Company led by Robert Friedland to invest $44.5M in copper-silver-gold project in Montana
(Kitco News) - Brixton Metals (TSX: BBB, OTCQB: BBBXF) announced today the signing of a USD$44.5 million definitive earn-in agreement with a wholly-owned Montana subsidiary of High Power Exploration (“HPX”), a privately-owned mineral exploration and development company led by Chairman and CEO, Robert Friedland.
The company said that the subject of the agreement is the Hog Heaven project, which is a high sulphidation epithermal silver-gold-copper-lead-zinc deposit with historical production located in the state of Montana, USA.
According to the company’s statement, 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.
CEO Gary R. Thompson commented, “We are delighted to have concluded the deal terms with HPX and are excited to see the Hog Heaven project receive significant exploration spending. In addition to the precious metal potential, we believe that Hog Heaven has the potential to host a significant copper discovery related to the high sulphidation precious metal system, and that the expertise and anticipated investment of HPX is likely to demonstrate that.”
Brixton is a Canadian exploration and development company focused on the advancement of its gold, copper and silver projects toward feasibility. Brixton wholly owns four exploration projects: the Thorn copper-gold-silver and the Atlin Goldfields projects located in NWBC, the Langis-HudBay silver-cobalt projects in Ontario and the Hog Heaven silver-gold-copper project in NW Montana, USA.