Company staked 33 claims that cover
53,815 hectares (538 SQKM) and also acquired 100% interest in f our mineral claims that cover
445 hectares (4.45 SQKM) and signed an option agreement to acqu ire 100% interest in nine
mineral claims that cover 1,214 hectares (12 SQKM).
The Atlin gold camp represents one of the largest producers of placer gold in British Columbia with
a reported placer gold production of over 600,000 ounces gold b etween 1898 and 1946 from
creeks in the area. The Atlin gold camp (Spruce Creek) holds th e provincial record for the largest
nugget, weighing 2.6 kilograms (85 ounces - BCGS Paper 2017-1, p.179-193).
Historically, the primary exploration targets for lode gold hav e been quartz-carbonate-mariposite-
altered (“listwanite”) ultramafic and mafic bedrocks. British C olumbia Geological Survey (BCGS)
has recently released a paper (BCGS Paper 2017-1, p.179-193) in which the Government
geologists recognize that at least some of the placer gold may be related to the Surprise Lake
batholith. While over 600,000 ounces of gold was reportedly rec overed from placer mining very
limited exploration has been conducted in locating the hard rock source of the Atlin gold.
Brixton’s extensive land position covers both Surprise Lake bat holith and favorable sedimentary
rocks of the Cache Creek terrane. The Company’s plan is to cond uct regional exploration work to
generate drill targets within this early stage district scale gold play.
A link to the full BCGS report can be found at the following address:
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http://www.empr.gov.bc.ca/Mining/Geoscience/PublicationsCatalogue/Fieldwork/Documents/2016/
10_Mihalynuk_%20et_al.pdf
Under the terms of the option agreement for the 1,214 hectares, Brixton shall make the following
cash payment and issue Brixton Shares according to the schedule below:
- $5,000 and issue 20,000 Brixton shares on signing the Agreeme nt
- $20,000 and 30,000 Brixton Shares on or before the second Ann iversary Date
- $25,000 and 40,000 Brixton Shares on or before the third Anni versary Date
The Optionor retains 2% net smelter royalty (NSR) in the claims . Brixton has the right to purchase
1% NSR for $500,000 any time prior to Commercial Production. Th e balance of claims 54,260
hectares do not have any NSR.
The Company through its Langis project, participated in the 201 6 Ontario Prospectors Association
assistance program (Junior Exploration Assistance Program) whic h provides rebates of up to
33.3% (maximum of $100,000 per project) of the eligible explora tion expenditures. The Company
submitted the final report and list of expenditures that were r equired in order to receive the rebate.
The report is under review and, if approved, the Company will b e eligible to receive $100,000 in
rebate. The Company is proposing to conduct 30,000 metres explo ration drilling at the Langis
project in 2017, subject to funding.
Chairman and CEO of Brixton, Gary R. Thompson stated, “Persistence and perseverance is paying
off for the Company as we have shown with continued exploration we now have a new and very
large gold target at the Thorn project which is drill ready.” T hompson further stated, “We are
looking forward to drilling results on both our Ontario and BC projects during 2017.”
Other Corporate Updates
The Company has no undisclosed material change to report, in response to recent trading activity.
The Company also announces that it has delivered notice of term ination to Temex Resources
Corp. (“ Temex”) in connection with its previously announced purchase agreeme nt for the
Gowganda mine (the “ Transaction”) (see news release dated December 19, 2016 for additional
information). The notice of termination was delivered as the ou tside date for closing the
Transaction had lapsed without Temex receiving the consent of t he Government of Ontario for the
transfer. However, the Company continues its discussions with T emex to determine if an amicable
agreement may be reached.
Mr. Sorin Posescu, P.Geo., VP Exploration, is a Qualified Perso n as defined under National
Instrument 43-101 standards and has reviewed and approved this news release.
About Brixton Metals Corporation
Brixton is a Canadian exploration and development company focus ed on the advancement of its
gold and silver projects toward feasibility.
Brixton wholly owns 2 past producers of high-grade silver within the Silver-Cobalt Camp of Ontario.
The Langis mine produced 10.4Moz of silver at 25 oz/t Ag and 35 8,340 pounds of cobalt, the
Hudson Bay mine produced 6.4Moz of silver at 123 oz/t. The proj ects are located 500 km north of
Toronto, Canada. The high-grade silver mineralization occurs as moderate-steeply-dipping veins
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within any of the three main rock types; Archean volcanics, Col eman Member sediments and
Nipissing diabase.
The 996 SQ/KM, wholly owned Thorn Project is located in northwe stern British Columbia, Canada,
approximately 105 km ENE from Juneau, AK. The Thorn project hos ts a district scale gold-silver
(30km trend) associated with Triassic to Cretaceous volcano-plu tonic complex. Many styles of
mineralization have been identified related to porphyry and epi thermal environments. Targets
include high-grade gold-silver underground targets and large-scale open pit gold type targets.
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]
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 completion of the acquisition, the anticipated closing of the
acquisition, TSXV approval, 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.