Vancouver’s Brixton Metals has cashed up to start exploration drilling on its two cobalt and silver properties in northeastern Ontario.
The junior explorer announced Dec. 7 that it has raised $1,578,250 through flow-through financing to dive deeper into the former Langis and Hudson Bay mines.
The company said drilling will focus on testing high-grade cobalt and silver targets.
Langis, located 15 kilometres north of Temiskaming Shores in Casey Township, produced 358,000 pounds of cobalt and 10.4 million ounces of silver at 25 ounces per ton (oz/t).
After mining began in 1908, it operated intermittently until 1989-90 when Agnico Eagle closed the operation.
The high-cobalt low-silver veins found underground and were not mined in many areas of Langis.
The Hudson Bay Mine produced 185,570 pounds of cobalt and 6.4 million ounces of silver 123 ounces per ton.
Located in Coleman Township near the town of Cobalt, it was discovered in 1903 and closed in 1920.
All the past production on these properties focused on high-grade silver veins. The two properties do not contain any updated mineral resources or mineral reserves.
Brixton chairman-CEO Gary Thompson is excited to get started.
“We understand that the underground miners were chasing 100 oz/t silver veins and when they encountered the high-grade cobalt veins with less than 5 oz/t silver they generally moved on in search of high-grade silver veins. We see significant upside potential in the area for two vein types, high-grade cobalt with low silver and high-grade cobalt with high silver tenor."