On June 8th a relatively unknown silver exploration company drilling in Sinaloa State, Mexico halted trading in their stock to announce previously unheard of drill results of 8,078 g/t silver equivalent (1,808.2 grams per tonne silver, 66.8 g/t gold, 2.99 per cent lead and 3.3 per cent zinc) over six metres from 69 metres depth.
The company is Vizsla Resources (TSXV:VZLA, OTC:VIZSF). This one drill hole added over $60 million to Vizsla’s market valuation, causing the stock to skyrocket over 100% on the news, and catapulting it to a market cap of over $120 million. They are in the process of raising $25 million, and have added a third drill rig to the project!
Approximately 15 miles southeast of Vizsla’s massive discovery is a little known company named Brigadier Gold Ltd (TSXV: BRG, OTC: BGADF), which somehow managed to scoop up “Picachos” a day before VZLA’s announcement.
Brigadier’s valuation still sits at less than $20 million (CAD), with the stock trading under 0.50. It seems like this is going to change quickly. The company has just 45 million shares outstanding with approximately 50% held by insiders, founders and partners and 20% held by institutions.
Picachos is a remarkable project, with over 160 historical mines, workings and prospects, and a road system already within the properties 3,954 hectares allowing for easy access to the hottest drill targets.
The project is “drill ready”, meaning Brigadier will not need to expend capital and time to determine where the drills will turn first. They are in the process of raising $3.5 million to hit the ground and get the drills turning as soon as possible.
The stock is being discovered quickly as word in the mining and investment community gets around.
Virtually overnight Brigadier went from obscurity to one of the area’s hottest topics.
I’ll leave you with a snippet of their acquisition press release, dated July 7th.
We’ll be updating our subscribers as the company makes it’s first move on Picachos and continues to expand the program.
- Located in the Sierra Madre Occidental (SMO) Baluarte watershed, between the Panuco Project of Vizsla Resources (TSX-V: VZLA) and the Plomosas Project of GR Silver Mining (TSX-V: GRSL).
- San Agustin Mine underground channel sampling by prior operator returned average grade of 81.22 grams per ton (g/t) gold (Au) and 73.36 g/t silver (Ag) across 1.2 metres (Thunderbird Projects news release dated 18 June 1997). Values of 185 g/t Au were cut across the bottom of a production shaft (sample HBM-73175).
- The San Agustin vein has never been tested with diamond drilling.
- More than 160 known historic underground mines, workings and prospects at Picachos are on gold-rich veins.
- Recently identified, large copper porphyry prospect in northern area of Picachos.
- Drill / exploration permits in place as well as recently renewed surface access agreement with local community.
Ranjeet Sundher, CEO, remarks “Picachos marks an important acquisition for Brigadier, positioning the Company in a prolific gold and silver region of Mexico. Picachos is road accessible and demonstrates exceptional potential for advancement. Over 160 underexplored historic mines and workings throughout Picachos provide excellent potential for discovery of new gold-silver mineralized zones. Picachos benefits from a comprehensive historical exploration data library, allowing for the immediate commencement of exploration and an inaugural drill program. We’re looking forward to getting boots on the ground and drills turning.”
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