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Brixton generates more high-grade results at Langis

Well-supported explorer Brixton Metals has reported more high-grade silver results, including 1m at 1,080g/t silver or 34 ounces per tonne, from its Langis mine project in Ontario’s Cobalt Camp.
Brixton generates more high-grade results at Langis Brixton generates more high-grade results at Langis Brixton generates more high-grade results at Langis Brixton generates more high-grade results at Langis Brixton generates more high-grade results at Langis

Brixton Metals celebrated 10 years on the TSX on December 9

Staff reporter

"Drilling continues to generate high-grade, near-surface results that support the potential maiden resource," chairman and CEO Gary Thompson said.

The above result was within a 4m intercept grading 370g/t silver from 18m, and the drillhole separately intersected 1m at 7% copper, 27.6g/t silver and 0.03% cobalt from 113m.

The results were among the second batch from an ongoing 20,000m programme at Langis.

They followed initial drilling results released a month ago which had included 3m at 647g/t silver, including 1m at 1,845g/t.

The former Langis mine, 500km north of Toronto, was said to have produced about 10.4 million ounces of silver at 787g/t and 358,340 pounds of cobalt between 1908-1989.

It closed when silver prices fell to around US$5/oz, well below today's spot price of about $24.60/oz.

Brixton has "a healthy budget for 2021" after several raisings in the final months of 2020, starting with a C$2 million investment by Robert Friedland at 23.5c per unit which was in conjunction with the mining mogul's High Power Exploration striking an earn-in and joint venture deal over Brixton's Hog Heaven project in Montana.

The company then raised about $4.5 million at 36c per flowthrough share and a further $504,000 in the second tranche of the placement on December 21.

It counts mining investment identities Eric Sprott and Rob McEwen among its prominent shareholders.

Brixton also has the Atlin Goldfields and Thorn gold-copper-silver projects in British Columbia.

The company celebrated 10 years on the TSX in December.

Its shares (TSX: BBB) have ranged from C8-57c over the past year.

They closed down 10.7% on Friday to 25c, capitalising it at $49.5 million (US$38.8 million).