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Buxton Resources Unearths Massive Sulphides at Dogleg Ni-Cu-Co Prospect

4 October 2023 08:54
ASX: BUX

Buxton Resources (ASX:BUX) has announced that its joint venture partner IGO Limited (ASX:IGO) has intersected massive sulphide mineralisation at the Dogleg Prospect, located approximately 13 km northwest of the previously identified Merlin Ni-Cu Prospect in the West Kimberley Region of Western Australia.

Key Discovery Details

A core hole, 23WKDD003, at the Dogleg Prospect has intersected a notable 6.57 metres of massive sulphides (comprising over 80% sulphide content).

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Figure 1: 23WKDD003 at 179.1 m – massive sulphide mineralisation with visually logged Ni / Cu sulphides. 

This mineralisation is situated within a broader zone spanning 14.7 metres, commencing at a depth of 176.45 metres and extending to 179.1 metres. Visual confirmation of nickel (Ni) and copper (Cu) sulphides has been substantiated by pXRF (portable X-ray fluorescence) analyses.

Project Background

The Dogleg Prospect is located within tenement E04/1972 of the Quick Shears Project, strategically positioned in the Proterozoic belt of the West Kimberley Region, Western Australia.

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Figure 2: Location of Dogleg Prospect in relation to the Merlin Ni-Cu Prospect. 

The region has garnered interest for its potential to host Nova-style magmatic Ni-Cu sulphide mineralisation, making it an attractive target for resource exploration.

In 2019, IGO forged an acquisition and joint venture pact with Buxton Resources, solidifying the present ownership framework for the Quick Shears Project, as outlined in the agreement revealed on October 2, 2019, leading to the current project interests of Buxton Resources (16%), Tim Tatterson (20%), and IGO (64%).

Exploration Highlights

The initial interest in the Dogleg Prospect stemmed from the interpretation of magnetic data, which suggested similarities with magnetic features associated with the Merlin Ni-Cu Prospect.

Subsequently, a Moving-loop electromagnetic geophysical survey was conducted in 2022, pinpointing a 280 metres by 75 metres, 12,000 Siemens conductor.

The drilling campaign aimed precisely at this conductor has paid off, with the discovery of substantial sulphide mineralisation. Pyrrhotite (barren sulphide), pentlandite (nickel sulphide), and chalcopyrite (copper sulphide) are among the identified sulphide minerals.

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Figure 3: Reported sulphide interval from hole 23WKDD003. 

Looking Forward

As downhole electromagnetics are scheduled to commence in the coming days, additional insights into the exploration potential of this area are anticipated.

Furthermore, the eagerly awaited laboratory assay results, expected within the next 4-8 weeks, will provide critical information regarding the precise composition and economic viability of the discovered sulphide minerals.

If these results confirm the presence of economically viable nickel and copper sulphides, the Dogleg Prospect could become a significant asset for both Buxton Resources and IGO Limited, underscored by the presence of valuable nickel, copper, cobalt and graphite, which are in high demand globally for use in electric vehicle batteries.

Buxton’s primary focus is its 100% owned high-grade Graphite Bull project in Western Australia, where recent developments have underscored its potential to become Australia’s preferred supplier of Battery Anode Materials.

Graphite, a significant component of the anode in lithium-ion batteries, is poised for increased demand with the rapid growth of the electric vehicle market, with the International Energy Agency forecasting a more than fourfold demand surge by 2030 compared to 2022 levels.

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Figure 4: The key minerals in an EV battery

According to Lachlan Shaw, Co-Head of Mining Research at UBS, natural graphite prices are expected to reach $US850 per tonne by the year’s end, driven by a projected six-fold increase in demand to 6.3 million tonnes by 2030, marking a 50 percent recovery from the spot price of $US570 per tonne observed on Friday.

Buxton now turns its attention to its Copper Wolf Project, with the Company awaiting the assay results from the second drill hole, CPW0002DD, which promises to provide further valuable insights into the Project’s potential.

BUX’s Australian Stock Exchange-listed share price has risen 4.761% and is currently trading at $0.220 (8.50am UTC+ 8 hours).

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