Brixton Metals (TSXV: BBB) has entered into an option agreement to acquire a 100% interest in the Silvergruvan project in south central Sweden, adding a historic silver district to a portfolio otherwise built around North America.
The property, optioned from arm’s length vendor McKnight Resources AB, spans 1,460 hectares across 2 exploration permits in Hällefors Municipality. It sits on the western margin of the Bergslagen province and is prospective for silver, gold, lead, zinc, antimony and indium.
Silver was first discovered at Silvergruvan in 1635, and records cited by the company indicate Hällefors produced just over 480,000 ounces of silver between 1639 and 1852. Boliden restarted underground mining at the eastern fields in 1977, then drilled 2,000 metres at the western fields two decades later in a joint venture with the Lundin Group. McKnight picked up the ground through staking in 2026.
Sixteen rock grab samples collected by McKnight from historic waste dumps returned up to 800 g/t silver, 1.8 g/t gold, 18.4% lead and 20.9% zinc. Six of those samples topped 500 g/t silver.
To earn its interest, Brixton must issue $1.5 million in shares and spend $3.3 million on exploration, with the work commitments stretched over 3 years. The final $600,000 share tranche comes due once the earlier payments and spending are complete. Shares will be priced off the 20-day volume weighted average, with a $0.50 floor.
McKnight will retain a 2% net smelter returns royalty, half of which Brixton can buy back for $1.5 million.
Chairman and CEO Gary Thompson pointed to the geological parallels with Boliden’s Garpenberg mine, a long-life operation in the same region.
“The Silvergruvan Property represents an attractive opportunity for new discoveries in a region that has not seen much modern exploration, yet it shares similar geology to Garpenburg, one of the world’s most productive underground zinc mines,” Thompson said.
Silver accounted for 47% of Garpenberg’s revenue in 2025, according to Boliden.
Brixton Metals last traded at $0.62 on the TSX Venture.