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Buxton Commence Drilling at Double Magic Project

14 September 2023 10:00
ASX: BUX

Buxton Resources (ASX:BUX) has commenced drilling in the West Kimberly region of Western Australia at its 20 per cent owned Black Magic Project. The drilling is funded by the Company’s joint venture partner IGO Limited (ASX:IGO), and will entail a 450 metre diamond hole at the Merlin Prospect, and a second 250 metre hole for the Dogleg Prospect.

Merlin Prospect Drilling

The 450 metre diamond drill hole (23WKDD00) at the Merlin Prospect aims to test a Ground EM Conductor modelled at an estimated 7,000 Siemen conductance, over an area of 100 square metres. It will also provide the Company a platform for additional down hole EM

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Figure 1: Map of Double Magic Prospects

Buxton drilled the nearby ‘Conductor H’ hole in 2018 targeting a 6,000 Siemen conductor, which returned 6 metres at 2.02% nickel and 0.8% copper in DMDD0018, with this intersection approximately 150 metres west of the target pierce point of 23WKDD001.

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Figure : Merlin Prospect 2023 drilling program, cross section and plan with previous drilling and EM models

Additional Exploration Success

Buxton continues to make strides in its other exploration projects, reporting ‘highly encouraging’ results from its second diamond drill hole at its wholly owned Copper Wolf Project in Arizona, completion of its soil sampling program at its 100 per cent interest Narryer Project, and continue to build the potential of its flagship Graphite Bull Project in Western Australia, with the Project’s first bulk concentrate samples delivering excellent results in downstream processing testing.

Exploration endeavours have accelerated thanks to the Company’s beneficial joint venture agreement with mining giant IGO Limited, who have entered into a comprehensive agreement which includes three interdependent transactions concerning the Merlin, Narryer and Copper Wolf Project.

Future Outlook

Anticipated to span a duration of two to three weeks, Buxton foresees the drilling campaign and Downhole Electromagnetic (DHEM) program. Subsequent to the conclusion of this exploration phase, IGO will proceed with drilling at the Dogleg Prospect, located within Buxton’s Quick Shears Project, of which Buxton holds a 16% ownership stake.

The drilling at the Dogleg Target will include a 12,000 Siemen conductor 280 x 75 metres, in an analogous structural position to Merlin, with Buxton Resources releasing the results to market once available.

BUX’s Australian Stock Exchange-listed share price is currently trading at 20.5 cents (10.00am UTC+ 8 hours).

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