The fundraising is just over half the amount the company had hoped to raise towards the project, which it acquired in July from Pan American Silver for C$1 million in shares and a 3% NSR.

Brixton described Hog Heaven as a high-sulphidation silver-gold epithermal vein-breccia deposit with porphyry copper-gold potential.

Some 6.4Moz of silver from 241,000 tons at an average grade of 26.6 troy ounces of silver per ton were reportedly mined from Hog Heaven between 1929 and 1946.

The company said it had reviewed only 10% of the data on 701 historic drill holes and "a wealth of information" remained to be compiled, digitised and modelled, but chairman and CEO Gary Thompson said they were encouraged by the number of high-grade hits encountered.

"Our goal upon completion of the data review and digitisation of drill hole data is to conduct confirmation drilling with a focus on verifying the historic data via twinning with sufficient drilling as may be required to provide a maiden NI-43-101 resource estimate for the project," he said.

The company incurred a loss of $3.36 million for the nine months to June 30, compared with almost $900,000 in the previous corresponding period, due to almost $1.7 million in exploration costs and increased financing and acquisition activity.

Brixton closed up almost 1.8% yesterday to $0.28, towards the lower end of its 52-week range between $0.17-$0.65.