Brixton Metals is an explorer in cobalt, nickel and silver, but late this summer (2018) they discovered a small interval of kimberlite material in three drillholes.
This is the news release they provided -- 2018-08-31
Here are some excerpts:
Hole 34:
"Hole 34 was drilled at 130 degrees azimuth with a dip of 38 degrees. Overburden was encountered to 65m drill depth of approximately 40m vertical depth. The kimberlite in hole 34 is a 15m interval from 65m drill depth. The kimberlite is very weathered including limestone rich fragments."
Hole 36:
"Drill hole LM-18-36 was drilled at 120 degrees azimuth and a 38 degrees dip. Overburden was encountered to 36.5m or about 22m vertical depth. The syenite clast rich kimberlite was encountered over a 14m interval from 36.5m."
Hole 37:
Hole 37 was drilled at 351.5 degrees azimuth and a 38 degrees dip. Overburden was encountered to 57m or about 35m vertical depth. The kimberlite interval in hole 37 was 44m in length from 60m. The kimberlite unit contained limestone fragments and is very weathered.
Here is a map with magnetic readings:
Interpretation:
Looking at the kimberlite intersections (14, 15 and 44 metres), which are not true depths, it looks like it could possibly be a sheet type structure that extends over the area. There is the magnetic anomaly to the centre right along hole 36 as well. The other two holes are far away from that anomaly. Is this a sheet or not?
Since those discovery holes, the company proceeded with a ground gravity survey, not the cheapest thing to do, but very worth it in this case.
The news release on the ground gravity results came out recently -- 2018-11-14
The gravity image says it all:
Interpretation:
The gravity anomaly smacks right in the middle (blue) with hole 34 just barely catching the southern part of the anomaly and hole 37 just barely catching the NE corner of the anomaly. Hole 36 is a bit to the East of Hole 37 and not catching the anomaly as clear as the other ones. The biggest point here is that there has been no hole drilled right down the middle of this gravity anomalies. They have only had just barely hits on the target and are planning Hole #51 right down the middle of the anomaly. The concept of a sheet has turned into big possibilities of a pipe with the smaller intersections based only on catching the outer edges of the pipe.
Diamonds:
Besides the gravity survey success, the biggest kicker is back on the first news release where the company did a small amount of caustics. In a 6.5 kg sample of very weathered material, they managed to produce an actual diamond fragment. This fragment could have been part of a larger stone.
Description -- 0.28 mm x 0.20 mm x 0.08 mm -- Off-white, transparent, no inclusions.
The geometry here would have had that fragment land on the 0.106 mm sieve, which is the lowest sieve on the micro diamond scale.
One out of every 100 kimberlite pipes has diamonds. This already has a diamond found in a small sample on an outlier hole. This diamond is extremely significant at this stage of the project.
Size:
What size is this anomaly? A lot of diamond exploration happens on anomalies that are 2 or 3 hectares and smaller. A lot of the diamond projects are poking drillholes through anomalies that are 1 hectares or less. Very few targets in the world today exceed or even meet 5 hectares in size.
"The geophysical anomaly target has an approximate size of 500 metres in a northeast direction and approximately 230 metres in a northwest direction"
That equates to 115,000 square metres. 10,000 square metres = 1 hectare.
This anomaly reaches 11.5 hectares in size. Comfortably a 10+ hectare target.
What is known:
1 - Tier 1 size anomaly.
2 - Diamond bearing confirmed.
3 - Gravity survey shows a clear target.
4 - No drillholes down the centre of this target, only on the far outskirts.
Risk/Reward:
Drillhole 51 has a strong possibility of intersecting a significant length of kimberlite that could be perceived as a very positive by the marketplace. Caustic fusion on the intersections (if warranted) would come back in 2 or 3 months and possibility of diamonds in the results are very high, then the size distribution would need to be looked at. If this becomes a bust of a diamond anomaly, the company still has focus on other commodities. This is not a 1 anomaly, do or die scenario. This is a 1 anomaly that could be very rewarding if positive or business as usual if negative.
Future:
If this anomaly has any sort of success, this would probably set in motion an exploration plan in the near area that focuses on some diamond exploration instead of the other commodities. More gravity surveys in highly speculative areas. This exploration would only occur if the results of this drillhole 51 are considered a success and the market rewards the company with the ability to raise some funds at higher share prices to continue this part of the endeavor. At this point, the market has overlooked the details of the potential here.
