Brixton hits extraordinary 5,015g silver over 20m near Cobalt

Brixton Metals (TSXV: BBB; US-OTC: BBBXF) has opened a high-grade silver target at the brownfield Langis project in Ontario after assays returned 20 metres averaging 5,015 grams silver per tonne in ground untouched by past mining.

Hole LM-26-377 cut the interval from 165 metres downhole at Langis, about 500 km north of Toronto. It included 14 metres at 7,150 grams silver from 169 metres. True widths are unknown.

“As far as we can find in publicly available data, hole 377 represents one of the highest reported silver intercepts globally,” CEO Gary Thompson said in a Tuesday release. “We have a lot more holes that we plan to drill at Langis.”

The discovery gives Brixton unmined ground beside a proven silver system as it works toward a first resource. Follow-up drilling must now show whether hole 377 connects with another exceptional hit 140 metres west and forms a continuous, mineable zone.

Brixton shares had gained 31% since Tuesday, trading at 78¢ per share by mid-Friday. The company has a market capitalization of $57 million (US$40.5 million). Shares have traded between 45¢ and $1.45 apiece over the past 12 months.

Follow-up drilling

Brixton has traced mineralization for at least 100 metres along strike in the Shaft 6 Southeast area, which has no known stopes or underground workings. The zone remains open along strike and at depth.

Two other recent holes show the grades extend beyond the standout result. Hole LM-26-353 returned 13 metres averaging 287.8 grams silver from 144 metres downhole, including 2.15 metres at 1,634 grams from 153 metres.

Hole LM-26-352 cut 7 metres grading 275 grams silver from 148 metres, including 0.5 metre at 2,620 grams from 151.25 metres.

Brixton is drilling between Shaft 6 Southeast and the nearby Shaft 6 South zone while testing extensions and the structures controlling the highest grades. The company had completed 24,017 metres in 105 holes this year and plans to drill up to 60,000 metres at Langis.

The two areas contain silver in veins and spread through the host rocks. The broader mineralization could widen the target beyond the narrow native-silver veins that drove much of the Cobalt camp’s past production.

Mine history

The former Langis mine produced 10.4 million oz. silver intermittently from 1908 to 1989 at head grades of 20 to 25 oz. per tonne. Past operators developed more than 10 km of underground workings and reported recoveries of 88% to 98%.

Mines across the Cobalt camp have produced more than 445 million oz. silver. The initial silver rush built Cobalt into a bustling city of some 12,000 in Ontario’s remote north more than a century ago, eventually spawning The Northern Miner to cover the industry.

Langis has no mineral resource. Brixton has set a conceptual exploration target of 1 million to 2 million tonnes grading 400 to 800 grams silver per tonne, but more drilling is needed before the company can define a resource.

Brixton is separately testing silver left in the mine tailings. It has drilled 261 metres and sent samples for assays and metallurgical testing as it works toward a first tailings resource estimate.

Investor Palisades Goldcorp (TSXV: PALI) holds 3.57 million Brixton warrants exercisable at $1 until Dec. 18, 2028. Exercising them would give the investor a 4.6% stake, tying its share-performance and outlook directly to Brixton’s results.