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Buxton Resources’ Second Hole at The Dogleg Ni-Cu-Co Prospect Intersects Semi-Massive Sulphides

19 October 2023 10:53
ASX: BUX

Buxton Resources (ASX:BUX) has announced that its joint venture partner IGO Limited (ASX:IGO) has completed a second diamond drill hole at the Dogleg Prospect in its Quick Shears Project, located in the West Kimberly region of Western Australia, reporting it intersected 2.85 metres of semi-massive sulphide mineralisation.

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Figure 1: Location of Dogleg Prospect in relation to the Merlin Ni-Cu Prospect.

Backing up a Successful Campaign

Buxton unveiled at the start of the month its maiden drill hole at the Dogleg Nickel, copper and cobalt Prospect unearthed massive sulphide mineralisation, containing over 80 percent sulphide content.

The second drill hole carried out by the Company’s joint venture partner aimed to follow up on these results.

The Dogleg Prospect was originally identified as an area of interest by Buxton after magnetic data suggested it could be situated in an analogous position to the magnetic features that are associated with the Merlin Nickel Copper Prospect, similarly located in the West Kimberly region.

A Moving- loop electromagnetic geophysical survey was undertaken over the magnetic features at Dogleg in 2022 and identified a 280 metre by 75 metre, 12,000 Siemen conductor.

The initial drill program conducted at the Prospect aimed to test this conductor and intersected 6.57 metres of massive sulphides from 179.1 metres, within a broader intersection of disseminated sulphide mineralisation.

Although not as substantial as the maiden hole results, the follow up drilling at the prospect still yielded considerable sulphide mineralisation.

The second hole at the Dogleg Prospect recorded 2.85 metres of semi-massive sulphides from 233.65 metres, containing less than 60 percent sulphide content. It was also reported the second hole visually logged nickel and Copper sulphides which was supported by pXRF spot analyses.

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Figure 2: Reported sulphide interval from hole 23WKDD004, with visually logged Ni and Cu Sulphides

Future Outlook

Buxton will complete downhole electromagnetics on the second hole at the Dogleg Prospect in the coming week, which will conclude field activities for the season in the West Kimberley.

The Company anticipates the assay results from the maiden drillhole are expected within two to six weeks, and results from the second hole between four to eight weeks.

Buxton’s primary focus is its wholly 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 is a significant component of the anode in lithium-ion batteries, and 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.

Buxton will continue its exploration efforts across its portfolio of minerals including nickel, copper, gold, iron, and graphite deposits.

BUX’s Australian Stock Exchange-listed share price is currently trading at $0.190 (10.50am UTC+ 8 hours).

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