Brett continues to strike long gold intercepts at Hammond Reef

Vancouver – Brett Resources (BRE-V) has hit more long gold intercepts under Mitta Lake at its Hammond Reef project in northwestern Ontario.

The gold resource at Hammond Reef stretches along 3 km of strike, from the A zone in the southwest to the 41 zone in the northeast. In the middle of the deposit sits Mitta Lake and around the lake the ground is primarily swampy, delicate muskeg. In a drill program that kicked off in February, Brett is taking advantage of winter temperatures to mount rigs on the frozen lake and muskeg and drill infill and down-dip expansion holes.

Below the southern end of the lake, hole 180 hit 114 metres grading 1.33 grams gold per tonne starting 258.5 metres downhole. From 100 metres to the northeast, hole 179 cut 100.5 metres grading 1.39 grams gold starting at 228 metres; from 80 metres to the northwest hole 183 returned 190.5 metres grading 0.84 gram gold, starting from 120 metres and including 19.5 metres grading 2.26 grams gold.

Brett collared Hole 175 and 177 on shore near the southwest edge of the lake. They were drilled at right angles to the rest of the holes to test the continuity of mineralization between cross sections and check for otherwise overlooked mineralized cross structures. Though the intercepts do not represent true widths, hole 175 hit 223.5 metres grading 1.02 grams gold starting at 96.5 metres and hole 177 cut 238.5 metres grading 1.11 grams gold starting 153.5 metres downhole.

In zone 41, northeast of Mitta Lake, hole 173 cut 112.5 metres grading 0.99 grams gold starting 68 metres downhole. Hole 169, in the same area, returned 116.6 metres grading 0.83 grams gold also starting at 68 metres.

In January the company released results from its late-2009 drill effort, including 29 holes totalling 9,200 metres. The infill program concentrated on the A zone, which covers the land mass southwest of Mitta Lake. Hole 148 hit 196.5 metres grading 1.13 grams gold starting at 117 metres, hole 153 cut 97.5 metres averaging 2.24 grams gold starting at 201.5 metres, and hole 162 intersected 132 metres carrying 1.31 grams gold from 212 metres downhole.

Since January more than 36 holes have been drilled and results from 20 have been released. The company has five drill rigs on site with two more on the way.

Brett has full ownership of the Hammond Reef project, a property that covers 30,000 ha. Gold mineralization in the area is associated with quartz vein stockworking.

Hammond Reef currently has a resource estimate of 259.4 million inferred tonnes grading 0.8 gram gold for 6.7 million oz. of gold. Over 97% of the resource is within 300 metres of the surface. The relatively flat-lying deposit remains open along strike and at depth.

Brett also recently announced that it has signed an agreement in principal for a formal impact and benefits agreement with eight First Nations in the area.

Brett has committed to provide employment opportunities to the First Nations during the construction, development and operation of the project and will assist in training. Also, qualified First Nations contractors and businesses will be able to participate in the open bidding process for service and equipment contracts related to the project. Brett will provide $400,000 in the first year and $250,000 thereafter to the First Nations Parties for education and training. Finally, Brett has agreed to a share issuing structure that grants shares to the First Nations Parties at various mine development milestones.

Brett’s share price was up 3¢ on the news to close at $1.92. The company’s share price has climbed steadily in the past year from a low of 52¢ to a peak of $2.40 in January, before dipping to its current price. The company has 107 million shares outstanding.