Buxton Resources (ASX: BUX) has announced exciting results from the maiden drill hole at the Arizonian Copper Wolf Project, with 83.76 metres @ 0.86% CuEq from 527.91 metres and assays up to 2.35% CuEq, validating the Company’s geological estimates and affirming significant hydrothermal intrusive centres of porphyry Cu-Mo mineralisation in the Project.
‘Highly Encouraging’ Assays
The Company’s Copper Wolf Project has already showed immense romise, with drill holes intersecting a well-mineralised Cu-Mo porphyry system, announced earlier in June this year.
The maiden diamond drill hole CPW0001DD, located within the Copper Wolf Project, returned 83.76 metres @0.86% CuEq from 527.91 metres with assays up to 2.35% CuEq, with the Company reporting that the hole intersected continuous intervals of porphyry Cu-Mo related mineralisation below the basement unconformity.
Figure 1: Porphyry-style alteration, veining and mineralisation in CPW0001DD at 594.66m.
Confirmation of Buxton’s geological visual estimates and sulfur abundance logging through assay outcomes has bolstered the Company’s confidence in the historic exploration, revealing significant hydrothermal intrusive centers of porphyry Cu-Mo mineralisation within the Copper Wolf Project. Notably, drill hole CPW0001DD was halted at 611.67 metres due to robust Cu-Mo mineralisation at 0.95% CuEq.
Figure 2: Cross section looking East displaying CPW0001DD and CPW0002DD relative to historical exploration hole RC-UC-17.
Drill Hole CPW0002DD
Collared in late June 2023, drill hole CPW0002DD is positioned adjacent to CPW0001DD, with the coring operation concluding on August 24th, reaching a depth of 1,174.7 metres. Encountering the basement unconformity at 527 metres, the hole reported presence of veining and distinct mineralisation styles.
Geological logging indicated approximately 95 per cent of the 551 metre interval below the unconformity contained porphyry style alteration and veining, with the remaining core consisting of barren dykes which clearly post-date the mineralisation event.
The Company has now shifted its on-site activities to focus on wireline logging and the implementation of abandonment procedures in accordance with statutory guidelines.
Figure 3: Location of Buxton drillholes CPW0001DD and CPW0002D within defined mineralisation from drilling by historic explorers
Buxton’s Beneficial JV
Initiating operations in April, Buxton commenced activities at its fully owned Copper Wolf Project, supported by mining giant IGO Limited (ASX:IGO) as a joint venture partner committed to financing the entire program under a pre-earn-in arrangement, with expenses allocated towards a $5 million earn-in option for up to 70% interest. This comprehensive agreement included three interdependent transactions concerning the Merlin and Narryer Projects alongside Copper Wolf.
Today, Buxton disclosed IGO’s endorsement of a supplementary budget allocation to extend drill hole CPW0002DD beyond its intended 1,100-metre depth. This extension is attributed to the promising prevalence of copper and molybdenum veining, dispersed sulphides, and alterations spanning over 550 metres in drilled thickness.
Marty Moloney, Chief Executive Officer of Buxton Resources, remarked that these results underscore significant prospects for both the Company and its shareholders.
“These assays have confirmed Copper Wolf as a bona fide porphyry copper molybdenum system that can deliver on grade,” he said.
“The second drillhole is now showing that Copper Wolf can also deliver on scale. These really are exceptional results, particularly given this was Buxton’s maiden drillhole. We’re looking forward to releasing our visual results and assays from CPW0002DD in the near term.
“The opportunity here is breathtaking – these are exciting times for our shareholders.”
BUX’s Australian Stock Exchange-listed has risen 19.23% is currently trading at 16 cents (11.50am UTC+ 8 hours).