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Buxton Uncover Promising Porphyry System

5 June 2023 12:04
ASX: BUX

Buxton Resources Ltd (ASX: BUX) has achieved a significant breakthrough at its Copper Wolf Project in Arizona, with its first drill hole intersecting a well-mineralised Cu-Mo porphyry system.

This discovery marks the first hole drilled into such a system in over 30 years since its initial identification in the 1960s.

Promising Mineralisation Encountered

The drill hole, CW0001DD, reached an impressive depth of 611.67 metres, encountering 81.93 meters of basement rocks exhibiting veining, alteration, and mineralisation.

The observed characteristics align with a Laramide Cu-Mo porphyry system, indicating the presence of copper and molybdenum deposits.

Buxton’s core samples from the drill hole reveal mineralising quartz-pyrite-chalcopyrite-molybdenite+/-bornite sulphide vein stockwork within a strongly altered gneissic rock.

A Rediscovery after Decades

The success of this initial drill hole not only validates Buxton’s exploration strategy but also strengthens the potential of the Copper Wolf Project.

Located in a highly mineral-rich copper belt, the Project has remained unexplored since the early 1990s. Aside from Buxton’s 2022 airborne magnetics survey, no geophysical surveys have been conducted in the area for 60 years.

The renewed interest in the Project is not only a positive sign for Buxton but also for the broader mining industry with porphyry systems being highly sought after due to their potential for large-scale, long-life mining operations.

Drilling Operations Paused & Future Prospects

While drilling is currently on pause at a depth of 611.67 metres, it is only temporary as the Company prepares to transition to a drilling contractor equipped with a larger rig capable of reaching greater depths.

Buxton has already finalised the contract with the new drilling company and is actively mobilising to the site. Once the changeover is complete, coring is expected to resume promptly, allowing for further exploration of the Cu-Mo porphyry system and potential expansion of the mineralisation zone.

While further drilling is required to confirm the size and grade of the mineralised zone, the initial results have provided a strong indication of the Project’s mineral potential.

BUX’s Australian Stock Exchange-listed share price is currently trading at 2 cents (11:50 am UTC+ 8 hours).

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