Wednesday 3rd September 2014

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Bucking the trend

Brixton Metals finds market favour for its B.C. silver-gold-base-metals project

by Greg Klein

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Equity financing plunged 41%. Market caps plummeted 43%. Those were the dismal numbers released November 5 by PricewaterhouseCoopers LLP for the top 100 TSX Venture mining juniors for the year ending June 30. Of course, the Junior Mine 2012 report surprised no one. Instead—and despite its cautiously optimistic outlook for 2013—PwC merely confirmed the word on the street and the mood in the boardrooms.

Brixton Metals finds market favour for its B.C. silver-gold-base-metals project

Phase II drill results released November 5 boosted Brixton Metals’ stock price considerably.

But not for all companies. The same day an announcement by Brixton Metals TSXV:BBB sent its stock from a November 5 open of $0.15 to a close of $0.20. The next day the price hit $0.26 before settling back at $0.20. Brixton’s news came from its Thorn Property, a 28,000-hectare silver-gold-polymetallic project in northwestern British Columbia.

“What we’re showing is evidence of a system that has significant scale potential from what most people previously thought was a small, narrow, high-grade system,” says chairman/CEO Gary Thompson. “I think it’s clear now that we’re dealing with about a 150-metre zone, about 100 metres of true width, which is quite substantial.”

Assays from hole THN 12-83 show:

  • 165.3 grams per tonne silver, 1.37 g/t gold, 0.11% copper, 0.92% lead and 1.25% zinc for a gold-equivalent of 5.67 g/t or a silver-equivalent of 314.59 g/t over 150.5 metres
  • (including 284.15 g/t silver, 1.49 g/t gold, 0.12% copper, 1.31% lead and 1.78% zinc for a gold-equivalent of 8.41 g/t or a silver-equivalent of 466.28 g/t over 73.7 metres)
  • (including 725.55 g/t silver, 2.01 g/t gold, 0.13% copper, 3.33% lead and 3.68% zinc for a gold-equivalent of 18.89 g/t or a silver-equivalent of 1,047.54 g/t over 13 metres)

The intercept starts at 24 metres and ends at 174.5 metres, with true width estimated at approximately 100 metres. Grades are uncut.

Hole 12-80 showed these results:

  • 162.94 g/t silver, 0.34 g/t gold, 1.24% copper, 0.07% lead and 0.14% zinc for a gold-equivalent of 5.89 g/t or a silver-equivalent of 326.71 g/t over 7 metres
  • (including 500 g/t silver, 0.69 g/t gold, 4.03% copper, 0.11% lead and 0.22% zinc for a gold-equivalent of 18.01 g/t or a silver-equivalent of 998.58 g/t over 2 metres)

This intercept runs from 104.5 metres to 111.5 metres, with true width yet to be determined. Still pending are results for six additional holes, as well as 362 soil samples that might indicate the original location of a rock that graded 265 g/t gold and 631 g/t silver.

Brixton Metals finds market favour for its B.C. silver-gold-base-metals project

A cross-section of recent drilling showing hole THN 12-83.

The company states that the project’s Oban zone remains open in several directions, with recent drilling expanding high-grade mineralization at depth to the south-southeast by 70 metres.

As a geologist, Thompson finds hole THN 12-83 especially remarkable. “I think the interesting point is that the mineralization is actually hosted within the Thorn porphyry stock unit, which is a little unusual because most of the mineralization that we’ve seen is hosted within the Oban breccia zone. So my gut’s telling me there’s some structural control to the system that’s probably propagating structures into the Thorn stock, allowing for the associated mineralizing fluids to drive into the stock. I think this zone is under-explored and we’re learning new things each time we work on the system.”

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