Brixton Metals (BBB.V) has entered into an agreement to purchase five claims for a total of 27.4 square kilometers in the Atlin camp in British Columbia, where Brixton has already been active. The acquisition cost of the claims is relatively low: Brixton was required to pay C$10,000 in cash and to issue 50,000 shares (currently valued at C$12,000). The 1% NSR issued to the vendors could be repurchased for C$1M.
Meanwhile, Brixton Metals continues to release drill results from its exploration results at the Cobalt camp in Canada. Assay results from nine additional holes have now been released, and the company continues to intercept relatively narrow intervals of cobalt-gold-silver mineralization. The 5 meters containing 0.23% cobalt, 2.1% copper and almost 95 g/t silver sounds nice, but this predominantly consists of a shorter higher grade interval of 2 meters at 0.55% Co, 2.38% Cu and 193.5 g/t silver. This means the remaining 3 meters of that hole contain just 0.02% cobalt, 1.91% copper and 29 g/t silver. The mineralization is there, but Brixton needs to find ‘viable’ mineralized zones.
It’s still early days in the Cobalt Camp, and it’s our understanding Brixton Metals has been approached by other parties to combine forces on, or to acquire the Cobalt Camp properties, but according to CEO Thompson Brixton is keeping all options open.