Brixton Metals to Acquire Past-producing Silver Mine

Brixton Metals Corp. (TSXV:BBB) announced that it’s completed a purchase and sale agreement with Canagco Mining Corp. under which it will acquire the claims that make up the past-producing Langis silver mine in Ontario.
As quoted in the press release:

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).

Highlights of the Langis mine are as follows:

• 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.

Click here to read the full Brixton Metals Corp. (TSXV:BBB) press release.