Brixton Metals Updates Technical Report for its Thorn Project

Vancouver, British Columbia, CANADA


VANCOUVER, British Columbia, July 09, 2021 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (TSX: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce it has commissioned an updated technical report with an effective date of June 23, 2021 (“Updated Technical Report”) for its wholly owned Thorn Cu-Au-Ag-Mo Project located in the Golden Triangle of Northwest British Columbia, Canada (the “Property”). The Property is within the Taku River Tlingit First Nations and the Tahltan First Nations traditional territory. Brixton is actively drilling and conducting geophysical, geochemical and geological surveys on the Property as previously described in its May 26, 2021 news release.

Updated Technical Report

Brixton retained Archer, Cathro & Associates (1981) Limited (“Archer Cathro”) to prepare the Updated Technical Report in compliance with disclosure and reporting requirements set forth in the Canadian Securities Administrators’ National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”) for the Property. The Updated Technical Report includes an updated inferred resource on the Property, as set out in Table 1-1.

The Property is located in the Sutlahine River area of northwestern British Columbia (BC), approximately 130 km southeast of Atlin, BC, and 90 km east of Juneau, Alaska. The Property is comprised of 222 claims covering a total area of 2,596 km2 (259,621 ha). The Property is wholly owned by Brixton, with a small number of the original claims subject to underlying royalties. The first discovery on the Property was made in 1951 and numerous exploration programs have been conducted on it over the ensuing 52 years; however, Brixton is the first company to hold title to the entire 2,595 km2 land package.

Table 1-1: Inferred Mineral Resource Statement, Thorn Project, British Columbia, SRK Consulting (Canada) Inc., June 23, 2021.

Deposit

Type

Density (t/m³)

Tonnes x 1000

In-situ Grade
AgEq (g/t)Ag (g/t)Au (g/t)Cu (%)Pb (%)Zn (%)
Oban

In-Pit2.823,961106.8848.20.38NA0.290.56
Underground2.82605115.8748.150.43NA0.350.66
GlenfiddichIn-Pit2.841,24063.0315.410.450.12NANA
TaliskerIn-Pit2.762,27282.6514.710.720.12NANA
Total2.88,07894.0133.740.490.120.30.57


Deposit

Type

Contained Metal
AgEq (oz) x 1000Ag (oz) x 1000Au (oz) x 1000Cu (lb) x 1000Pb (lb) x 1000Zn (lb) x 1000
Oban

In-Pit13,6116,13848NA25,32448,902
Underground2,2549378NA4,6688,803
GlenfiddichIn-Pit2,513614183,280NANA
TaliskerIn-Pit6,0371,075536,011NANA
Total24,4158,7641279,29129,99257,705

Notes

  1. Mineral Resources have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards on Mineral Resources and Mineral Reserves.
  2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimates. Silver, gold, copper, lead, zinc assays were capped / cut where appropriate.
  3. The in-pit portion is reported at a dollar equivalent cut-off value of US$15/t within a Whittle shell and US$50/t for an underground portion of the Oban deposit. The Whittle shells were designed based on a slope angle of 55° 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.
  4. Dollar and Silver Equivalents are based on May 2021 long-term consensus pricing US$20/oz Silver, US$1,500/oz Gold, US$3.2/lb Copper, US$0.9/lb Lead, and US$1.1/lb Zinc, with metal recoveries of 90%.
  5. Please see the Updated Technical Report for a discussion of key assumptions, parameters, and methods used to estimate the mineral resources and any known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
  6. “NA” in the table above indicates that the respective estimated values for copper, lead and zinc are significantly lower than 0.1%. Therefore, they shouldn’t be considered as having “reasonable prospects of eventual economic extraction” for the respective mineralized zone. Currently, no metallurgical studies have been completed on the respective mineralized zones.

https://brixtonmetals.com/wp-content/uploads/2021/07/2CB028.004_Thorn_NI_43-101_Thorn_20210623.pdf

The Property lies in a geologically favourable area and hosts potential for significant porphyry and epithermal styles of mineralization. The size of the Property, the high number of minfile occurrences and the regional mineralization trends indicate there is strong potential for multiple porphyry centres.

The Updated Technical Report updates and supersedes the technical report released in 2014 titled “Independent Technical Report for the Thorn Project, Sutlahine River Area, British Columbia, Canada” by Myondo and Nowak of SRK Consulting (Canada) Inc. (SRK). The primary author and qualified person (QP) responsible for the Updated Technical Report is Heather Burrell, P.Geo., a Senior Geologist with Archer Cathro. Mrs. Burrell, who is independent of Brixton, conducted a property visit on March 10, 2021, on the Company’s behalf. Mrs. Burrell has no affiliations with Brixton except that of an independent client and consultant relationship. Andre M. Deiss, Pr.Sci.Nat., a Resource Geologist with SRK reviewed and authored Section 14 (the Resource Estimate) in the Updated Technical Report. Mr Deiss is an independent consultant with no affiliations with Brixton. Mrs Burrell and Mr Deiss, by virtue of their education, experience, and professional association, are considered Qualified Persons (QPs) as defined in the NI 43-101.

Chairman and CEO Gary R. Thompson stated, “Brixton continues to advance its Thorn Project with a goal of growing its resource base through drilling for new discoveries and advancing known exploration targets. The inferred resource stated in the June 23, 2021 report represents some of the near surface high sulphidation veins and breccia zones along the Camp Creek Corridor and is an 11.8% increase in silver equivalent resources from the 2014 inferred resource estimate. Current drilling is targeting porphyry style mineralization at depth below these high sulphidation zones. Brixton has significantly increased its odds of success at the Thorn Project with the vast number of large-scale copper-gold-silver-moly targets in hand and the Camp Creek target is one of many target areas within the Thorn Project.”

Qualified Person and NI 43-101 Disclosure

Ms. Heather Burrell, B. Sc., P.Geo of Archer, Cathro & Associates (1981) Limited and Mr. Andre M. Deiss, B. Sc. (Hons), Pr.Sci.Nat. of SRK Consulting (Canada) Inc., both of which are independent of Brixton, are the Qualified Persons as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

About Brixton Metals Corporation

Brixton is a Canadian exploration and development company focused on the advancement of its mining projects toward feasibility. Brixton wholly owns four exploration projects, the Thorn copper-gold-silver Project, the Atlin Goldfields Projects located in NWBC, the Langis-HudBay silver-cobalt Project in Ontario and the Hog Heaven silver-gold-copper Project in NW Montana, USA now under JV with HPX. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB, and on the OTCQB under the ticker symbol BBBXF. 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: info@brixtonmetals.com

For Investor Relations, please contact:

Mitchell Smith, VP Investor Relations
Tel: 604-630-9707 or email: mitchell.smith@brixtonmetals.com

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.