Brixton Metals and High Power Exploration Sign Heads of Agreement for an Earn-In, Joint Venture of up to USD$44.5 Million to explore and develop the Hog Heaven Project

Nachrichtenquelle: globenewswire
27.10.2020, 14:30  |  179   |   |   

VANCOUVER, British Columbia, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Brixton Metals Corporation (“Brixton” or the "Company") (TSXV: BBB) (OTCQB: BBBXF) is pleased to announce that it has entered into a binding heads of agreement, dated October 26, 2020, with respect to a USD$44.5 million earn-in and joint venture (“Heads of Agreement”) on its wholly owned Hog Heaven Project with High Power Exploration Inc. (“HPX”). HPX is a privately-owned mineral exploration and development company led by Chairman and CEO Robert Friedland. Concurrently, Mr Friedland has agreed to a CAD$2 million private placement financing into Brixton. The Hog Heaven Project is a silver-gold-copper-lead-zinc deposit with historical production located in the state of Montana.

Principal Geologist of HPX, Graham Boyd stated, “We see high potential for further discovery at Hog Heaven. We believe that the past producing Flathead Mine, where Anaconda Copper historically produced high-grade direct-shipping silver-gold ore, is just one part of a much larger precious metals and copper system. Our initial work programs at Hog Heaven will leverage our talented USA-based team of geoscientists and deploy the world-class Typhoon geophysical surveying technology to unlock new discoveries.”

Chairman and CEO of Brixton Metals, Gary R. Thompson stated, “We are very excited to partner with HPX, a world renowned leading exploration and mine development group. Brixton welcomes legendary mining mogul Robert Friedland as a shareholder through a concurrent CAD$2 million investment in the Company. This USD$44.5 million Earn-In Agreement highlights the high quality and significant potential of the Hog Heaven Project and is an endorsement of the work the Brixton team has been doing. This agreement meets Brixton’s strategic objective to accelerate the advancement of the project towards a potential mine development.”

Summarized Terms of the Earn-In Heads of Agreement

(All terms United States Dollars unless otherwise indicated)

HPX has the right to earn a 51% interest in the Hog Heaven Project by making a total of $4.5 million in cash payments and incurring $15 million in exploration expenditures. Further, HPX may earn an additional 24% interest (for a total of a 75% interest) in the Hog Heaven Project by incurring an additional $25 million in exploration expenditures, as follows:

Seite 1 von 5


Brixton Metals Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de

Diesen Artikel teilen

0 Kommentare

Schreibe Deinen Kommentar

Bitte melden Sie sich an, um zu kommentieren. Anmelden | Registrieren

 

Disclaimer

Brixton Metals and High Power Exploration Sign Heads of Agreement for an Earn-In, Joint Venture of up to USD$44.5 Million to explore and develop the Hog Heaven Project VANCOUVER, British Columbia, Oct. 27, 2020 (GLOBE NEWSWIRE) - Brixton Metals Corporation (“Brixton” or the "Company") (TSXV: BBB) (OTCQB: BBBXF) is pleased to announce that it has entered into a binding heads of agreement, dated October 26, 2020, …

Meistgelesene Nachrichten des Autors

Titel
Titel
Titel
Titel

Diskussionen zu den Werten

ZeitTitel
20.11.20