Brixton Metals Corp. [BBB-TSXV; BXTMF-OTC] share rallied in heavy trading Monday July 15, 2019, after the company released impressive assay results from its Thorn Project gold-copper-silver project in northwestern British Columbia’s Golden Triangle area.
Investors were reacting to results from drill hole THN19-150, which returned 554.70 metres of 1.97 g/t gold equivalent, including 135.96 met
res 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 in depth and 16 metres of 1.38% copper from 414.35 metres depth.
The share price jumped 65.4% or $0.085 to 21 cents on volume of 9,255,200 shares traded, making Brixton the most actively traded stock on the TSX Venture Exchange on Monday.
The shares trade in a 52-week range of 10 cents and 24 cents.
Brixton is a precious metal exploration and development company with a focus on advancing its wholly-owned projects towards mine development. Its shareholder group includes Bay Street financier Rob McEwen, Pan American Silver Corp. [PAAS-TSX, NASDAQ], and Hecla Mining [HL-NYSE].
The company wholly-owns four exploration projects, including Thorn 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 Montana.
The Thorn Project is a 996 km2 claim group located approximately 90 km from Juneau, Alaska, and 65 km 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, yet to be drilled 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. Brixton said hole THN19-150 was drilled to 829.06 metres depth at the Oban diatreme breccia pipe within the Camp Creek Corridor.
“Structural mapping and soil-rock geochemistry at the Chivas Zone and re-logging of select core from the Glenfiddich Zone were also conducted,” the company said in a press release, Monday.
The objective of the program was to test for porphyry mineralization at depth at the Oban Zone and to refine the two porphyry targets, Chivas and Camp Creek, for the next round of drilling.
Meanwhile, the company said it has extended the Oban Zone polymetallic mineralization to a depth of 651 metres from the previously drilled vertical depth of 370 metres for an increase of 281 metres of new mineralization.
“The mineralized system at Thorne is huge; we need more drilling to prove up these zones,” said Brixton Chairman and CEO Gary Thompson. “Just to put this in perspective, there are three multi-kilometre targets on the property; the Chivas porphyry, the Camp Creek porphyry and the Outlaw sediment-host gold target which are about 4.0 km away from one another.”
All reported assays are uncut weighted averages and represent drilled core lengths.
The Thorn Project is within the traditional territory of the Taku River Tlingit First Nation (TRTFN). The company signed an exploration deal with the TRTFN in 2013.