Brixton Metals up 14% on Golden Triangle news
Brixton Metals Corp. [BBB-TSXV] on Monday said exploration crews have encountered visible gold during an initial drilling campaign on the Trapper Target at its Thorne project, which is located in the Golden Triangle area of British Columbia.
Brixton shares advanced on the news, rising 13.8% or $0.02 to 16.5 cents on volume of 885,250. The shares are currently trading in a 52-week range of 47 cents and 14.5 cents.
Brixton is a junior exploration and development company with a focus on precious metals and four exploration projects, including the Thorn copper-gold-silver and the Atlin Goldfields projects in northwestern B.C., the Langis-Hudson Bay silver-cobalt project in Ontario and the Hog Heaven silver-gold-copper project in northwest Montana.
Its shareholder group includes Bay Street financier Rob McEwen, Pan American Silver Corp. [PAAS-TSX, NASDAQ], Hecla Mining [HL-NYSE], and financier Eric Sprott, who holds a 10.3% stake.
Monday’s stock market rally came after company announced the discovery of 12 visible gold intercepts in six of the first eight holes while drilling the Trapper Gold target, one of 14 prospective zones on the Thorne project.
Brixton said gold is present along a 550-metre strike length and for 200 metres down dip.
It said mineralization remains open and includes numerous near surface gold intercepts.
The Thorn Project is a 996-square kilometre claim group located approximately 90 kilometres from Juneau, Alaska, and 65 kilometres from tide water.
It hosts a district scale Triassic to Eocene volcanic-plutonic complex with many styles of mineralization related to porphyry and epithermal environments. The three main targets include the Chivas Zone, which is an important new, large scale, porphyry target; and the Outlaw Zone, which is a large-scale clastic sediment hosted gold-silver target where hole 128 returned 60 metres of 1.15 g/t gold and 5 g/t silver.
The Camp Creek porphyry target includes the Oban, Talisker, and Glenfiddich zones.
“The discovery of visible gold in drilling is obviously exciting for us,” said Brixton President and CEO Gary Thompson in a press release, Monday. “We knew that visible gold was present in a few historic holes in the area that we relogged early in the season, but it is encouraging to see the broad distribution of gold along strike and at depth,” he said.
“The gold mineralization is present in both the diorite and volcanic units, is hosted in multiple vein generations and is finely disseminated in the host rock.”
Christina Anstey, the company vice-president, exploration said the visible gold and occurrence of bornite associated with the geophysical anomaly indicate the potential existence of a large-scale, linked porphyry-epithermal system that may be related to the Chivas Target, located along-trend to the northwest.
Additional age dating work is also planned for this season, to better understand the timing of mineralizing events at the Camp Creek Porphyry, West Copper, Chivas, Trapper Gold and Metla Targets.