Brixton Metals (BBB.V) has started a 2,500 meter NQ drill program at the past producing Langis silver mine in Ontario, Canada. The company thinks there still is quite a bit of high-grade mineralization left behind by the ‘old timers’, and has an exploration target of 3-5 million tonnes which could contain up to 25-80 million ounces of silver. This first drill program will provide a good indication of what might have been left behind at Langis.
The company has also closed a C$2.3M private placement and has now welcomed Eric Sprott as its newest shareholder. Sprott, Rob McEwen, Hecla and Brixton’s management team now own approximately 35% of the total amount of outstanding shares. The current market capitalization of Brixton is approximately C$36M (based on 34.5M outstanding shares), but with almost C$3M in cash, the company should be able to get some results before having to go back to the market for another capital raise.