Brixton Metals (BBB.V) has announced a new financing to raise C$2M just one month after it closed its previous 10 cent financing round. As the new units are being priced at C$0.30 and consist of one share and a full warrant exercisable at C$0.50 for two years (with flow-through units being priced at C$0.33), Brixton seems to be capitalizing on the recent strength of its share price which has seven-folded since January on the back of the higher silver price and the acquisition of the past-producing Langis silver project in Ontario, Canada.
We had a chat with CEO Gary Thompson when we were in Vancouver earlier this year, and we understood why he was so excited about Langis, as this mine produced in excess of 10 million ounces of silver by processing ore at an average grade of approximately 25 ounces of silver per tonne of rock. The company has also released more drill results from the nineties, and with intercepts of 3.5 meters at 1,900 g/t silver (yes, that’s in excess of 60 ounces of silver!) and 9.45 meters of 1,550 g/t silver, it’s pretty difficult to not get excited about these drill results.
Brixton also seems to be hunting for more acquisitions, as it also purchased 100% of the Hudson Bay silver mine in Ontario’s Cobalt mining camp which further consolidates the company’s position around Langis (which is located on the Quebec-Ontario border). Hudson Bay also is a past producer with a total production of 6.4 million ounces at a stunning average grade of 123 ounces per tonne. Yes, ounces and not grammes.
This does allow Brixton to outline an exploration program to prove up its exploration target of 3-5 million tonnes at Langis that could contain anywhere in between 25 and 80 million ounces of high-grade silver. That would be a great achievement, and then we’re still ignoring the Thorn project in British Columbia, where Brixton will focus on gold zones with an exploration target of 10-20 million tonnes at an average grade of 8-12 g/t.
Go to Brixton’s website
The author has a long position in Brixton Metals. The company is not a sponsor of the website, but a company affiliated with the author did receive a finders fee within the last 12 months. Please read the disclaimer
