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.
Go to Brixton’s website
The author doesn’t own common shares in Brixton Metals but indirectly owns warrants. Please read the disclaimer
