The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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Chairman and CEO: Gary Thompson
Director: George Salamis, Geologist
Senior Vice President Geology: Sorin Posescu
Brixton Metals Corp. returned in 2013 to its flagship 27,000-hectare (66,717 acres) Thorn silver-gold-copper-zinc-lead property located in the Sutlahine River area of northwestern British Columbia some 130 kilometers (81 miles) southwest of Atlin.
Hecla Mining Co. made a C$2.6 million strategic investment in Brixton in February, purchasing about 19.8 percent of the junior's issued and outstanding common shares and buying more shares in June for C$378,000 to maintain Hecla's pro-rata interest in Brixton.
The junior followed up on its 2011 discovery of substantial near-surface, high-grade mineralization (95.08 meters of 904 grams-per-metric-ton silver-equivalent) at Thorn and impressive 2012 drilling results in the Oban Breccia Zone by completing phase 1 of a 2013 exploration program in early August.
The work included 4,617 meters in 28 NQ-size drill holes in the Oban zone that delivered additional high-grade intercepts.
The Oban zone remains open at depth and strike in several directions.
The 2013 drilling confirmed that the high-grade mineralization is not restricted to the Oban breccia and is also hosted by the Thorn stock.
Brixton also collected 1,264 soil samples and seven grab samples at the Oban-Camp Creek, Outlaw, Amarillo and the West La Jaune areas; and conducted structural geological mapping in an eight-kilometer-by-three-kilometer area to the south.
Aside from identifying new zones of mineralization and new soil anomalies in untested areas, including the high of 207 g/t silver located southeast of Oban and 13.5 g/t gold located northeast of the Oban zone, Brixton said phase 1 was successful in reducing drilling exploration costs from C$400 per meter to C$300/meter on an all-in cost basis, leaving about C$1.2 million in cash going into the fall season.
Cash and short-term deposits: C$1.2 million (Aug. 8, 2013)
Working capital: C$1.2 million (Aug. 8, 2013)
Market capitalization: C$8.8 million (Sept. 27, 2013)
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