Brixton Metals Closes $1.5M for Drilling Its Silver - Cobalt Project in Ontario
Brixton Metals Closes $1.5M for Drilling Its Silver - Cobalt Project in Ontario
VANCOUVER, BC – (Marketwired – December 7, 2017) – Brixton Metals Corporation (TSXV:
BBB) (the “Company” or “Brixton”) is pleased to announce that it has closed a Flow -Through
(“FT”) financing by issuing 6,313,000 FT shares at a price of $0.25 per FT share for gross
proceeds of $1,578,250. Certain finders’ commissions payable are comprised of a cash fee in the
aggregate of $108,937.50 and an aggregate of 435,750 finder’s warrants in connection with the
financing. Each finder’s warrant is exercisable to acquire one common share of the Company at a
price of $0.25 for a period of 24 months from the closi ng of the FT share financing. Insiders
subscribed for $22,000 of the financing.
Proceeds from the FT financing shall be used for exploration on the Company’s wholly owned
silver-cobalt properties in the Cobalt Camp of Ontario, Canada.
The FT shares wil l be “flow -through” shares pursuant to the Income Tax Act (Canada). All
securities issued under the FT financing, including the securities issuable on exercise thereof, are
subject to a hold period expiring four months and one day from the closing date.
Target Highlights
Historically the Langis Mine produced 0.36M pounds of cobalt and 10.4Moz silver
Historically the Hudson Bay Mine produced 0.186M pounds of cobalt and 6.4Moz of silver
Assays from 4 samples in 2017 returned 10 to 16 percent cobalt and 2 to 18 percent silver as
disclosed in Brixton’s News Release dated August 17, 2017
Past production was focused on high grade silver veins and the high-cobalt low-silver veins that
were encountered underground and were not mined in many areas of the Langis mine
The project has excellent local infrastructure; year round road access, close proximity to power,
railway, gas‐pipeline, small scale mills, a refinery and assay lab
Drilling will focus on testing both high grade cobalt and silver targets
Chairman and CEO of Brixton, Gary R. Thompson stated, “We are excited to get drilling on our
Langis and Hudson Bay projects. We understand that the underground miners were chasing 100
oz/t silver veins and when they encountered the high-grade cobalt veins with less than 5 oz/t silver
they generally moved on in search of high-grade silver veins. We see significant upside potential in
the area for two vein types, high-grade cobalt with low silver and high-grade cobalt with high silver
tenor.”
About the Langis and Hudson Bay Silver - Cobalt Project
Brixton’s wholly owned Langis and Hudson Bay past producing mines are located 500km north
from Toronto, Ontario, Canada. The cobalt -silver mineralization occurs as steeply -moderately and
in some cases shallow dipping veins within any of the three main rock types; Archean volcanics,
Coleman Member sediments and Nipissing diabase. The Cobalt camp historically produced over
500 million ounces of silver and 50 million pounds of cobalt. The Langis mine produced 10.4Moz of
silver at 25 oz/t Ag and 358,340 pounds of cobalt and the Hudson Bay mine produced 6.4 Moz of
silver at 123 oz/t Ag and 185,570 pounds of cobalt . Historically, the Cobalt Camp produced 50M
pounds of cobalt as a by-product of 500M oz of silver production.
Mr. Sorin Posescu , P.Geo., 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 Metals Corporation is a gold-silver exploration & developing company focused in Canada
and USA. Brixton wholly owns 4 projects. The advanced stage Hog Heaven silver -gold-copper
project in NW Montana, USA is a past producer of direct ship ore. Two district scale gold projects,
"Thorn (Golden Triangle)" and "Atli n" in British Columbia, Canada and l astly, two past producing
high-grade silver-cobalt mines, the Langis and Hudson Bay projects, are brownfield projects with
excellent infrastructure and are located in Ontario, Canada. The Company is actively seeking JV
partners to advance one or more of its projects.
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: [email protected]
For Investor R elations, please contact Mitchell Smith: [email protected] or 604-
630-9707.
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 completion of the acquisition, the anticipated closing of the
acquisition, TSXV approval, and the exploration potential of the property based on resources estimates and
forward looking statements. By their nature, forward- looking statements involve known and unknown risks,
uncertainties and other factors which may cause our ac tual 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 ri sks: 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 w ith 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.