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.
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.
