VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/02/16 -- Brixton Metals Corporation (TSX VENTURE: BBB) (the "Company" or "Brixton") is pleased to announce the completion of the purchase and sale agreement with Canagco Mining Corp. ("Canagco") to acquire a 100% interest in the claims comprising the past-producing Langis silver mine (the "Property"). The project is located in the historic Cobalt silver mining camp of northeastern Ontario (the "Agreement"). Brixton issued 3,242,500 common shares of the Company (the "Brixton Shares") and made cash payments for a total $55,000 to acquire the Property. A Finder's Fee of $6,887 and 101,283 shares will be paid to Added Capital Inc., in connection with the transaction. The total number of Brixton shares issued and outstanding will be 14,834,658.
All of the Brixton Shares issued pursuant to the Agreement will be subject to a twelve month lock-up that expires on February 1, 2017 (including the statutorily required hold period).
Chairman and CEO of Brixton, Gary R. Thompson stated, "The Langis project represents a low cost opportunity with great discovery potential and a strong possibility to generate mineral resources based on past work and new exploration."
Langis Project Highlights
- Past production of 10.4M ounces of silver from 379,479 tonnes or 418,305 short tons, having a recovery grade of approximately 25 oz/t or 777.60 g/t silver. - Silver recovery estimates range from 88% to 98% based on historical records. - Excellent local infrastructure; year round road access, close proximity to power, railway, gas-pipeline, small scale mills, a refinery and assay lab. - The most important mineral is native silver followed by cobaltite, niccolite, ruby silver, argentite, bismuth and chalcopyrite. - Prior to the silver price collapse in 1990 drilling intersected: 2,115.04 g/t Ag over 9.4 metres and 1,262.80 g/t Ag over 3.9 metres. - Low annual holding costs and all in drilling costs of $120 - $130 per metre.
Mr. Sorin Posescu, P.Geo., VP Exploration, is a Qualified Person as defined under National Instrument 43-101 standards and has reviewed and approved this news release.
About Brixton Metals Corporation
Brixton is an exploration company focused on the advancement of its gold and silver projects toward feasibility.
The Langis project does not currently contain any mineral resources or mineral reserves.
The 100% owned Langis project and lands in the Cobalt Camp is 2,520 hectare in size. The project is located 500 km north of Toronto, Canada. The high-grade silver mineralization occurs as steeply-dipping veins within any of the three main rock types; Archean volcanics, Coleman Member sediments and Nipissing diabase. The Cobalt camp has historically produced over 420 million ounces of silver with some reported assays reaching 255,146 g/t Ag or 9,000 oz/t Ag over 0.36 metres. The unmined zone intersected by drilling: 2,115.04 g/t Ag over 9.4 metres and 1,262.80 g/t Ag over 3.9 metres. This area will be the focus for follow up exploration work. According to historical Langis reports, the zone was traced to over 1,000 metres along strike and a vertical extent of 260 metres with true thickness being unknown. http://brixtonmetals.com/langis-mine/
The 28,000 hectare, 100% owned Thorn Project is located in northwestern British Columbia, Canada, approximately 105 km ENE from Juneau, AK. The Thorn project hosts a district scale Triassic to Cretaceous volcano-plutonic complex with many styles of mineralization related to porphyry and epithermal environments. Targets include sediment hosted Au-Ag, Ag-Au-Pb-Zn diatreme-breccia, Au-Ag-Cu veins; and volcanic hosted structurally controlled Au-Ag. Brixton has established a maiden inferred resource of 21.5Moz AgEq from 7.4 Mt at 89.75 g/t AgEq based on limited drilling. 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. Read more at http://brixtonmetals.com/thorn-technical-reports/
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
Information Sources: Cobalt Museum Thompson 2015; Technical Report on the Langis Project by Dale R. Alexander, P.Geo, May 17, 2013; Approved Filing Statement for Everfront Ventures Corp July 31, 2013; Annual Report, Agnico Eagle Mines 1987; Interim Report, Agnico Eagle Mines Q2-1986; Agnico Eagle Mines, Langis Mine-New Mine Site, Plan & Section 1987.
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 exploration potential of the Langis property based on historical information resources estimates on the Thorn Project 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 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.