Brixton Metals (TSX-V:BBB) has completed the third tranche of a non-brokered private placement, raising C$12.2 million ($13.38 million) to be used for a winter drilling program at the Langis Silver Project in Ontario, Canada.
The third tranche of the placement comprised 35.71 million non flow-through (NFT) units at C$0.07, raising C$2.49 million. Each of the NFT units consisted of a common share and one transferable warrant exercisable at C$0.10 until 18 December 2028.
CEO Gary Thompson says silver prices have reached an all-time high of US$66 per ounce and the company aims to capture the attention of silver investors as it brings Langis into focus.
“Langis is a past producer that produced 10.4 million ounces of silver at a head grade of 25 opt or 778 grams per tonne intermittently from 1908-1989 with silver recoveries of 88 to 98%,” Thompson says.
“Infrastructure is excellent and operational costs are low. We intend to drill up to 15,000m as a phase one program starting in January 2026.
“The most recent drilling at Langis was in 2022 where hole 283 returned 9m of 1,037g/t silver including 4m of 2,043g/t silver. In 2021, hole 219 yielded 22m of 392.8g/t silver including 7m of 919.3g/t silver.”
As previously reported, the company aimed to raise C$18 million for drilling at the Thorn Copper-Gold Project in British Columbia, alongside Langis. The funds will also be used for general working capital purposes.
The Thorn Project hosts a district-scale volcano-plutonic complex with several styles of mineralisation related to porphyry and epithermal environments.
The Langis Project is a brownfield exploration and development opportunity with local infrastructure, including year-round road access, power, railways, and mills.
Write to Aaliyah Rogan at Mining.com.au
Images: Brixton Metals
