May 20, 2016 – Brixton Metals Corporation (TSXV: BBB) (the “Company” or “Brixton”) is pleased to announce it has entered into a purchase and sale agreement to acquire a 100% interest in the claims near its past producing Langis Silver mine (the “Property”). Brixton will issue 10,000 common shares of the Company (the “Brixton Shares”) and make a cash payment of $3,000 to acquire the Property, subject to a 2% net smelter royalty (“NSR”). Brixton holds the option to purchase the NSR at $250,000 per 0.5%. In addition Brixton has staked 461 hectares of mineral claims in the area which are subject to approval by the Ministry of Northern Development and Mines of Ontario. Brixton’s lands in the Langis and Cobalt camp now total 3,276 hectares.
The issuance of the Brixton Shares is subject to the approval of the TSX Venture Exchange and, if issued, will be subject to a four month and a day hold period.
Brixton also announces that Mr. George Salamis has resigned from the Company’s board of directors due to over-boarded concerns and other commitments. The Company wishes to thank Mr. Salamis for his long-standing contribution and service to Brixton shareholders.
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.
About Brixton Metals Corporation
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.
The 100% owned Langis project and lands in the Cobalt Camp is 3,276 hectare in size. The project is located 500 km north of Toronto, Canada. 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 unmined zone intersected by historic drilling: 1,550.34 g/t Ag over 9.45 metres and 19,229.13 g/t Ag over 0.49 metres.
The 28,000 hectare, 100% 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 Thorn Project, including resource estimates, can be found in the Company’s technical report prepared by SRK Consulting dated December 12, 2014 and filed on SEDAR.
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.
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.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the issuance of the Brixton Shares and TSXV approval and the exploration potential of the Langis property based on historical information resources estimates on the Thorn Project are forward looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.