Brixton Metals to Acquire Tahoe Resources’ Gowganda Silver Mine, Ontario
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Brixton Metals Corporation has entered into an asset purchase agreement on an “as is, where is” basis with Temex Resources Corp., a subsidiary of Tahoe Resources Inc., to acquire 100 percent interest in the Gowganda Mine, a past-producing underground silver mine in Ontario, Canada.
The agreement provides that Brixton will issue 1,500,000 common shares to Temex for the Gowganda Silver Project. The acquisition shares are subject to resale restrictions for a period of 12 months from the closing date of the transaction. Temex will retain a 3.0 percent net smelter returns royalty (NSR) on the Gowganda Silver Project; however, the company can buy down 1.0 percent of the NSR by paying Temex C$500,000 at any time prior to production.
“The acquisition of the Gowganda Silver Project reaffirms Brixton’s interest in this once famous silver camp. I believe this move into this historic camp provides investors with a unique brownfields silver opportunity in Canada,” said Gary R. Thompson, chairman and CEO of Brixton.
The completion of the acquisition of the Gowganda Silver Project is expected to take place by the end of January 2017.
The exploration plan for the Gowganda project includes historical data compilation and 3D modelling to identify drill targets. In addition the work will include an assessment of the silver recovery potential from the surface tailings on the property.
To read more details in the company’s press release, CLICK HERE
About Brixton Metals
Brixton is a Canadian exploration and development company focused on the advancement of its gold and silver projects toward feasibility. Upon closing of the Gowganda Silver Project, Brixton will control 3 past producers of high-grade silver within the Silver-Cobalt Camp of Ontario. The Langis mine produced 10.4 Moz of silver at 25 oz/t Ag and 358,340 pounds of cobalt, the Hudson Bay mine produced 6.4 Moz of silver at 123 oz/t and Gowganda mine produced 40.7 Moz of silver at 22 oz/t Ag. The projects are generally located 500 km north of Toronto, Canada. The high-grade silver mineralization occurs as moderate-steeply-dipping veins within any of the three main rock types; Archean volcanics, Coleman Member sediments and Nipissing diabase.
To stop by Brixton Metals’ website, CLICK HERE
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