Brixton Metals (BBB.V) has released an additional batch of drill results from three holes that were drilled on its Langis project in Ontario’s Cobalt Camp. The highlight of the update was the 0.98 meter interval containing 3.55% cobalt and 0.10% nickel (which Brixton correctly claims to be one of the highest grade intersections in the world), but unfortunately the success of this interval could not be replicated in the other drill holes which yielded lower grade mineralization.
Brixton will continue to work on its portfolio of Cobalt properties, and as of at the end of March, the company still had a working capital position of C$4.25M. Although we expect Brixton to have burned through some cash by now, its bank account should still look pretty healthy. Of the C$1.7M in cash expenditures in the first six months of the financial year, in excess of 50% was spent on exploration and evaluation expenditures. A decent ratio, which accelerated in the first quarter of the calendar year to almost 60%.