• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Precious Metals Market
    Precious Metals News
    Precious Metals Stocks
    • Precious Metals Market
    • Precious Metals News
    • Precious Metals Stocks
    gold investing

    Brixton Metals Completes Acquisition Of Past-producing Hog Heaven Mine From Pan American Silver With Historical Estimate Of 47.3 Million Ounces Of Silver

    Shelly Kumar
    Jul. 18, 2017 07:21AM PST
    Precious Metals
    NASDAQ:PAAS

    Brixton Metals Corporation (TSXV:BBB) (the “Company” or “Brixton”)  is pleased to announce that, pursuant to an asset purchase and sale agreement with Pan American Silver Corp. (PAAS: NASDAQ; PAAS: TSX) (“Pan American“) announced on June 22, 2017, the Company has completed the acquisition of a 100 percent interest in the Hog Heaven project, a past-producing silver …

    Brixton Metals Corporation (TSXV:BBB) (the “Company” or “Brixton”)  is pleased to announce that, pursuant to an asset purchase and sale agreement with Pan American Silver Corp. (PAAS: NASDAQ; PAAS: TSX) (“Pan American“) announced on June 22, 2017, the Company has completed the acquisition of a 100 percent interest in the Hog Heaven project, a past-producing silver mine (“Hog Heaven Project”) in the State of Montana, subject to Pan American retaining a 3.0% net smelter returns royalty on the Hog Heaven Project (collectively, the “Transaction”).
    Highlights:

    • Historical estimate of 47.3 million ounces of silver and 225,800 ounces of gold(1);
    • Past production by Anaconda Mining Company (“Anaconda”) (1929 – 1946) of 241,000 tons at an average grade of 26.6 troy ounces of silver per ton;
    • Additional past production of 49,700 tons, grading 9.35 troy ounces of silver per ton by a lessee from 1963 to 1975; and
    • Ore was shipped directly to smelters.

    In connection with the closing of the Transaction, Brixton has issued $1 million in common shares of the Company (the “Acquisition Shares”) to Pan American. The Acquisition Shares are subject to resale restrictions for a period of four months from the closing date of the transaction and no finder’s fees were paid in connection with the transaction. Pan American has also agreed to provide notice to the Company of any proposed sale of the Acquisition Shares for one year and Brixton has the right to find a buyer.
    Chairman and CEO of Brixton, Gary R. Thompson stated, “We are excited to have this asset in Brixton and are looking forward to advancing the project and unlocking its potential. We welcome Pan American Silver as a significant shareholder of the Company”.
    A historic silver and gold resource estimate exists for the Hog Heaven Project:


    (1)  Based on a historical estimate for Hog Heaven prepared by Gregory Hahn, Chief Geological Engineer for CoCa Mines Inc., a previous owner of the property, in a report titled “Hog Heaven Project Optimization Study” dated May 1989, prior to implementation of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) (as disclosed in Pan American’s resource statement that was set out in a news release dated February 17, 2016) and based on diamond drilling. While Brixton considers these historical estimates to be relevant to investors as it may indicate the presence of mineralization, a QP for Brixton has not done sufficient work to classify the historical estimates as current mineral resources as defined by NI 43-101 and Brixton is not treating these historical estimates as a current mineral resource.
    In the Hog Heaven Project Optimization Study, the historic estimate was sub-categorized as follows:


    About the Hog Heaven Project
    The property is located in Flathead County, 55 miles south-southwest of the town of Kalispell, in the northwest portion of state of Montana, USA. The property is easily accessible by driving 10 miles of gravel road from the highway. The Hog Heaven mine historically (1929 – 1975) produced 241,000 tons at an average grade of 26.6 troy ounces of Silver per ton and 49,700 tons grading 9.35 troy ounces of Silver per ton. The ore was shipped directly to smelters. The mine was operated by Anaconda from 1929 to 1946 and by a lessee from 1963 to 1975.
    Several silver, gold and base metal mineralized zones occur as breccia and veins hosted by permeable units of volcaniclastic rocks. The high-sulphidation mineralization is accompanied by silicification of the host rocks.  Silver is the metal of primary interest, although the gold and base metals are significant and could provide by-product revenues.
    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.
    Sources: Hog Heaven Mineral Property, Technical Evaluation Report, Robert J. Rodger, October 14, 1984; Hog Heaven Project Optimization Study Report, Gregory Hahn, Chief Geological Engineer for Coca Mines Inc., May 1989.
    About Brixton Metals Corporation
    Brixton is a Canadian exploration and development company focused on the advancement of its gold and silver projects toward feasibility.
    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: info@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.
    Click here to connect with Brixton Metals Corporation (TSXV:BBB) to receive an Investor Presentation.

    Source: brixtonmetals.com

    nasdaq:paastsxv:bbbpurchase and sale agreementbrixton metals corporationboard of directorsgold resourcebrixton metalsgold investing
    The Conversation (0)

    Go Deeper

    AI Powered

    There’s Gold in Them Hills: A Tour of Silver Sun Resource’s Cherry Hill Mine

    Drill Program Set to Resume at Golden Goliath’s Kwai Project, Red Lake, Ontario

    Drill Program Set to Resume at Golden Goliath’s Kwai Project, Red Lake, Ontario

    Latest News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Precious Metals Stocks

    Piche Resources

     
    PR2:AU

    Quimbaya Gold

     
    QIM:CC

    Sranan Gold

     
    SRAN:CC

    LaFleur Minerals

     
    LFLR:CNX

    Pacgold

     
    PGO:AU

    CuFe Limited

     
    CUF:AU
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×