Brixton Metals Closes Oversubscribed $3.3M Private Placement and Provides Projects and Corporate Updates

September 14, 2016 – Brixton Metals Corporation (TSXV:BBB) is pleased to announce that it has closed its previously announced brokered private placement of units and flow-through common shares for aggregate gross proceeds of $3,270,015 (the “Private Placement”). The Private Placement was brokered by Red Cloud Klondike Strike Inc. and M Partners Inc. (together, the “Agents”). The Company intends to use the proceeds of the Private Placement to advance its Thorn project and its Langis project, and for general working capital.
Langis Project Update
Brixton has completed a total of 15 core holes at its Langis Project for a total of approximately 3,150 metres. The first 3 holes were released August 11, 2016, where hole 3 intersected 4.15m of 4.90 g/t Au and 397.00 g/t Ag from 156.05m and from 179.40m a 3.13m interval returned 1,944.60 g/t Ag. The results for the balance of this initial drilling shall be released as they become available. The Company plans to conduct an IP geophysical survey for the area and is continuing its historical data compilation and further drilling will be designed based on results.
Thorn Project Update
The Company currently has crews at its Thorn Camp for a gold focused exploration program consisting of: a soil-rock sampling for approximately 2,000 samples; a 20 kilometre IP Geophysical survey over the newly identified Chivas gold zone; and 3000-4000m of core drilling at the Outlaw and Aberlour gold targets combined. Brixton has increased, through staking, its total land holdings at Thorn to 99,560 Hectares or 996 square kilometers.
Connect with Brixton Metals Corporation (TSXV:BBB) to receive an Investor Presentation.