Buxton Resources has fired up the rig once again at its Copper Wolf Project in Arizona, with the Company having commenced the Project’s drill hole targeting copper and molybdenum mineralisation.
This second hole has already reached a depth of 625.5 metres and has re-entered previously uncovered mineralisation, with this hole expected to hit a minimum depth of 1,100 metres and deliver the first assay results in approximately eight weeks.
Figure 1: Planned trace of current hole alongside trace of previous hole
The new hole is located adjacent to the first hole which failed to reach its target depth and was terminated at 611.67 metres after intersecting mineralised basement rocks with veining alteration and sulphide mineralisation consistent with a laramide Cu-Mo porphyry system.
Due to the cost and time factor of re-entering the previous hole, the Company instead decided to drill a second hole adjacent to the first with a separate drill contractor.
While the first hole did not reach its target depth, it nonetheless provided valuable information for Buxton by giving the Project its first drill core in over thirty years, with this first core having intersected 81.93 meters of porphyry-style Cu-Mo mineralised basement rock.
Figure 2: Buxton expanded tenue
This first drill core has now been submitted for assay with results expected in four weeks, but the intersection has already bolstered the explorer’s confidence such that it has now moved to expand the Project’s tenure to 29.5 square kilometres.
Buxton is now processing the staking of an additional 169 mining lode claims and an additional mineral exploration permit covering a cumulative 16.5 kilometres adjacent to the current 13 square kilometre tenue, with the entirety of the new area prospective for Cu-Mo mineralisation based on new and previous geological and geophysical work.
BUX’s Australian Stock Exchange-listed share price has risen 11.11 per cent and is currently trading at 15 cents (1:53 pm UTC+ 8 hours).