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Buxton Hears Copper Wolf’s Howl

11 April 2023 14:01
ASX: BUX

After much anticipation, Buxton Resources have finally fired up the rig at its 100 per cent owned Copper Wolf project in Arizona, with the rig now spinning to complete the project’s maiden drill hole, targeting the underlying porphyry copper-molybdenum system.

This campaign is the first drilling Copper Wolf has seen since 1998, with the new hole targeting an area proximal and beneath a historical hole that ended in porphyry-style copper-molybdenum mineralisation with assays of 253m @ 0.84% CuEq1 (0.31% Cu and 0.064% Mo).

The new hole will drill at least 320 metres deeper than the previous hole to a target depth of 1,100 metres and, based on magnetic data the company recently received and interpreted, will test the hanging of all of the bobcat cluster faults, which is believed to have influenced the emplacement of the Copper Wolf Laramide porphyry mineral system.

Buxton also has the ability to extend the drill hole past its target depth if favourable geology and mineralisation are intersected.

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(Cross-section of the indicated drill hole )

Representing a significant step for the project, Australian mining giant IGO Limited will be funding the entirety of the program as part of a pre-earn-in option, with expenditure for the hole being credited towards a $5M earn-in to 70% for the JV option if IGO chooses to exercise it.

This is part of three interdependent transactions Buxton entered with IGO in August last year, with the two explorers entering agreements concerning the Merlin and Narryer projects as well as Copper Wolf.

Buxton first defined this porphyry mineral system in October of 2021 based on a wealth of historical exploration data, and since then the company has only grown its profile, with the aforementioned magnetic data revealing further untested outcroppings of Cu-Mo mineralisation along structural corridors, leading the company extending its tenure to ~12.5 square kilometres.

The company expects drilling to be completed in approximately one month.

BUX’s Australian Stock Exchange-listed share price is currently trading at 17.5c (12.43 am UTC+ 8 hours).

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