Brixton Pushes Langis Toward a Maiden Resource

0:14Mining Stock Daily: Welcome back into Mining Stock Daily, everybody. Let's turn our attention over to the silver market, specifically with Brixton Metals. They do trade on the venture exchange with the symbol BBB. The company put out new drill results this morning out of Lengus. Monster grade here. And that continues to be an ongoing development story now with the company. They are a sponsor of the podcast and have been for a number of years. And this really has been quite interesting. CEO Gary Thompson joining us today. Gary, that's got to be one of the biggest hits that you've ever had in your career. I mean, that grade's jaw-dropping.

0:56Mining Stock Daily: When I was reporting it this morning, I almost told myself, holy shit, in the back of my head. So congratulations. Yeah, no, it's fun, you know, drilling native silver. It's pretty unique. So it's certainly been the mission here to continue. You know, I think we set the bar pretty high for ourselves with that last hole, 377. that was a real chakrablock full of silver, 20 meters of 5 kilos. Pretty remarkable stuff. And, of course, this one,$61.99 over 1 meter, so a little bit narrower width here with a half a meter of over 12 ,000 grams per ton. So pretty happy with those. And if you scroll down in the release that we put out today, also some pretty good hits like 4.6 meters of over 500 gram silver and we're also seeing some nice broad intervals and we did post one picture and a couple pictures in the release one obviously the high grade which is kind of cool it's kind of a lightning bolt silver right down the vein but that 408 hole that returned 7 meters of 290 including 2 meters of 958.

2:19That was actually quite interesting because it's more disseminated style native silver, which is quite unique and unusual in the silver space. So obviously we see these veins. When you get those native silver veins, it really kicks up the grade. But the native disseminated silver also adds the volume. so you get that disseminated style mineralization over a bigger area. And then, of course, when you get disseminated metal like that, you also get high grades too. So, yeah, it's quite unique and fun. So we're ramping up. You know, we're still kind of a ways to go. We set out a 60 ,000-meter target earlier in the year.

3:07And I think with this release, what did we put here? 30 ,000, just over 30 ,000 meters. So we got a ways to go. We're a little over halfway into our target.

3:22Mining Stock Daily: So it's pretty easy for people who are reading the news to get caught up on the highest grade intervals in any news release when you're publishing drill assays. But those broader intervals are obviously very meaningful for the complete story of not only the batch of assays, but really for any project, including Lengus. So are those broader mineralized envelopes becoming more important geologically than some of these spectacular bonanza-grade veins here, Gary? Yeah, I think they are because that's where you get your volume for the resource. And when you have these really high-grade veins and the super high-grade veins, they're just difficult to reproduce.

4:07but you can reproduce generally, you know, broader, lower grade intervals. So it's going to be important in the overall mining plan, I think, going forward. Of course, everybody wants to see the Bonanza grade as do we. And it's just more impressive, isn't it? But when you look at the, you know, the mineability of this thing, you know, you kind of need like a three meter mining width for underground just to be able to work. So that's kind of the minimum threshold. I guess the beauty of the really high-grade material is if you have a meter of, you know, bonanza grade, you can eat a lot of sidewall, you know, dilution, zero grade, and still have an economic width.

4:50But, yeah, I think it's a combination of those things that we're starting to recognize the importance of it. And, you know, I think the previous operators perhaps didn't. and some of the discussions we had with people that when they were working underground, if they never saw the high-grade visible veins, they basically moved on. So they were kind of discounting, in fact, discounting cobalt because just as a reminder, we do have a lot of cobalt in the system, but not always high-grade silver with the cobalt. So sometimes you get cobalt with very high-grade silver and sometimes you get cobalt with almost no silver.

5:33And I think the historical underground guys, when they saw these cobalt veins, they just kept moving. They weren't interested in it. So that's something else that's kind of adding to the story a little bit. It's a bit of a puzzle why that is. And we think that there's some remobilization of silver. And perhaps with the dye-based sil that came in later, it's helped to remobilize and recrystallize silver from perhaps some of the cobalt veins and that's kind of a thesis and I guess a work in progress to try and understand where the high grade silver is but it's kind of like gold gold's where you find it and I think we're finding that with the silver here it's where you find it and we're still, I think for the balance of the year we're still going to be drilling in and around the old workings because we know A, they mind high-grade silver there and B, they left a lot of material behind and obviously that's what we're drilling.

6:36So see where that takes us through the year. But, you know, we are on a mission to put Langus into an MRE and so that's been the objective for us going forward. And obviously, we've got some interest around the tailings as well. So we think probably step one is get the tailings into an MRE. I think those are easy pickings for us. We know we have silver sitting in the ground in a pile of sand at surface on private land with the road and power and all that stuff. So it makes a lot of sense. And it should be easy for us to monetize that. and then obviously going into next year we're going to be pushing hard on on getting that mre

7:23Mining Stock Daily: on on the books here yeah uh so it wasn't just a few holes reported today there are a lot of them 33 holes so there's a lot of data and information in there gary to kind of uh get into the weeds with uh not that we have the time to get into the weeds on all 33 but are you getting to the point where you can actually predict where these higher-grade shoots would occur rather than simply just following the historic workings? Are you starting to really open up and better understand Langus now than, say, you were six months ago? Yeah, I would say to some degree we are slowly. I think one of the takeaways that we've seen here is that while we get mineralization in all three lithologies, lithologies the basement volcanics the heronian sediments and the uh die-based sill what we're seeing on a on a percentage basis is the majority of the mineralization is in within the sediments and within the sediments and that uh close to that contact either of the sill or within the basement uh conformity so at least we have a sense of you know where we should be looking here um predictability i would say that's still that's still something to um you know to get a handle on um and we're starting to uh piece together some structural work we are seeing some evidence of dilation we know that this deposit model is kind of unique it's a continental rift environment so you've got extensional tectonics creating openings for mineralizing fluids to come in as opposed to like an epithermal vein system or different other vein type deposits.

9:08So it's a bit of a unique, and I think that structural work that we're doing will ultimately help in perhaps predictability, but I don't think we're quite there yet. We're really just shooting around the old workings where we know that they've hit silver before and looking to see what they left behind. So at some point, we're going to exhaust those targets around the workings, and then we're going to have to really start to hone our skills as far as that predictability goes. But I think that's a bit of a challenge at the moment for us.

9:42Mining Stock Daily: Back in July when you and I last spoke, you did mention capital kind of being somewhat of a gating factor to accelerate Lengus. But since then, you did actually announce and raise$9 million. What does that financing allow you to do at Lengus that wasn't maybe part of that plan six weeks ago? Well, what it allows us to do is add more drills. And, you know, I've been pushing hard to get more holes done. So the way I'm looking at it now, we've got two drills turning. You know, it's still remarkably low. Like we're drilling cost-wise, we're in the 170. You know, for round numbers, let's say$200 a meter.

10:30because you had a few bells and whistles and you had some tools and this and that. But even at those rates, you can project perhaps with three or four drills, you could see something like 10 ,000 meters a month coming out of this project. And then you start to really put the meters behind you and really start to scale up the program. So it really allows us to go into the winter. I think right now we're chasing a third drill. and, you know, with some success. And we could see perhaps going into the winter with four drills spinning on this thing all winter long. So the beauty is we can drill all year round, low-cost drilling.

11:10And with those kind of meterage, you know, I can't predict the future, but I can say with confidence based on what we've done to date that there's going to be some more goodies to come out of this Langus project. Very good.

11:23Mining Stock Daily: All right. Well, let's not, we shouldn't ignore Thorne as well. A lot of attention lately, and this summer has been on Langus, but work is happening on the ground up at Thorne in BC. What's the latest happening? Can you give us any sort of kind of field update there from the Thorne camp? Yeah, we're pretty close to budget there. We had, I think, a$5.8 million budget this year. So we'll call it$6 million budget, which we're getting near to. So we're actually planning to close down a bit early this year. Normally we go right till October, towards the end of October until the snow chases us out. But this year, although it's been kind of an oddball summer, I'll say summer with quotations because they haven't had much summer.

12:11It's been a bit of a wet, dreary summer there with maybe a week or two of decent weather. You know, they got snowed on every single month of this year. but you know I'd say we had a good season we are you know we didn't we did drilling in Camp Creek a shallow not the porphyry target there but the shallow veins and then we also drilled some holes on the new porphyry copper gold system called catalyst which has a massive footprint there so we're we've been stepping out in a way and expanding the footprint there and you know obviously trying to find the core high-grade part of that system. And then we threw a few holes into Trapper, only because I think it looks like Trapper and the Camp Creek target areas are going into MRE as well.

13:04So for Thorne, this is a bit of a conversion year from all the work that we've done to start to wrap resources around some of these targets. And by no means these things are closed off. They all remain wide open, but it's a start for us to start to hang some numbers around these targets. And then it'll help us perhaps going into 2027, where do we go from here and which of those target areas are going to see the budget and the drill dollars next year. so yeah it remains to be seen as it all comes out but we're hoping to have something for Roundup or by PDAC at least on all these MREs and see what that looks like but yeah it's kind of exciting to actually put some numbers numbers on the books as opposed to just continued exploration speculative play here

14:03Mining Stock Daily: alright Gary let's leave it at that it's going to be an exciting fall here There are lots of updates coming for multiple projects within the Brixton portfolio. Once again, Brixton Metals trades on the Venture Exchange with BBB and on the OTCQX with BBBXF. Gary, thanks so much for your time and for the update. We'll talk to you again in a number of weeks. Thank you, Trevor. Appreciate it. Bye now. The information presented should not be considered investment advice. Mining stock daily and affiliates are not responsible for any loss arising from any investment decision. in connection with the material presented herein.

14:38Mining Stock Daily: Please do your own research or speak with a licensed financial representative before making any investment decisions.