This Copper - Gold District Is 5x the Size of Toronto | Gary Thompson - Brixton Metals
The Deep Dive Aug 14, 2026
Summary
Brixton (BBB) is converting five years of Thorn Project drilling into updated and maiden resources at Camp Creek and Trapper during 2026.
BHP's 19.9% strategic stake reflects conviction in a complete district-scale porphyry system at Thorn, not just one discovery.
The Catalyst porphyry returned 424 metres of 0.3% copper-equivalent from surface with a 1-to-1 copper-to-gold ratio, and 2026 drilling will hunt for a higher-grade core.
Thorn sits roughly 50 kilometres from the nearest road; the team estimates 50-60 kilometres of new road would unlock road access to the deposits.
Steve Hyland's takeaways
- Top takeaway Presses Thompson on the central investor concern: why does Thorn still have only one resource from 2014 despite 370 holes and 93,000 meters of drilling since 1952
- Probes Catalyst's economics given 0.3% CuEq over 424 m in a fly-in jurisdiction, and asks what would have to happen this season to make it interesting
Gary Thompson's takeaways
- Top takeaway Frames 2026 as a 'conversion year' for Brixton, arguing the goal is to translate roughly $75M of prior drilling into an updated Camp Creek resource and a maiden Trapper resource
- Defends BHP's 2022 investment as a bet on a 'complete mineral system' and the sheer size of the Thorn land package, with the Camp Creek porphyry discovery as the trigger
- Defends how Brixton allocates drill dollars across many targets by saying the company drills 'what's ready' based on geochem, geophysics, and supporting geology, not just what's interesting
- Pushes back on the 'never-never' investor critique, arguing the work is genuinely converting into resources and economics rather than perpetually being deferred
- Frames Catalyst as still early-stage despite 424 m of 0.3% CuEq from surface, citing a 1:1 copper-to-gold ratio, surface expression, and a 'handful of holes' as positives worth expanding this season