Brixton Metals Corporation (the "Company" or "Brixton") is pleased to announce that it has entered into a purchase and sale agreement with Agnico Eagle Mines Limited ("Agnico Eagle") dated September 30, 2016 (the "Acquisition") to acquire 100% control over certain additional real property adjoining the Company's Langis Property.
Chairman and CEO of Brixton, Gary R. Thompson stated, "The acquisition of the Penna lands are both patented surface and mineral rights which cover the lands over shaft number 7 filling in our Langis mine holdings. This area has been where our most recent drilling has taken place."
Upon completion of the Acquisition, Brixton will pay Agnico Eagle $200,000 and assume environmental and mine closure liabilities in the amount of approximately $56,000. Agnico Eagle retains a 2.0% net smelter returns on any future production from the property, subject to Brixton's right to purchase from Agnico Eagle one-half of such royalty for $500,000. The Acquisition is subject to customary closing conditions and the discharge of encumbrances.
About Brixton Metals Corporation
Brixton Metals is an Canadian exploration company focused on the advancement of its gold and silver projects toward feasibility.
The Langis project is located 500 kilometres north of Toronto, Canada near Lake Timiskaming. 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 500 million ounces of Ag. Brixton owns two past producing mines in the Cobalt-silver camp, the Langis and Hudson Bay mines. The Langis mine produced 10.4Moz Ag at 25 oz/t Ag and the Hudson Bay mine produced 6.4 Moz Ag at 123 oz/t Ag.
The wholly 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 resource estimates, can be found on the 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
Tel: 604-630-9707 or email: [email protected]