Brixton Metals Corp. [BBB-TSXV; BBBXF-OTCQB] said Friday November 20 that it has raised $4.46 million from a non-brokered private placement of 12.4 million flow-through common shares priced at 36 cents each. Proceeds will be used to cover Canadian exploration expenses.
Brixton named Brock Riedell as a senior technical advisor to the company who has over 40 years of experience in minerals exploration and mining economic analysis.
Brixton has 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.
“Brixton is now fully-funded going into 2021,” said Chairman and CEO Gary Thompson. “Brixton will end 2020 with a treasury of about $9 million. “This winter we are drilling for high-grade silver cobalt at the Langis Project in Cobalt, Ontario, and will be drilling further high-impact targets at the Thorn Project [in British Columbia] next season,” he said.
“We’re encouraged by the confidence we’ve seen from major shareholders, and are looking forward to positive near-term catalysts.”
Brixton shares advanced on the news, rising 7.1% or $0.02 to 30 cents in light trading volume. The shares are currently trading in a 52-week range of 57 cents and $0.08.
The Langis Mine is a past producer of high-grade silver. The company has said it could be possible to generate mineral resources from extensions to historical workings and new exploration. Historically, the mine produced over 10.4 million ounces of silver with a recovered grade of 25 ounces per tonne from shallow depths, plus 358,340 pounds of cobalt.
Investor interest in Brixton was also triggered last year by impressive assay results from its Thorn Project located in B.C.’s Golden Triangle area.
Highlights included results from drill hole THN19-150, which returned 554.70 metres of 1.97 g/t gold equivalent, including 135.96 metres of 1.35 g/t gold, 0.31% copper, 133.62 g/t silver or 5.00 g/t gold equivalent, including 6.0 metres of 3.56% copper, 3.37 g/t gold, 257.77 g/t silver.
Among the highlights were high-grade copper dominated intervals of 6.0 metres of 3.56% copper, 3.37 g/t gold, 257.77 g/t silver from 155 metres depth and 16 metre of 1.38% copper from 414.35 metres depth.