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Buxton Resources Announce Promising Copper Wolf Results

6 September 2023 09:09
ASX: BUX

Buxton Resources (ASX:BUX) have announced ‘highly encouraging’ results from its second diamond drill hole at its wholly owned Copper Wolf Project in Arizona, reporting intersections of visual copper and molybdenum mineralisation.

The Drilling Campaign

The Company’s visual observations of the second drill hole CPW0002DD at Copper Wolf, conducted to 626.88 metres, indicate the presence of a globally significant copper-molybdenum mineral system.

The promising results at CPW0002DD confirm Buxton’s assumption on mineralisation, given the strategic location of the drill hole adjacent to its maiden hole CPW0001DD, which returned ‘exceptional’ results in August this year.

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Figure 1: Copper Wolf Project map with location of Buxton CPW drillholes and nearby historical holes illustrating the wide-spacing and limited depth of historical drilling.

Hole CPW0001DD intersected 529.8 metres of post-mineralisation volcanic and volcanoclastic units before reaching the “basement” unconformity. These included 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.

Today’s results, following the ‘exceptional’ maiden campaign, position the Company favourably for upcoming exploration endeavours.

Buxton is confident the scale and continuity of mineralisation intersected in CPW0002DD demonstrates a large porphyry copper – molybdenum mineral system within the Project area.

Hole CPW0002DD was collared in late June 2023, and exceeded the planned depth of 1,100 metres, reaching a total 1174.70 metres.

The aim of the drilling activities within this hole were to intersect underneath where hole CPW0001DD was terminated, testing the depth extents of the mineralisation.

Hole CPW0002D penetrated the cover sequence at 527.61 metres and immediately intersected visual copper and molybdenum mineralisation, however, was terminated in mineralised rocks at 1174.40 metres for a total of 646.79 metres of basement diamond drilling.

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Figure 2: HQ3 core from CPW0002D at 530.65 m depth. Cross-cutting quartz-sulphide veins carry chalcopyrite, pyrite and molybdenite sulphides. Visually estimated sulphide abundances: 2.25% pyrite, 0.8% chalcopyrite and 0.15% molybdenite. HQ3 core is 63.5 mm width.

These finding have significant implications for Buxton, as they demonstrate the potential that high-grade zones are preserved at depth and along strike.

Buxton’s Beneficial JV

The drilling rt the Copper Wolf Project is 100 per cent funded by Buxton’s recent joint venture partner mining giant IGO Limited (ASX:IGO), who 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.

Future Outlook The Company has reported that the success of the drilling program has boosted morale and has led to a greater recognition of the potential that the Copper Wolf Project holds. Buxton and IGO are actively working to generate high-quality data and interpretations from this initial drilling program conducted in the last 30 years, with the aim of optimising subsequent geophysical and drilling initiatives..Coring activities for hole CPW0002DD were completed in August, and wireline logging activities are currently underway.

Furthermore, core cutting samples from CPW0002DD have been collected and dispatched to the laboratory. The Company expects to receive and report the results by the end of October, promising exciting developments ahead..

Buxton Resources Chief Executive Officer Marty Moloney commenee,

“The intersection of significant thicknesses of continuous alteration, veining and mineralisation in CPW0002DD establishes Copper Wolf as a porphyry copper-molybdenum project of global relevance”

“OOur second dril lhole shows that historical drilling has barely scratched the surface. It’s time to wake the giant which has been lying low at Copper Wolf for the last 74 million year.”

BUX’s Australian Stock Exchange-listed share price is currently trading at 16 cents (9.05am UTC+ 8 hours).

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