Brixton Metals (TSXV: BBB, OTCQB: BBBXF) CEO Gary R. Thompson

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Welcome back to the Mining and Markets
podcast by Senergy Capital.00;00;11;00 – 00;00;14;28
Joining us today is the CEO of Brixton
Metals Corp., which trades on the venture

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exchange under symbol BBB
and on the OTC under BBBXF

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Mr. Gary Thompson.

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Gary, welcome to the show.

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I’ve been following the Brixton story for a bit
now, probably since you know, late 2002

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when BHP became a strategic

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and that’s when I started to really pay
close attention.

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So it’s a great pleasure to speak with you
today.

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Yeah, definitely happy to be here.
Thank you.

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Why don’t we start off by you

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giving a brief description of the company
and what the main focus is?

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Sure. Brixton is a junior exploration company.

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We’re really focused on critical minerals.

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Dominantly copper gold focused
on our flagship project called Thorn

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up in north west British Columbia,
on the sort of Golden Triangle trend.

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And we’re actively drilling
with our largest drill campaign

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ever this season and looking forward
to some some big drill results.

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And we’re excited
to see what the season can bring.

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So let’s let’s dive into that
a little bit further.

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The company’s flagship
Copper Porphyry project is, you know,

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probably one of the largest properties
in the area and perhaps Canada.

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Can you give a bit of detail
around the project, its location

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and why you believe it’s a unique play
in the Golden Triangle, specifically

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how it differs
from other juniors in the area?

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Because, you know, there’s

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there’s quite a few operating there,
but this project has obviously

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got the attention of big players
such as BHP.

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So I just want to get
a sense of the uniqueness

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and why you think it caught the eyes
of a major player like that.

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Well, yeah, I think a couple of things.

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It is definitely unique
and that it is actually

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technically
the largest contiguous mineral claim

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holdings in British Columbia and certainly
one of the largest in Canada.

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And I think in part

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that’s what attracted the world’s
largest miner, BHP, to the story.

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But if you look at the

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and we’d like to show the Geochem map
on our website, because while it’s

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still relatively early,
there’s so much discovery potential here.

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And, you know,

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I’d say what’s unique about it
is, let’s say further up the trend

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and we’ve been quietly
assembling these claims.

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So we have quite a large block with,
I think, 14 target areas

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that have been identified.

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And when I say target areas,
I mean multi kilometer target areas.

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Most of the work that we’ve been doing
is is really focused on Mosaic two, three.

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There’s always sort of up and coming
targets that we’re moving up the curve.

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But I would classify it as,

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you know, discovery, rich, copper-gold, porphyry, district.

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And I guess the way to describe
some of these target areas

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and some may be related to each other,
it’s such a big area.

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Is that considered
a complete mineral system

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In fact, I’d argue that we may have
2 complete mineral systems.

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And when I say that, I mean we have
the northern portion of the property

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where we’ve done most of the work on
is related to Cretaceous age

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porphyry intrusions that are 95
million year old mineralized intrusions.

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So that’s one area.

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And that’s probably
if you look at that whole Cretaceous age

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zone, you know, you’re probably talking
40 kilometer terrain there.

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And then if you shift down

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to the central part of the property, well,
we’ve also got some very encouraging

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copper-gold numbers
over another 30, 40 kilometer area.

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But those are different rocks.

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Those are like 220 million year
Triassic age porphyry intrusions.

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So different mineralizing
event timeline for sure,

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but also another large scale
mineralizing system.

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So I would argue
we have two complete mineral systems

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and within those mineral systems
we’ve got multiple deposits

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that we’re advancing, exploring.

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But taking a step back
this year, they are the bulk of the budget

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is going to be focused on our Camp
Creek Porphyry,

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which is a new blind porphyry discovery
that we made a few years ago.

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And then the other

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significant portion of the budget is going
to what’s called the Trapper target.

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It’s more of a gold epithermal gold target
that we believe

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may be related to a copper porphyry
at depth.

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And, you know, one of the things
I like to remind people is,

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you know, some of the largest gold
deposits in the world are copper

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porphyry systems.

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So they tend to be you don’t always
get gold with with porphyry systems.

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But a lot of times

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if you look at these things as copper-gold, some maybe more gold rich,

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some maybe more copper rich,
but tend to get other metals.

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And we do have like silver and molybdenum
as well

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as byproducts in some of these systems.

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Right, Right.

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So, you know, you announced
that commencement of drilling has begun.

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Given the size of this project and,
you know,

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the extensive program
that you guys did last year,

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which
maybe you can talk a little bit about,

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what’s the strategy on targets this year?

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And is the objective
to simply expand mineralization

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and eventually seek out
that high grade porphyry system?

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Or is there anything else that you can
share for this particular drill program?

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Yeah, I mean, it’s kind of a similar
strategy that we’ve been using last year.

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I mean, the bulk of the focus
was really on Camp Creek and Trapper,

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you know, we’ve yet to test the or I guess
close off

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the limits to the mineralized zones
that we’ve been drilling there.

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So the goal is really to, you know,
try and find the limits of the system.

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But also we don’t believe we

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perhaps drilled the best intercepts,
let’s say the way to put it

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So we’re always looking for that
momentum hole

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that can really help
drive the story forward.

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So it’s advancing these things,
expanding them on strike at depth.

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But concurrent with that,
we continue to advance

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some of the earlier stage targets
that have not seen any drilling.

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So we’ve got a number of other
large scale targets like Metla

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the North target, the East target,
the West target

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for the lack of better name,
but just generally where they are.

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You know,
there’s always up and coming targets.

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And, you know, a good example is where
we had a zone that we were drilling

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early on
in the company’s history from about,

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I don’t know, August 2012 to 2014,
a zone called Outlaw,

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which is actually a sediment hosted

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gold zone, which has a five kilometer
surface soil and rock.

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Geochemistry footprint.

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So quite a large mineralizing system there.

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And we drilled like 60 meters of a gram
and we have it sort of mapped out,

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you know, has about 600 meter zone
within that drilling

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within
that sort of five kilometer anomaly.

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But then when we started to get on to Trapper

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some of the grades that were pulling on Trapper have been phenomenal.

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And on 64 meters of 5.7 grams

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gold and some very high grade surface
gold samples.

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So as much as we like the Outlaw gold target, Trapper just it kind of moved up the rank

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So we’re always doing these rankings.

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So even though we have many targets
and, you know,

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we can’t really work them all, what we try
and do is rank these things

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each season to say, okay, where does this
target fit into the rest of the targets?

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Because we’re doing exploration
and we’re finding new stuff all the time

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and you don’t want to get too tunnel
focused on on

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maybe one target when you could have
something better over there.

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And that example
I just gave you on on the Outlaw target,

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that kind of got downgraded
because Trapper got upgraded

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because it looks like a much,
much higher grade system at surface there.

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So you just got to keep optimizing
the targets and where you know,

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where we spend the budget.

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So this year
we had about a $14 million budget

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and we hope to get about 20,000 meters
out of the season.

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And that will include a lot of,
like I say, geochem and prospecting

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mapping on some of these earlier
stage targets.

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But maybe, maybe by the end of the year
we can get a few holes

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in into some of these other targets
that haven’t seen any drilling yet.

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We’re still, I would say

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Brixton, we’re still in the discovery
phase, really, even though

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we’ve been at this thing for a long time,
the last few years, I’d say.

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And if you go back, you know, even
three years, you know, we had four, five,

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$6 million budget
last year was 11 million.

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This year, 14, maybe a bit more next year
and hoping that’s 20.

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So we can see that
it’s really been in the last three, three

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or four years
where budgets have been significant

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enough to generate the kind of results
we need to move this thing forward.

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Right.

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Well, let’s talk a little bit about the,
you know, the location.

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Correct me if I’m wrong,
but you guys are just north

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kind of the Golden Triangle area,
which is, you know, a pretty underexplored

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area.

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Has there been any historical drilling

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are you guys using any of that for data?

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What’s your opinion on that?

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Yeah, I mean, there was in fact,
if you look at some of our old assessment

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reports that we file on an annual basis,
there’s a pretty extensive

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historical database.

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And I think, you know, we
we data mined about 150 old assessment

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reports from other operators in the area.

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So we were able to utilize a lot of that
data, some drilling, a lot of geochem

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data, definitely, you know, a lot of value
in that in that data.

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And we’re certainly incorporating
those early results into our program.

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And, you know, it’s
kind of an iterative process.

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You know, you have some data, historical
or not or stuff that you’re collecting

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and then you just add on to it and just
kind of building the database as you go.

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And again,
like I said, you kind of optimize it

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based on the results that other operators
have had or results that we’re getting.

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And, you know,

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some of the success that we’re having
is based on other operators success.

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And we just kind of extend,
you know, extend on that.

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Like Trapper is a good example.

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Ocean Park
drilled some holes about 100 meters from

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we didn’t actually own the Trapper
main claims until 2020,

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but there was a company called Ocean Park
that was in there on the drilled

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some holes, like I say,
100 meters from our our claim boundary.

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And then so we stepped to the west,
which was basically where our claims were

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before.

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So, so that was successful for us
and that kind of led us into

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now Trapper target that we’re drilling.

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It’s made of a combination
of those things, I would say.

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But you know, the earliest work goes back
to, I think 1952, Cominco and Kenko.

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Chevron was in in in this area
in the eighties

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that did a pretty broad scale regional
and did a lot of good work

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in there in the eighties.

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So that was sort of,
you know, some of the early foundation of

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of some of the prospects
that were identified and sampled.

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And now we’re just,
you know, continuing to advance on them.

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I’m excited to see how this drill unfolds.

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I know it can be a little bit hard
to speculate on timing, especially given

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big drill holes.

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You know, when can investors expect maybe
the first set of assets to be released?

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Yeah, if I if I knew that,

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you know, I’d give you some dates,
but we really don’t know.

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It’s been, you know, the turnaround times
have been, I would say pretty varied.

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I mean just look at last year we had some
results generated fairly quickly.

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But then as the season rolled
on the timelines became 2 to 3 months.

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So I hate to speculate on that.

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All we can do is, is wait,
you know, we did get a fairly early

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start to the season and so I’m you know,
I’m hoping July, August will be

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the start of a bunch of news flow,
but it’s really hard to put a date on it.

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Yeah.

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Just to switch focus a little bit and talk
about some of your other projects.

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I know you guys have been optioning out
some of them, you know, such as Hog Heaven

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to Ivanhoe, which by the way, is great
to see interest from a company like that

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with a strong balance sheet of,
I think 17 million in the till.

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Can we assume the majority of the funds

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will be spent on Thorn
or are you guys planning on

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doing some other exploration work
at the other projects?

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Yeah, we’re absolutely focused on Thorn

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That’s, that’s our flagship.

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We do not have any budget
for the other projects.

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We also farmed out our Atlin Goldfields project to a company called Pacific Bay

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and we’re looking to do the same to
two lengths so that we can really focus.

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If you look at our portfolio, we think
we have a strong portfolio of projects,

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but you know, we are still,
you know, sub 100 million market cap company.

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And if you look at the size of the prize,
if you will, the Thorn

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project really ticks a lot of boxes from,
you know, the scale.

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You really can’t compare the scale
potential to the other projects.

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I think I think it serves our shareholders

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well to really focus the team
and our resources on the Thron project.

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Can you briefly discuss the share
structure for some of the investors

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listening right now, as well as noteworthy
shareholders in the company?

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As I know, there are some big names
which I alluded to in the beginning and we

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right now the company has about
380 million shares outstanding.

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The largest shareholder is BHP in 19.9.

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The world’s largest miner, Crescat
Capital, is our second

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largest shareholder.

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They’re in that sort of 15 to maybe 19%.

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And then Eric Sprott

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And if you look at the size
of the company, actually,

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we are pretty proud
to have three billionaires as shareholders.

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Eric Sprott, Robert Friedland and Rob McEwen.

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Now Robert Friedland’s position

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has been converted into Ivanhoe Electric
as part of that joint venture deal.

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We have at Hog Heaven project,
but so it’s I’d say it’s a good group

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of shareholders in the company
and of course management

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myself, I own a considerable amount
of stock in the deal.

00;12;10;08 – 00;12;14;06
So I think, like I say,
we’re still in that discovery phase.

00;12;14;06 – 00;12;17;27
We feel we have not hit the hole
that really will catapult

00;12;17;27 – 00;12;21;07
Brixton into a different level
and that’s what we’re gunning for.

00;12;21;07 – 00;12;22;18
You know, every drill hole, right?

00;12;22;18 – 00;12;23;21
You’re one potentially

00;12;23;21 – 00;12;27;22
one hole away from the big hole
that can make a big move on on the stock.

00;12;27;22 – 00;12;29;22
And that’s for us. That’s
what we’re trying to get

00;12;29;22 – 00;12;32;11
to, is that momentum ball
that can help launch us.

00;12;32;11 – 00;12;34;10
And I think that’s the opportunity
for shareholders.

00;12;34;10 – 00;12;38;02
If you look at, you know, where
BHP came in at the end of 2022

00;12;38;02 – 00;12;41;16
at $0.18, you know, were in
and around that price point.

00;12;41;16 – 00;12;45;21
So while we’ve had a run up to $0.30
and tagged 100 million market cap,

00;12;46;00 – 00;12;51;13
we’re currently sitting at 65, 70 million
market cap in around the BHP entry level.

00;12;51;13 – 00;12;55;08
So I think it’s a good, good time
to be looking at a company like Brixton

00;12;55;21 – 00;12;58;16
and certainly keep an eye
on, you know, on those drill results

00;12;58;16 – 00;13;00;10
when you know, when they start coming out

00;13;00;10 – 00;13;02;02
And, you know, just just as we wrap up,

00;13;02;05 – 00;13;05;26
what can investors expect in terms
of news flow and upcoming catalysts

00;13;06;05 – 00;13;08;01
through the summer
going into the new year?

00;13;08;01 – 00;13;10;10
Well, it’s yeah,
it’s going to be all about the drilling.

00;13;10;10 – 00;13;11;19
I would say.

00;13;11;19 – 00;13;13;14
You know, look for some

00;13;13;14 – 00;13;15;28
I mean, I can’t guarantee any
any drill results

00;13;15;28 – 00;13;19;06
but I can just looking what we did
last year, you know, some of the holes

00;13;19;06 – 00;13;22;13
we had in some of the previous
drilling at, say, Camp Creek, you know,

00;13;22;14 – 00;13;26;00
820 meters of almost a half a per cent
copper equivalent.

00;13;26;01 – 00;13;29;12
And think one of the best falls in Camp
Creek was 554

00;13;29;12 – 00;13;32;25
meters of 0.9 copper equivalent,
so more copper dominant.

00;13;33;03 – 00;13;34;13
So we have two main targets.

00;13;34;13 – 00;13;37;28
Just to remind our listeners,
Camp Creek is a copper porphyry.

00;13;37;28 – 00;13;40;28
It’s copper, gold, silver, only,
but it’s copper dominant, you know, we’re

00;13;40;28 – 00;13;43;29
drilling deep holes there, 1200 meter
plus potentially.

00;13;44;02 – 00;13;46;23
So expect some, some big copper holes
coming out of that.

00;13;46;23 – 00;13;49;19
And then on the track for Target,
it’s more gold dominance

00;13;49;24 – 00;13;50;19
I think the longest hole

00;13;50;19 – 00;13;52;27
There was about 400 meters of a gram.

00;13;53;09 – 00;13;57;01
And part
one of the better holes was hole 205.

00;13;57;01 – 00;14;01;05
I believe that return that I mentioned
earlier, 64 meters, a 5.7.

00;14;01;05 – 00;14;03;17
So those are the kind of results
we’ve generated in the past.

00;14;03;21 – 00;14;07;10
I would hope, and I would expect
that we would be getting similar or

00;14;07;11 – 00;14;09;00
potentially better results than that.

00;14;09;00 – 00;14;12;08
I mean, that’s really the catalyst for us
is going to be all about drilling,

00;14;12;19 – 00;14;16;02
I would say, for the next next few years
to really demonstrate the caliber

00;14;16;02 – 00;14;18;03
and and the scale of the system.

00;14;18;03 – 00;14;20;08
So I think there’s a unique opportunity
here.

00;14;20;12 – 00;14;23;28
And lastly, to switch focus,
you know, investors and even banks

00;14;23;28 – 00;14;26;24
are predicting a potential copper
rally in the next 6 to 12 months.

00;14;27;01 – 00;14;30;14
However, as we both know,
there’s been a recent decline in prices

00;14;30;14 – 00;14;32;29
predominantly due
to weakened demand in traditional sectors

00;14;32;29 – 00;14;35;08
such as construction
and even consumer goods.

00;14;35;08 – 00;14;36;27
So my question for you is, you know,

00;14;36;27 – 00;14;40;09
do you anticipate further decline
in the price of copper in the short term,

00;14;40;09 – 00;14;43;01
or do you believe that
it’s reached its lowest point right now?

00;14;43;03 – 00;14;45;27
Yeah, that’s a tough one to gauge.

00;14;45;27 – 00;14;47;01
My read on the market

00;14;47;01 – 00;14;50;15
is that we’re pretty close to the bottom
of pricing for copper.

00;14;50;15 – 00;14;55;05
And either way you shape it with
or without the energy transition,

00;14;55;05 – 00;14;58;09
which is going to be a huge driver
going forward.

00;14;58;10 – 00;15;03;01
I think the demand for copper
is projected to outstrip the supply.

00;15;03;06 – 00;15;07;25
You know, we’re seeing major copper
producers scrambling for assets.

00;15;07;25 – 00;15;10;06
You’re seeing a lot of M&A
happening in the space.

00;15;10;14 – 00;15;14;22
I think a lot of miners are concerned
about the lack of supply there

00;15;14;23 – 00;15;19;12
and there’s going to be competitive
tension to control the copper supply

00;15;19;17 – 00;15;24;04
as much as the miners can in a sense
that we need new mines to you

00;15;24;04 – 00;15;26;29
know, if you look at the demand curve,
the amount of mine development is

00;15;26;29 – 00;15;29;00
projected is is phenomenal.

00;15;29;00 – 00;15;32;24
And so that only means to me
one one thing is is longer term price

00;15;32;28 – 00;15;34;01
is going to go higher.

00;15;34;01 – 00;15;34;29
What is the price?

00;15;34;29 – 00;15;37;21
I mean, I’m surprised we’re not sitting
at 5 dollar copper today.

00;15;37;21 – 00;15;42;16
But, you know, I could see $5 or even $10 copper, you know, not too distant future.

00;15;42;16 – 00;15;45;18
We’re already starting
to see a lot of action in the space,

00;15;45;23 – 00;15;49;26
maybe not so much on pricing, but I think
that will come as the years come on.

00;15;50;03 – 00;15;52;16
There’s just not enough supply coming on.

00;15;52;16 – 00;15;56;08
And it takes a lot longer
to build these mines than people think.

00;15;56;17 – 00;15;58;14
So that’s the other
that’s the other challenge.

00;15;58;14 – 00;16;01;13
I think as the sector grows,
you can’t just fire up a copper mine

00;16;01;20 – 00;16;04;18
they take to find and develop and build.

00;16;04;18 – 00;16;07;10
So yeah, it’ll be interesting
to see how that evolves.

00;16;07;10 – 00;16;10;06
But yeah, my,
my projections are certainly higher.

00;16;10;12 – 00;16;12;19
That’s great insight. I appreciate that.

00;16;12;19 – 00;16;13;26
Thank you so much for your time today.

00;16;13;26 – 00;16;15;09
Gary, for everyone

00;16;15;09 – 00;16;17;16
still listening right now,
if you enjoyed this episode

00;16;17;16 – 00;16;18;06
and you want to

00;16;18;06 – 00;16;21;13
follow some other companies,
make sure to like and subscribe as we plan

00;16;21;13 – 00;16;24;10
to be putting out frequent episodes
every week or every two weeks.

00;16;24;19 – 00;16;25;26
So once again, thank you, Gary.

00;16;25;26 – 00;16;27;03
You’re very welcome. Thank you.